2025 Budget for the City of Shakopee

140

2025 Annual Budget

Government Building Asset Internal Service Fund

Establishment: Council established the Building Fund in 1998. The scope of the fund was expanded in 2000 to include major repairs defined as those without which the building would be unusable for its intended purpose. It was further expanded in 2008 to include energy savings or green initiatives such as lighting upgrades, boiler modifications, etc. Description of Services: This fund finances the future purchase, major reconstruction, and additions to City owned buildings including City Hall, Library, Public Works, Police, and Fire Stations. Financing to accomplish this is provided by "rental" payments from the operating departments at rates established annually by the Finance Department as part of the budget process. The Building Fund shall "own" and acquire these buildings. Accomplishments:  SandVenture construction began in 2024 and will be completed in 2025.  Fire Station 1 underwent its first significant renovation since it was built in order to allow for dorm spaces for full time staff, and a reconfiguration of the existing office spaces.

Goals/Challenges: 

Aging infrastructure and rising inflation.

Performance Measures:

Actual 2022

Actual 2023

Projected 2024

Projected 2025

# of Projects

9

10

10

13

Capital Improvement Plan: The City prepares a five year capital improvement program (CIP). A separate CIP document was approved by Council on November 6, 2024. The CIP book provides a summary of each project location, description and source and use of funds.