2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 6 – CAPITAL ASSETS (CONTINUED)

Depreciation expense was charged to functions/programs of the City as follows:

Business-Type Activities:

Sanitary Sewer Storm Drainage

$ 1,009,506

1,180,118

$ 2,189,624

Total Depreciation Expense- Business-Type Activities

Component unit capital asset activity for the year ended December 31, 2024 was as follows:

Beginning

Ending Balance

Balance

Increases

Decreases

Component Unit Capital Assets not being Depreciated: Land and Land Rights

$ 9,148,582

$

-

$

-

$ 9,148,582

Construction in Progress

9,270,832

8,662,975

11,940,399

5,993,408

Total Capital Assets not being Depreciated

18,419,414

8,662,975

11,940,399

15,141,990

Capital Assets being Depreciated/ Amortized:

Infrastructure

139,431,389 39,608,454

19,174,536 7,285,920

177,151 243,228

46,651,146 158,428,774

Equipment

Subscription-Based Information Technology Software

678,042

1,271,016

55,255

1,893,803

Total Capital Assets being Depreciated

179,717,885

27,731,472

475,634

206,973,723

Less Accumulated Depreciation/ Amortization: Infrastructure

10,778,860 57,517,524

5,753,107

345,047

62,925,584 11,523,227

Equipment

744,367

-

Subscription-Based Information Technology Software

84,609

191,367

55,255

220,721

Total Accumulated Depreciation/ Amortization

68,380,993

6,688,841

400,302

74,669,532

Depreciated/Amortized, Net Total Capital Assets being

111,336,892

21,042,631

75,332

132,304,191

Governmental Activities Capital Assets, Net

$129,756,306

$ 29,705,606

$ 12,015,731

$147,446,181

Depreciation expense was charged to functions/programs of the Component Unit as follows:

Component Units:

Electric

$ 3,881,563

Water

2,807,278

$ 6,688,841

Total Depreciation Expense- Component Unit Activities

75