HomeMy WebLinkAbout03/03/2026 - Work Session - Meeting MaterialsSALT LAKE CITY COUNCIL
AGENDA
WORK SESSION
March 3, 2026 Tuesday 2:00 PM
Council meetings are held in a hybrid meeting format. Hybrid meetings allow people to join online or in person at
the City & County Building. Learn more at www.slc.gov/council/agendas.
Council Work Room
451 South State Street Room 326
Salt Lake City, UT 84111
SLCCouncil.com
No Formal Meeting
Please note: A general public comment period will not be held this day. This is the Council's monthly scheduled
briefing meeting.
CITY COUNCIL MEMBERS:
Alejandro Puy, Chair
District 2
Erika Carlsen, Vice Chair
District 5
Victoria Petro
District 1
Chris Wharton
District 3
Eva Lopez Chavez
District 4
Dan Dugan
District 6
Sarah Young
District 7
The Work Session is a discussion among Council Members and select presenters. The public is welcome to listen. Items scheduled on
the Work Session may be moved and / or discussed during a different portion of the Meeting based on circumstance or availability of
speakers.
The Website addresses listed on the agenda may not be available after the Council votes on the item. Not all agenda items will have a
webpage for additional information read associated agenda paperwork.
Generated: 16:34:31
Welcome and public meeting rules
Note: Dates not identified in the project timeline are either not applicable or not yet determined. Item start
times and durations are approximate and are subject to change.
Work Session Items
1.Informational: Updates from the Administration ~ 2:00 p.m.
15 min.
The Council will receive information from the Administration on major items or projects
in progress. Topics may relate to major events or emergencies (if needed), services and
resources related to people experiencing homelessness, active public engagement efforts,
wildfire mitigation, and projects or staffing updates from City Departments, or other
items as appropriate.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Recurring Briefing
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - n/a
2.Ordinance: Expiration of Land Use Approvals Text
Amendment ~ 2:15 p.m.
20 min.
The Council will receive a briefing about proposals that would amend multiple sections of
Title 20 Subdivisions and Title 21A Zoning of the Salt Lake City Code pertaining to the
expiration of land use approvals. The proposal would expand the actions a land use
applicant may take to prevent an approved land use application from expiring. The
proposal helps clarify the actions a land use applicant may take to satisfy the requirement
in Utah Code 10-20-902 for an applicant to implement the approval with reasonable
diligence. Other sections of Title 20 and 21A may also be amended as part of this petition.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, March 3, 2026
Set Public Hearing Date - Tuesday, March 10, 2026
Hold hearing to accept public comment - Tuesday, March 24, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, April 7, 2026
3.Ordinance: Alley Vacation East of 519 East Browning
Avenue ~ 2:35 p.m.
20 min.
The Council will receive a briefing about a proposal to vacate a City-owned alley adjacent
to properties located at 519 and 523-527 East Browning Avenue, 1379 South 500 East,
and 1372 and 1378 South Park Street. If approved, this section of the alley would be
divided and allocated to the property owners abutting the portion of the alley that is
vacated. The applicant has requested the vacation due to the existing detached garage,
which appears to be on the applicant’s property, but was built in 1958, making the alley
not passable from Browning Avenue to Sherman Avenue since that time. The northern
portion of the alley, from Sherman Avenue to the middle of the block, will not be affected
by this vacation request and will remain open to all users. Located within Council District
5. Petitioner: Amy and David Beecham, owners of 519 East Browning Avenue.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, March 3, 2026
Set Public Hearing Date - Tuesday, March 10, 2026
Hold hearing to accept public comment - Tuesday, March 24, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, April 7, 2026
4.City’s Annual Financial Audit Report ~ 2:55 p.m.
30 min.
The Council will receive a briefing about the City's Annual Comprehensive Financial
Report for the previous fiscal year ending June 30, 2025.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, March 3, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - n/a
5.Informational: State of Utah Fraud Risk Assessment for Fiscal
Year 2025-26 ~ 3:25 p.m.
10 min.
The Council will receive a briefing from the Administration on the 2025 official fraud risk
assessment. This annual report is required by state law to be presented to the legislative
body.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, March 3, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - n/a
Standing Items
6.Report of the Chair and Vice Chair -
-
Report of the Chair and Vice Chair
7.Report and Announcements from the Executive Director -
-
Report of the Executive Director, including a review of Council information items and
announcements. The Council may give feedback or staff direction on any item related to
City Council business, including but not limited to scheduling items.
8.Tentative Closed Meeting -
-
The Council will consider a motion to enter into closed meeting. A closed meeting described
under Utah Code Annotated (UCA) Section §52-4-205 may be held for specific purposes
including, but not limited to discussing:
a. discussion of the character, professional competence, or physical or mental health
of an individual.
b. strategy sessions to discuss collective bargaining.
c. strategy sessions to discuss pending or reasonably imminent litigation.
d. strategy sessions to discuss the purchase, exchange, or lease of real property,
including any form of a water right or water shares, if public discussion of the
transaction would:
(i) disclose the appraisal or estimated value of the property under
consideration, or
(ii) prevent the public body from completing the transaction on the best
possible terms.
e. strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i) public discussion of the transaction would:
(A) disclose the appraisal or estimated value of the property under
consideration, or
(B) prevent the public body from completing the transaction on the best
possible terms.
(ii) the public body previously gave public notice that the property would be
offered for sale, and
(iii) the terms of the sale are publicly disclosed before the public body
approves the sale.
f. discussion regarding deployment of security personnel, devices, or systems.
g. investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements
of the Utah Open and Public Meetings Act.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on _____________________, the undersigned, duly appointed City
Recorder, does hereby certify that the above notice and agenda was (1) posted on the Utah Public
Notice Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided
to The Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any
others who have indicated interest.
KEITH REYNOLDS
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slc.gov, 801-535-7600, or relay service
711.
Administrative
Updates
March 3, 2026
shape.slc.gov
Community Engagement Highlights
Community & Neighborhoods slc.gov/canBallpark NEXT / RDA Ballparknext.com
Planning
Thriving in PlacePlanning & RDA
Planning
•Capitol Hill Community Plan Updates (D3)
•Engagement Event – March 11th, 5:30-
7pm at Mountain West Cider
•Northwest Community Plan (D1/2)
RDA
•Ballpark NEXT (D5)
•March 11th - Public hearing on zoning
amendments
Community & Neighborhoods slc.gov/canBallpark NEXT / RDA Ballparknext.com
Planning
Thriving in PlacePublic Lands
•Jefferson Park (D5)
•Open house and online survey
•Fairmont Park Improvements (D7)
•Final concept made public
•Steenblik Park (D1)
•Closed for construction
•Fleet Block (D5)
•Public open house – March 17th
•Pioneer Park (D4)
•Groundbreaking celebration – February 27th
Community & Neighborhoods slc.gov/canBallpark NEXT / RDA Ballparknext.com
Planning
Thriving in PlaceTransportation
•Livable Streets
•Poplar Grove Neighborhood Byway
•West-East Connections
•March 6, 10 am to 12 pm – Forty-Three Bakery
•March 13, 2 to 5 pm – Culture Coffee
•March 27, 2 to 5 pm – Culture Coffee
•UDOT Bridge Replacements
•650 North over JRT
•Projects on hold due to SB242
•2025 Lane Reconfigurations
•Sunnyside Ave Safety Improvements
Homeless Resource Center
Utilization:
February 23-27th: 97.2%
https://endutahhomelessness.org/daily-bed-availability/
Encampment Impact Mitigation/
Rapid Response Team:
•EIM- Victory Road, Warm Springs
•RRT- Glendale area, Sugarhouse
area, Jordan Park area,West
Industrial area
Homelessness
Update
Shelters: 801-990-9999
Additional System Information:
Salt Lake Valley Coalition to
End Homelessness (SLVCEH)
endutahhomelessness.org/
salt-lake-valley
Utah Office of Homeless
Services (OHS)
jobs.utah.gov/homelessness/
index.html
Code Blue:
Unsheltered Utah needs volunteers!
https://www.justserve.org/projects/3e6849d0
-e8b3-4fd9-942f-b1a0376980bd
Resource Fair:
Next Fair: Fri March
13th @ St. Mark's
Episcopal Church
•Cosponsored by 2nd & 2nd
Coalition, My Hometown
•Justice Court 9-12pm @ Resource Fair
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM:Brian Fullmer
Policy Analyst
DATE:March 3, 2026
RE: Expiration of Land Use Approvals Text Amendment
PLNPCM2025-00554
The Council will be briefed about a text amendment initiated by the Administration that clarifies actions
applicants may take to prevent approved land use applications from expiring. Final plat applications that
subdivide land, street dedication plats, conditional uses, planned developments, and design review
approvals would all be affected by the proposed changes. The Planning Commission is the decision-making
body for these applications, and they do not come to the City Council.
Utah State Code allows approved land use applications to remain valid if there is “reasonable diligence” to
implement the approval but doesn’t define what that is. City code generally requires a building permit to be
submitted within a given timeframe for conditional uses, planned developments, and design reviews, so an
application doesn’t expire. Some uses do not require a building permit and proposed changes add other
actions discussed below that could be considered “reasonable diligence” and prevent applications from
expiring.
Under the proposal these land use approvals would expire if a development agreement, building permit,
business license, or final plat application tied to the land use application also expires or becomes void.
The Planning Commission reviewed the proposal at its August 27, 2025 meeting and held a public hearing
at which one person spoke suggesting that extensions not be granted if the property has any current code
violations. Planning staff responded, saying this would likely be in violation of State code. The
Commission forwarded a unanimous positive recommendation to the Council on the
proposed amendment.
Item Schedule:
Page | 2
Goal of the briefing: Review the proposed text amendment and determine if the Council supports
moving forward with the proposal.
POLICY QUESTION
1. The proposal recommends allowing an applicant to request one 12-month extension if the request
is submitted before an original approval expires. The Council may wish to discuss whether this is
sufficient or if they would like to allow for the potential for an additional time extension.
ADDITIONAL INFORMATION
Final plats and street dedication plats do not currently have an expiration date and can be left for an
indefinite period before they are recorded with the County. The proposal would require final plats to be
recorded within 18 months of application submittal and street dedication plats to be recorded within 180
days of approval by the City.
Conditional uses, planned developments, and design reviews all expire in 12 months unless a building
permit application is submitted. However, not all land use applications require a building permit. Planning
staff provided examples that are included in the Key Consideration section.
The proposed amendment includes additional actions besides a building permit that would demonstrate
the applicant is working with reasonable diligence to implement an approval:
Submitting a subdivision application as part of the approval
Obtaining a business license (conditional uses)
Finalizing a development agreement between the City and property owner (when authorized by
State code or City ordinance)
It is worth noting that under the proposal one 12-month extension could be requested on the above land
use approvals if the request is made prior to the original approval expiring.
KEY CONSIDERATION
Planning staff identified one key consideration related to the proposal, found on page 3 of the Planning
Commission staff report, and briefly summarized below. For the complete analysis, please see the Planning
Commission staff report.
Consideration 1 – Why Impose These Changes?
The various land use approvals create certain property rights and allow applicants to begin working on
other required approvals. Most land use approvals expire if a building permit application is not submitted
within 12 months. Some uses have requirements that must be met before a building permit is issued. And,
as noted above, not all land use applications require a building permit.
Planning staff provided examples of land use applications that do not require a building permit. The
following are two of several in the Planning Commission staff report. A proposed bar in the space used by a
former restaurant may not need building modifications that require a building permit. In this case a
business license may be all that is required, especially if the restaurant already had a liquor license.
Another example is a planned development that includes a subdivision. The final plat needs to be recorded
before a building permit is issued. It is Planning staff’s opinion that recording a subdivision creates a
degree of “vesting” with similar weight to submitting a building permit.
Currently City code does not address what happens to land use approvals if a building permit, business
license, subdivision, or development agreement expires. The land use approval continues to be valid and
Page | 3
does not expire. The proposal ties the land use approval to the above-mentioned approvals or permits so if
they expire the land use approval also expires. This would provide clarity for staff when administering the
code, and for applicants so they understand the implications of allowing these to expire.
CITY DEPARTMENT REVIEW
This proposal was only reviewed by the City Attorney’s Office. Other departments and divisions are not
involved in determining when land use applications expire and rely on the Planning Division.
PROJECT CHRONOLOGY
Salt Lake City // Planning Division www.slc.gov/planning
City Council March 3, 2026
EXPIRATION OF
APPROVALS
Salt Lake City //Planning Division www.slc.gov/planning
WHY?
Some approvals have no expiration date
Building permit not always required
Other ways to “vest” an approval
State Code 10-20-902:
•“conditioned upon the applicant proceeding after approval to implement
the approval with reasonable diligence.”
•Reasonable diligence is not defined.
Salt Lake City //Planning Division www.slc.gov/planning
WHAT CHANGES
Application
Type
Current
Expiration
Proposed
Expiration
Current Actions to
Avoid Expiration
Proposed Actions
Final Plat None Recorded within
18 months
NA Recording final plat
Street
Dedication
None Record plat
within 180 days
of approval
NA Record dedication plat
Conditional
Uses
Design Review
Planned
Development
12 months No change Building Permit
Application
Building permit
Final Plat Application
Execute Development
Agreement
Business license (CU only)
Salt Lake City //Planning Division www.slc.gov/planning
ALL APPLICATIONS
A one-time, 12-month extension request (not street dedications)
If any of the actions expire, the land use approval expires
Salt Lake City //Planning Division www.slc.gov/planning
Nick Norris
Planning Director
nick.norris@slc.gov
801-535-6173
SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
01/16/2026
Date Sent to Council:
01/22/2026
From:
Department *
Community and Neighborhood
Employee Name:
Norris, Nick
E-mail
nick.norris@slc.gov
Department Director Signature
Director Signed Date
01/21/2026
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
01/22/2026
Subject:
PLNPCM2025-00554 Expiration of Land Use Approvals Text Amendment
Additional Staff Contact:Presenters/Staff Table
Nick Norris
Document Type
Ordinance
Budget Impact?
Yes
No
Recommendation:
That the City Council adopt the proposal consistent with the Planning Commission recommendation.
Background/Discussion
See first attachment for Background/Discussion
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Provide your perspective on the value of recommending a public hearing
Required by city code.
Public Process
45-day public engagement period, online open house on planning division open house webpage, public hearing with the planning commission.
This page has intentionally been left blank
ERIN MENDENHALL DEPARTMENT of COMMUNITY
Mayor and NEIGHBORHOODS
Tammy Hunsaker
Director
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 404 WWW.SLC.GOV
P.O. BOX 145486, SALT LAKE CITY, UTAH 84114-5486 TEL 801.535.6230 FAX 801.535.6005
CITY COUNCIL TRANSMITTAL
BACKGROUND/DISCUSSION: This text amendment is intended to update Title 20 Subdivisions and
Title 21A Zoning to expand the actions an applicant for an approved land use application can take to
prevent their approval from expiring. Utah Code 10-20-902(1)(f) states that an approved land use
application is valid if the applicant moves to implement the approval with “reasonable diligence.” State
code does not define reasonable diligence. Salt Lake City has placed timeframes for implementation of an
approved land use application, which usually requires submitting a building permit. However, there are
other actions that an applicant can take, and sometimes is required to take, that would likely be considered
acting with reasonable diligence. This text amendment expands actions that can be taken to avoid an
approval expiring.
In Title 20 Subdivisions, final plats do not have an expiration date. Once a final plat, if required, is
submitted, it can sit indefinitely before being recorded. This proposal would add a requirement that the
final plat be recorded within 18 months of submitting the application. An applicant can request a 12-
month extension. If the plat is not recorded within 18 months due to actions of the city, the dealing is
automatically extended by the amount of time the city action delayed the recording.
In Title 21A, conditional use, planned development, and design review approvals expire in 12 months
unless a building permit is submitted. However, there are other actions often associated with these types
of approvals that demonstrate that the applicant is acting with due diligence. Conditional uses do not
always require a building permit and may just need a business license if the use is occupying an existing
space that does not require any construction. A planned development or design review may require
recording a subdivision that has to be recorded before a building permit can be issued. The proposed
amendments expand the actions that can start the implementation of approval based on the type of land
use application as outlined in the ordinance. Each of these types of applications already includes an
opportunity to ask for an extension. However, this text amendment limits the extension to a single, 12-
month extension.
This text amendment also includes a new provision to address what happens if one of the actions that can
prevent a land use approval from expiring, also expires. For example, if a building permit submitted with
a conditional use expires, the conditional use approval would also expire. Building permits expire if the
permit has not been acted on for 180 days.
It should be noted that there may be other actions an applicant can take that may satisfy the state code
requirement for implementing an approval with reasonable diligence. An example may be that closing on
the purchase of a property being delayed by a legal issue that does not involve the city or a lawsuit
involving the property that is not resolved within the deadlines in city code. In those instances, the city
would likely have to decide whether the applicant is still acting with reasonable diligence. However, the
possibilities of what may be considered reasonable diligence are too many to codify into city code. It is
rare that an approval expires without some action being taken by the applicant and the Planning Division
does not expect many applications to face this type of situation.
PUBLIC PROCESS: This proposal included a 45-day public engagement period that started on July 10,
2025 and extended through August 24, 2025. All recognized organizations received notice of the 45-day
public input period, as did all entities and people who have signed up to receive email notification of
Planning Commission items that are subject to an online open house. The Notice of Planning Commission
Public Hearing was mailed on August 15, 2025 for the public hearing held on August 27, 2025. Please
note, city code does allow a notice for a public hearing to occur within the 45-day public engagement
period, provided the recommendation from the Planning Commission is made after the 45-day public
input period.
No public comment was received during the 45-day engagement period. One public comment was
received prior to the public hearing, but after the staff report had been published. The comment was from
the Sugar House Community Council, who indicated they supported the proposed changes. During the
public hearing, here was public input made during the public hearing, which suggested that a requested
extension not be granted if the property currently had any outstanding code violations. That suggestion
was discussed by the commission and guidance was provided by staff that a requirement like that violated
state code because the presence of a code violation is not related to the land use approval and is not
related to the applicant acting with reasonable diligence.
This item is a general text amendment that is not applicable to specific properties and has no geographic
area. Furthermore, no one has indicated that they would like to receive written notice of any future public
meetings or hearings on this matter. Therefore, there is not a mailing list associated with this item.
Planning Commission (PC) Records
a) PC Agenda of August 27, 2025
b) PC Minutes of August 27, 2025
c) Planning Commission Staff Report of August 27, 2025
EXHIBITS: The following is a list of attachments/files to be included in the final transmittal via
Laserfiche. These files do not need to be combined into a single PDF; they can be uploaded as separate
attachments. Please ensure that each Exhibit is saved with the exact file name specified below.
1) Ordinance
2) Project Chronology
3) Notice of City Council Public Hearing
4) Public Comment Received after the Planning Commission Staff Report was Published
5) Original Petition
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1. ORDINANCE
V1
Project Title: Expiration of Land Use Approvals
Petition No.: PLNPCM2025-00554
Version: 1
Date Prepared: September 4, 2025
Planning Commission Action: Recommended August 27,
2025
This proposed ordinance makes the following amendments (for summary purposes only):
Modifies Subsection 20.16.080 by adding an expiration time for final plat approvals.
Adds section 20.22.060 to create an expiration date for approvals of street dedication plats.
Modifies Subsection 21A.54.120 to clarify the expiration time for conditional use approvals.
Modifies Subsection 21A.55.080 to clarify the expiration time for planned development
approvals.
Modifies Subsection 21A.59.080 to clarify the expiration time for design review applications.
Underlined text is new; text with strikethrough is proposed to be deleted. Modifications made as part of
the Planning Commission recommendation are highlighted in yellow. All other text is existing with no
proposed change.
1. Amends section 20.16.080.F by adding an expiration time for final plat approvals. 1
20.16.080: FINAL PLAT REVIEW PROCESS: 2
A. After preliminary subdivision approval has been granted, the subdivider may submit all requirements 3
for a final plat under Chapter 20.10. The final plat documents shall be consistent with the approved 4
preliminary subdivision documents and shall be approved if it complies with applicable provisions of this 5
title, matches the preliminary approval, includes all conditions of preliminary approval, and all applicable 6
provisions of Utah Code Chapter 10-9a. All final plat applications shall be submitted within eighteen (18) 7
months of preliminary approval except for: 8
1. A subdivision that was indicated during preliminary approval to be phased; in which case the final 9
plat shall be consistent with the phasing plan approved as part of the preliminary approval. Each 10
phase shall require a separate final plat application; and 11
2. Condominiums where the subdivider desires to complete the framing of the building to ensure the 12
interior dimensions of the condominium as shown on the final plat are consistent with the built 13
dimensions of the building. In this case, the final plat shall be submitted within thirty (30) days of 14
final framing inspection. 15
B. City Review: City review processes and timelines shall be consistent with Utah Code Chapter 10-9a, 16
Part 6 or its successor. 17
APPROVED AS TO FORM
Salt Lake City Attorney’s Office
Date: __9/4/2025___________________
By: _/s/ Courtney Lords________________
Courtney Lords, Senior City Attorney
V1
C. Subdivision Improvement Construction Agreement: The subdivider and the city shall finalize an 18
agreement regarding the construction of all public improvements required or proposed as part of the 19
subdivision. The agreement shall be finalized prior to the city engineer signing the final subdivision plat. 20
D. The final plat to be recorded shall be on typical mylar material or the common material for plats at 21
the time. The printing or reproduction process used shall not incur any shrinkage or distortions, and the 22
reproduced copy furnished shall be of good quality, to true dimension, clear and readable, and in all 23
respects comparable to the approved final plat. The mylar plat shall be signed separately by all required 24
and authorized parties and shall contain the information set forth in this chapter. 25
E. Prior to the filing of the final plat with the mayor, the subdivider shall file the necessary tax lien 26
certificates and documents. 27
F. Final Plat Applications Expiration: A final plat application shall be submitted within 18 months of the 28
date of preliminary approval. A final plat that is not recorded within 18 months of the date the final plat 29
application is submitted shall be considered expired and become void. All preliminary approvals 30
associated with the final plat shall also be considered expired. If the final plat application is not recorded 31
within 18 months due to the failure of the city to complete a review in a timeline required by applicable 32
laws, the expiration period shall be extended by the number of additional days that it takes the city to 33
complete the review. An applicant may request a one-time extension of 12 months by submitting a written 34
request to the planning director prior to the expiration of the final plat application. 35
2. Creates section 20.22.060 Expiration of Street Dedication Plan to read: 36
20.22.060: EXPIRATION OF STREET DEDICATION PLAT 37
A street dedication plat shall expire in 180 days from the date of approval if not recorded with the Salt 38
Lake County Recorder’s Office. 39
3. Amends section 21.54.120 to clarify the expiration time for conditional use approvals. 40
21A.54.120: LIMITATIONS ON CONDITIONAL USE APPROVAL: 41
Subject to an extension of time granted by the planning commission, or, in the case of administrative 42
conditional uses, the planning director or designee, no conditional use shall be valid for a period longer 43
than one year unless a building permit has been issued or complete building plans have been submitted to 44
the division of building services and licensing within that period and is thereafter diligently pursued to 45
completion, or unless a certificate of occupancy is issued and a use commenced within that period, or 46
unless a longer time is requested and granted by the planning commission, or, in the case of 47
administrative conditional uses, the planning director or designee. Any request for a time extension shall 48
be required not less than thirty (30) days prior to the twelve (12) month time period. The approval of a 49
proposed conditional use by the planning commission, or, in the case of administrative conditional uses, 50
the planning director or designee, shall authorize only the particular use for which it was issued and shall 51
be valid subject to this section. 52
A. All conditional use approvals expire 12 months from the date of approval unless one of the following 53
occurs before the approval expires: 54
V1
1. A complete building permit application to construct or modify a building or property where the 55
conditional use will be located has been submitted to the city; 56
2. The conditional use is associated with a development agreement, if authorized by Utah Code and 57
City Code, and the development agreement is signed and executed between the owner of the property 58
and the city; 59
3. If a subdivision is required as part of the conditional use, a complete final plat application is 60
submitted to the city. For the purpose of this section, a subdivision includes a subdivision 61
amendment; 62
4. If no building permit is required, a business license is issued for the conditional use on the subject 63
project; or 64
5. If none of the above are required, the applicant notifies the planning director in writing that the 65
conditional use has been established, and all conditions of approval have been satisfied. 66
B. If one of the actions listed above expires, the conditional use shall also be considered expired. 67
C. A one-time, one-year extension may be granted by the planning commission, or planning director for 68
administrative conditional use, if a written request for an extension is submitted by the applicant to the 69
planning director prior to the expiration of the conditional use. Extensions authorized by this section only 70
apply to the conditional use approval and not to any other required applications or approvals. 71
D. If one of the actions listed in Subsection A is satisfied, the conditional use shall be considered 72
established and the conditional use shall be allowed to continue until it ceases provided the conditional 73
use complies with applicable regulations, the plans approved as part of the conditional use, and all 74
conditions of approval or the conditional use is revoked as provided for in this section. 75
E. If the property owner, or someone authorized to act on the owner’s behalf, establishes a different, 76
allowed use on the property, the conditional use approval shall be considered voluntarily terminated by 77
the property owner. 78
4. Amends section 21.55.080 to clarify the expiration time for planned development approvals. 79
21A.55.080: TIME LIMIT ON APPROVED PLANNED DEVELOPMENT: 80
No planned development approval shall be valid for a period longer than one year unless a building 81
permit has been issued or complete building plans have been submitted to the Division of Building 82
Services and Licensing. The planning commission or planning director in the case of an administrative 83
planned development, may grant an extension of a planned development for up to one additional year 84
when the applicant is able to demonstrate no change in circumstance that would result in an unmitigated 85
impact. Extension requests must be submitted prior to the expiration of the planned development 86
approval. 87
A. A planned development approval expires in 12 months from the date of approval unless one of the 88
following occurs before the approval expires: 89
1. A complete building permit application to construct at least one of the principal buildings approved 90
as part of the planned development is submitted to the city; 91
V1
2. A development agreement, if authorized by Utah Code and City Code, is signed and executed 92
between the owner of the property and the city; or 93
3. A complete final plat application is submitted to the city if the planned development included 94
approval of a preliminary subdivision application. For the purpose of this section, a subdivision 95
includes a subdivision amendment if the planned development is located in an existing subdivision. 96
B. If one of the actions listed above expires, the planned development shall also be considered expired. 97
C. A one-time, one-year extension may be granted by the planning commission, or planning director for 98
administrative planned developments if a written request for an extension is submitted by the applicant to 99
the planning director prior to the expiration of the planned development. Extensions authorized by this 100
section only apply to the planned development approval and not to any other required applications or 101
approvals. 102
D. If the property owner, or someone authorized to act on the owner’s behalf, submits a building permit, 103
subdivision application, or other development authorized by city code that complies with the applicable 104
regulations and is different than the approved planned development application, the approved planned 105
development shall be considered voluntarily terminated by the property owner. 106
5. Amends section 21.59.060 to clarify the expiration time for design review approvals. 107
21A.59.060: TIME LIMIT ON APPROVED APPLICATIONS FOR DESIGN REVIEW: 108
No design review approval shall be valid for a period longer than one year from the date of approval 109
unless a building permit is issued or a complete building plans and building permit applications have been 110
submitted to the Division of Building Services and Licensing. An extension of one year may be granted 111
by the entity that approved the application. Extension requests must be submitted prior to the expiration 112
of the design review approval. 113
A. A design review approval expires in one year from the date of approval unless one of the following 114
occurs before the approval expires: 115
1. A complete building permit application to construct at least one of the principal buildings approved 116
as part of the design review is submitted to the city; 117
2. A development agreement, if authorized by Utah Code or City Code, is signed and executed 118
between the owner of the property and the city; or 119
3. A complete final plat application is submitted to the city if the design review application is 120
associated with a preliminary subdivision application. For the purpose of this section, a subdivision 121
includes a subdivision amendment. 122
B. If one of the actions listed above expires, the design review shall also be considered expired. 123
C. A one-time, one-year extension may be granted by the planning commission, or planning director for 124
administrative design reviews, if a written request for an extension is submitted by the applicant to the 125
planning director prior to the expiration of the design review. Extensions authorized by this section only 126
apply to the design review approval and not any of the actions listed in section A. 127
V1
D. If the property owner or someone authorized to act on the owner’s behalf, submits a building permit, 128
subdivision application, or other development authorized by city code that complies with the applicable 129
regulations and is different than the approved design review application, the approved design review shall 130
be considered voluntarily terminated by the property owner. 131
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2. PROJECT CHRONOLOGY
Chronology
May 23, 2025 Petition initiation signed by Mayor Erin Mendenhall.
July 10, 2025 45-day public engagement period started.
August 15, 2025 Notice of Planning Commission public hearing posted on
Utah Public Notice website, city website, and provided
through Planning Division email listserve.
August 24, 2025 45-day public engagement period ended.
August 27, 2025 Planning Commission public hearing held.
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3. NOTICE OF CITY COUNCIL
PUBLIC HEARING
NOTICE OF PUBLIC
HEARING
The Salt Lake City Council is considering Petition PLNPCM2025-00554 – Expiration of Land
Use Approval Text Amendment – Mayor Erin Mendenhall has initiated a petition for a zoning
text amendment to expand the actions a land use applicant may take to prevent an approved land
use application from expiring. The proposal helps clarify the actions a land use applicant may
take to satisfy the requirement in Utah Code 10-20-902(1)(f) for an applicant to implement the
approval with reasonable diligence.
As part of their study, the City Council is holding an advertised public hearing to receive
comments regarding the petition. During the hearing, anyone desiring to address the City Council
concerning this issue will be given an opportunity to speak. The Council may consider adopting
the ordinance the same night of the public hearing.
DATE:
TIME: 7:00 pm
PLACE: Electronic and in-person options.
451 South State Street, Room 326, Salt Lake City, Utah
** This meeting will be held via electronic means, while also providing an in-
person opportunity to attend or participate in the hearing at the City and County
Building, located at 451 South State Street, Room 326, Salt Lake City, Utah. For
more information, including Zoom connection information, please visit
www.slc.gov/council/virtual-meetings. Comments may also be provided by calling
the 24-hour comment line at (801) 535-7654 or sending an email to
council.comments@slcgov.com. All comments received through any source are
shared with the Council and added to the public record.
If you have any questions relating to this proposal or would like to review the file, please call
Nicholas Norris at 801-535-6173 between the hours of 8:00 a.m. and 5:00 p.m., Monday
through Friday, or via e-mail at nick.norris@slc.gov. The application details can be accessed at
https://citizenportal.slcgov.com/, by selecting the “planning” tab and entering the petition
number PLNPCM2025-00554.
The City & County Building is an accessible facility. People with disabilities may make
requests for reasonable accommodation, which may include alternate formats, interpreters, and
other auxiliary aids and services. Please make requests at least two business days in advance.
To make a request, please contact the City Council Office at council.comments@slcgov.com,
801-535-7600, or relay service 711.
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4. PUBLIC COMMENT RECEIVED
AFTER STAFF REPORT
PUBLICATION
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5. Original Petition
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 406 WWW.SLC.GOV
PO BOX 145480 SALT LAKE CITY, UT 84114-5480 TEL 801-535-7757 FAX 801-535-6174
PLANNING DIVISION
DEPARTMENT of COMMUNITY and NEIGHBORHOODS
MEMORANDUM
To: Mayor Erin Mendenhall
Cc: Rachel Otto, Chief of Staff; Tammy Hunsaker, Department of Community and Neighborhoods
Director; Michaela Oktay, Deputy Planning Director; Mark Kittrell, City Attorney.
From: Nick Norris, Planning Director
Date: May 23, 2025
Re: Initiation of a text amendment to modify the time limit for land use approvals
The Planning Division is requesting that you initiate a text amendment to the city code that would standardize
the time limit for approvals of conditional uses, planned developments, design reviews, and final subdivision
plats. Conditional uses, planned developments, and design reviews all expire within one year unless building
permit plans are submitted or a time extension is granted. This code change would clarify that the time limit to
submit a building permit be modified to also include approvals associated with a development agreement or a
subdivision plat, which are both legally binding documents that establish some degree of entitlement for a
property owner that the city code does not currently include. These two options would only applicable if either is
legally authorized. Under the Utah Code, for example, the use of development agreements is limited and not all
applications include a proposed subdivision. The proposal would also clarify that if a building permit has
expired, the conditional use, planned development, or design review would also expire. In addition, in 2024
when the city adopted new subdivision regulations, the expiration timeline for recording a final plat was
inadvertently left out of the ordinance adopted by the City Council. This proposed amendment would add a
requirement that a final plat be recorded within 18 months of submitting the final plat application. The
amendments may include modifying additional regulations that are related to the expiration of land use
applications to improve administration of the code and consistency.
The proposal will go through the typical public engagement process, with a minimum of 45-days public input
period with notice to all recognized organizations and the division’s email distribution list. It is anticipated that
the planning commission will hold a public hearing in late summer, and the item will then be transmitted to the
City Council for a decision.
This memo includes a signature block to initiate the petition if that is the decided course of action. If the
decided course of action is not to initiate the application, the signature block can remain blank. Please notify the
Planning Division when the memo is signed or if the decision is made to not initiate the petition.
Please contact me at 801-535-6173 or nick.norris@slcgov.com if you have any questions. Thank you.
Concurrence to initiate the zoning text amendment petition as noted above.
______________________________________ _________________
Erin Mendenhall, Mayor Date
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CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM:Kate Werrett, Budget & Policy Analyst
DATE:March 3, 2026
RE: Alley Vacation – East of 519 East Browning Avenue
(PLNPCM2025-00883)
ISSUE AT-A-GLANCE
The Council will be briefed on a proposal to vacate a 188-foot by 16-foot alley segment located between
approximately 1379 South 500 East and 519 E Browning Avenue in City Council District Five.
The proposed vacation area of the alley is impassable, being blocked by a garage and fences. Historical
records show the garage has been encroaching on the alley property since at least 1958. The requested
vacation is for a “paper alley” legally established by a recorded subdivision plat; however, it was never
constructed, improved, or opened for public access.
If approved by the City Council, the alley property would be divided in half and given to the abutting
property owners.
The Planning Commission reviewed this petition at its December 10, 2025 meeting and held a public
hearing. The applicant and a resident at 1378 were present, though neither commented during the public
hearing.
Planning staff recommended and the Planning Commission voted 4-2 to forward a positive
recommendation to the City Council for the proposed alley vacation. One Commissioner who
voted against the proposal felt it did not meet the lack of use standard because the northern segment of the
alley is used by abutting property owners. Another Commissioner who was opposed did not indicate why.
Goal of the briefing: Review the alley closure and determine if the Council supports moving forward
with the proposal.
Item Schedule:
Page | 2
Aerial image of the subject alley segment outlined in yellow. Properties affected by the proposed vacation are
outlined in red.
Image courtesy of Salt Lake City Planning Division
ADDITIONAL INFORMATION
There are 18 properties abutting the alley segment as shown in the image above. 13 properties north of the
subject segment are not included in the proposed vacation, as several of these properties use the northern
alley segment for access to their property.
Page | 3
City Department Review
Attachment G (page 43) of the Planning Commission staff report includes comments from City department
review of the proposal. These are summarized below. Please see the staff report for additional information.
KEY CONSIDERATIONS
Planning staff identified three key considerations during analysis of this proposal which are found on pages
8-9 of the Planning Commission staff report and summarized below. For the complete analysis, please see
the staff report.
Consideration 1 – Property Owner Consent
City code requires a minimum of 75% of property owners abutting the alley segment being considered for
vacation sign a petition expressing support. There are five properties abutting the subject alley segment
and all five property owners (100%) are supportive, exceeding the minimum requirement.
Consideration 2 – Policy Considerations
Planning staff found the proposed alley vacation satisfies the Lack of Use and Urban Design policy
considerations included in the table below.
Consideration 3 – Community Plan Considerations
Planning staff reviewed how the proposed alley vacation aligns with the Central Community Master Plan
and Plan Salt Lake. Planning found that the Central Community Master Plan notes the goal of improving
interior street circulation patterns. However, Planning staff note that “since this alley has never gone from
Sherman Avenue to Browning Avenue,” it does not decrease/limit existing circulation.
Plan Salt Lake supports connectivity and circulation within neighborhoods. Alleys can help
provide these connections, but the subject alley segment has not been used for at least 67 years and is not
currently usable. Vacating the subject alley section will not infringe on the use of the northern alley
segment.
ANALYSIS OF STANDARDS
Factor Finding
14.52.020 - The City will not consider disposing of its
interest in an alley, in whole or in part, unless it
receives a petition in writing which demonstrates that
the disposition satisfies at least one of the following
policy considerations:
A - Lack of Use- The City’s legal interest in the
property appears of record or is reflected on an
applicable plat; however, it is evident from an on-site
inspection that the alley does not physically exist or
Complies
Page | 4
has been materially blocked in a way that renders it
unusable as a public right-of-way.
B - Public Safety- The existence of the alley is
substantially contributing to crime, unlawful activity
or unsafe conditions, public health problems, or
blight in the surrounding area.
C - Urban Design- The continuation of the alley does
not serve as a positive urban design element.
D - Community Purpose- The petitioners are
proposing to restrict the general public from use of
the alley in favor of a community use, such as a
neighborhood play area or garden.
Section 14.52.030.B Salt Lake City Code directs the Planning Division to analyze factors in the following
table. Planning staff found the proposed alley meets all eight factors.
Factor Planning Staff Finding
The City Police Department, Fire Department,
Transportation Division, and all other relevant City
Departments and Divisions have no objection to the
proposed disposition of the property.
Complies
The Engineering Division supports the
alley segment vacation with the
condition that a public and private
utility easement with 24/7 access is
recorded for accessibility.
The petition meets at least one of the policy
considerations stated above.
Complies with Policy Consideration A –
Lack of Use and Policy Consideration C
– Urban Design.
The petition must not deny sole access or required off-
street parking to any adjacent property.
Complies
The petition will not result in any property being
landlocked.
Complies
The disposition of the alley property will not result in a
use which is otherwise contrary to the policies of the
City, including applicable master plans and other
adopted statements of policy which address, but which
are not limited to, mid-block walkways, pedestrian
paths, trails, and alternative transportation uses.
Complies
No opposing abutting property owner intends to build
a garage requiring access from the property, or has
made application for a building permit, or if such a
permit has been issued, construction has been
completed within 12 months of issuance of the
building permit.
Complies
The petition furthers the City preference for disposing
of an entire alley, rather than a small segment of it;
and
Does not comply
Only the southern segment of the alley
is proposed to be vacated, the northern
segment which is used as an alley for
residential purposes.
The alley is optional for actual or potential rear access
to residences or for accessory uses.
Complies
Page | 4
Page | 5
PROJECT CHRONOLOGY
September 3, 2025 – Petition submitted to Salt Lake City Planning Division.
September 8, 2025 – Petition assigned to Diana Martinez, Senior Planner.
September 9, 2025 –
o Notification sent to the Liberty Wells Community Council.
o 45-day input period begins.
o Property owners and tenants within 300 feet of the alley were provided early notice of the
proposal.
November 28, 2025 –
o Public hearing notice signs were posted on the property.
December 5, 2025 –
o Public hearing notices were posted on the City and State websites, and posted on the
Planning Division listserv.
December 10, 2025 – Planning Commission reviewed the proposal and held a public hearing. The
Commission voted 4-2 to in favor of forwarding a recommendation of approval.
December 11, 2025 – Ordinance requested from Attorney’s Office
February 3, 2026 – Ordinance received from Attorney’s Office.
February 10, 2026 – Transmittal received in City Council Office.
The alley closure process is dictated by Chapter 14.52 Salt Lake City Code which is included below for reference.
14.52.010: DISPOSITION OF CITY'S PROPERTY INTEREST IN ALLEYS:
The City supports the legal disposition of Salt Lake City's real property interests, in whole or in part, with
regard to City owned alleys, subject to the substantive and procedural requirements set forth herein. (Ord.
24-02 § 1, 2002)
14.52.020: POLICY CONSIDERATIONS FOR CLOSURE, VACATION OR ABANDONMENT OF
CITY OWNED ALLEYS:
The City will not consider disposing of its interest in an alley, in whole or in part, unless it receives a
petition in writing which demonstrates that the disposition satisfies at least one of the following policy
considerations:
A. Lack Of Use: The City's legal interest in the property appears of record or is reflected on an applicable
plat; however, it is evident from an on site inspection that the alley does not physically exist or has been
materially blocked in a way that renders it unusable as a public right-of-way;
B. Public Safety: The existence of the alley is substantially contributing to crime, unlawful activity,
unsafe conditions, public health problems, or blight in the surrounding area;
C. Urban Design: The continuation of the alley does not serve as a positive urban design element; or
D. Community Purpose: The petitioners are proposing to restrict the general public from use of the alley
in favor of a community use, such as a neighborhood play area or garden. (Ord. 24-02 § 1, 2002)
14.52.030: PROCESSING PETITIONS:
There will be three (3) phases for processing petitions to dispose of City owned alleys under this section.
Those phases include an administrative determination of completeness; a public hearing, including a
recommendation from the Planning Commission; and a public hearing before the City Council.
A. Administrative Determination Of Completeness: The City administration will determine whether or
not the petition is complete according to the following requirements:
1. The petition must bear the signatures of no less than seventy five percent (75%) of the neighbors
owning property which abuts the subject alley property;
2. The petition must identify which policy considerations discussed above support the petition;
3. The petition must affirm that written notice has been given to all owners of property located in the
block or blocks within which the subject alley property is located;
Page | 6
4. A signed statement that the applicant has met with and explained the proposal to the appropriate
community organization entitled to receive notice pursuant to title 2, chapter 2.60 of this Code; and
14.52.040: METHOD OF DISPOSITION:
14.52.050: PETITION FOR REVIEW:
Page | 6
Page | 7
ATTACHMENTS
a)Planning Commission Staff Report
b)Planning Commission Agenda - December 10, 2025
c)Planning Commission Approved Minutes - December 10, 2025
d)December 10, 2025, Planning Commission Meeting Recording (1:11:42)
Salt Lake City Council // March 3, 2026
ALLEY VACATION-PORTION OF ALLEY EAST OF 519 E. BROWNING AVE.
PLNPCM2025-00883
The request is to vacate a 16’ x 188’ portion of an alley that runs
north to south between Sherman Avenue and Browning Avenue in
a block between 500 East and 600 E. (within District 5).
The portion of the alley requested to be vacated abuts the
applicant’s property (519 E. Browning Ave.) and four other
properties.
•1379 S. 500 E.
•1372 S. Park St.
•1378 S. Park St.
•523-527 E. Browning Ave. (two-family home)
The north access point of the alley from Sherman Avenue
remains accessible to 13 properties, which would continue to
have access to the alleyway if this request were approved.
Salt Lake City // Planning Division
REQUEST
ORDINANCE 14.52.020: POLICY CONSIDERATIONS FOR CLOSURE,
VACATION OR ABANDONMENT OF CITY OWNED ALLEYS:
Lack of use- The City's legal interest in the property appears of
record or is reflected on an applicable plat; however, it is evident
from an on site inspection that the alley does not physically exist or
has been materially blocked in a way that renders it unusable as a
public right-of-way;
There is an existing accessory structure on the alleyway built
sometime before 1958. This has blocked the alley, preventing it
from being used as a passable right-of-way from Browning
Avenue to Sherman Avenue.
The portion of the alleyway being requested to be vacated is a
“paper alley,” meaning it is legally designated on a subdivision
plat or map but was never physically built or opened.
Salt Lake City // Planning Division
LACK OF USE
Salt Lake City // Planning Division
HISTORIC AERIALS OF ALLEY
The Planning Commission forwarded a positive recommendation (voted 4-2) to the City Council to approve
this application.
RECOMMENDATION
Salt Lake City // Planning Division
END
Salt Lake City Ordinance 14.52
14.52.020: POLICY CONSIDERATIONS FOR CLOSURE, VACATION OR ABANDONMENT OF CITY OWNED ALLEYS:
The City will not consider disposing of its interest in an alley, in whole or in part, unless it receives a petition in writing
which demonstrates that the disposition satisfies at least one of the following policy considerations:
A.Lack Of Use: The City's legal interest in the property appears of record or is reflected on an applicable plat; however,
it is evident from an on site inspection that the alley does not physically exist or has been materially blocked in a way
that renders it unusable as a public right-of-way;
B.Public Safety: The existence of the alley is substantially contributing to crime, unlawful activity, unsafe conditions,
public health problems, or blight in the surrounding area;
C.Urban Design: The continuation of the alley does not serve as a positive urban design element; or
D.Community Purpose: The petitioners are proposing to restrict the general public from use of the alley in favor of a
community use, such as a neighborhood play area or garden.
Salt Lake City // Planning Division
STANDARDS FOR ALLEY VACATIONS
Request for vacation goes to the Planning
Commission for consideration and
recommendation to the City Council
The application then goes to the City Council for
decision.
If the Alley Vacation is approved, the City would
convey the vacated portion of the alley to the abutting
five (5) property owners within the Watkins Addition
Subdivision
Salt Lake City // Planning Division
ALLEY VACATION PROCESS
Salt Lake City // Planning Division
SUBDIVISION PROPERTIES
SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
02/04/2026
Date Sent to Council:
02/10/2026
From:
Department *
Community and Neighborhood
Employee Name:
Martinez, Diana
E-mail
diana.martinez@slc.gov
Department Director Signature
Director Signed Date
02/06/2026
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
02/10/2026
Subject:
Alley Vacation Request - Portion east of 519 E. Browning Avenue
Additional Staff Contact:
John Anderson // john.anderson@slc.gov
Presenters/Staff Table
Diana Martinez // diana.martinez@slc.govJohn Anderson // john.anderson@slc.gov
Document Type
Ordinance
Budget Impact?
Yes
No
Recommendation:
Recommendation that the City Council approve the alley vacation application.
Background/Discussion
See first attachment for Background/Discussion
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Provide your perspective on the value of recommending a public hearing
State law requires a public hearing for this type of application.
Public Process
Noticing for public hearing.
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ERIN MENDENHALL DEPARTMENT of COMMUNITY
Mayor and NEIGHBORHOODS
Tammy Hunsaker
Director
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 404 WWW.SLC.GOV
P.O. BOX 145486, SALT LAKE CITY, UTAH 84114-5486 TEL 801.535.6230 FAX 801.535.6005
CITY COUNCIL TRANSMITTAL
BACKGROUND/DISCUSSION:
PLNPCM2025-00883 is an alley vacation petition submitted by Amy and David Beecham.
The applicants live to the west of the alleyway. The applicants purchased their property at 519 E.
Browning Avenue in July of 2024. In an attempt to replace a fence along the east property line
of what they thought was their property, they discovered a discrepancy in their title report.
They learned that the alley was platted along the east side of what they believed was their
property, which also includes their detached garage.
The alley was created through the Watkins Addition Subdivision Plat in April 1890. The alley
was originally platted to go North to South from Sherman Avenue to Browning Avenue, between
the east blocks of Park Street and 500 East. Historic aerial photographs show that sometime
before 1958, the existing detached garage -which appears to be on the applicant’s property- was
built, and that the alley has not been passable from Browning Avenue to Sherman Avenue since
that time. The northern portion of the alley, from Sherman Avenue to the middle of the block,
will not be affected by this vacation request and will remain open to all users.
Yellow line= portion of alley requested to be vacated
Red outline= properties abutting the alley that are affected by the possible vacation
PUBLIC PROCESS:
• Early Notification—
o On September 9, 2025, the Liberty Wells Community Council Chair was sent the
45-day required notice for recognized community organizations. The planning
staff received no comments.
o Notice was sent to all property owners and occupants within 300’ of the portion
of the alley requested to be vacated.
• Planning Commission Meeting – The Planning Commission held a public hearing
on December 10, 2025, and voted 4 to 2 to recommend approval of the application to the
City Council.
Planning Commission (PC) Records
a) Planning Commission Agenda - December 10, 2025
b) Planning Commission Approved Minutes - December 10, 2025
c) Planning Staff Report - December 10, 2025
d) YouTube Video of December 10, 2025, Planning Commission Meeting: Starting at
1:11:42
EXHIBITS:
1. Transmittal Memo
2. Project Chronology
3. Notice of City Council Hearing
4. Original Petitions
5. Ordinance
6. Mailing List
EXHIBITS:
1. PROJECT CHRONOLOGY
2. NOTICE OF CITY COUNCIL HEARING
3. ORIGINAL PETITION
4. ORDINANCE
5. MAILING LIST
1. PROJECT CHRONOLOGY
PROJECT CHRONOLOGY
Petition: PLNPCM2025-00883- Alley Vacation -
Amy & David Beecham, the applicants, are requesting approval
for an alley vacation, located to the east of 519 E. Browning
Avenue, to vacate (or to give up public ownership of) a portion
of a public alley approximately 16 feet by 187.43 feet, starting
from Browning Avenue. If approved, this section of the alley
would be divided and allocated to the property owners abutting
the portion of the alley that is vacated.
September 3, 2025 Petition for the Zoning Text Amendment was accepted by Salt
Lake City Planning Division.
September 8, 2025 Petition PLNPCM2025-00883 was assigned to Diana Martinez,
Senior Planner, for staff analysis and processing.
September 9, 2025 Early notification was sent to the Liberty Wells Community
Council Chair, providing information about the proposal and
how to give public input on the project. Beginning of the 45-
day input and comment period. No comments was received
from the community council.
Notice sent to all property owners and occupants within 300’
of the subject property.
October 24, 2025 End of extended 45-day Recognized Community Organization
notice period.
November 28, 2025 Public hearing notice sign with project information and notice
of the Planning Commission public hearing posted at on the
subject property.
December 5, 2025 Public notice posted on City and State websites, and Planning
Division listserv.
December 10, 2025 The Planning Commission holds a public hearing and votes 4 to
2 to send a favorable recommendation to approve the proposed
text amendment.
2. NOTICE OF CITY
COUNCIL HEARING
NOTICE OF CITY COUNCIL HEARING
The Salt Lake City Council is considering Petition PLNPCM2025-00883, which
requests an Alley Vacation. Amy & David Beecham, the applicants, are requesting
approval for an alley vacation located to the east of 519 E. Browning Avenue to vacate (or
give up public ownership of) a portion of a public alley approximately 16 feet by 187.43
feet, starting at Browning Avenue. If approved, this section of the alley would be divided
and allocated to the property owners abutting the portion of the alley that is vacated.
As part of their study, the City Council is holding an advertised public hearing to receive
comments regarding the petition. During these hearings, anyone wishing to address the
City Council on this issue may speak. The Council may consider adopting the ordinance
on the same night of the public hearing. The hearing will be held:
DATE:
TIME:
PLACE: 451 South State Street Salt Lake City, Utah
** This meeting will be held in-person, to attend or participate in the hearing
at the City and County Building, located at 451 South State Street, Room 326,
Salt Lake City, Utah. For more information, please visit www.slc.gov/council.
Comments may also be provided by calling the 24-Hour comment line at
(801) 535-7654 or sending an email to council.comments@slcgov.com. All
comments received through any source are shared with the Council and
added to the public record.
If you have any questions relating to this proposal or would like to review the file, please
call Diana Martinez at 801-535-7215 or via e-mail at diana.martinez@slc.gov. The
application details can be accessed at https://citizenportal.slcgov.com/ by selecting the
“planning” tab and entering the petition number PLNPCM2025-00883.
The City and County Building is an accessible facility. People with disabilities may make
requests for reasonable accommodation no later than 48 hours before the hearing to
participate. Please make requests at least two business days in advance. To make a
request, please contact the City Council Office at council.comments@slcgov.com, 801-
535-7600, or relay service 711.
3. ORIGINAL PETITION
4. ORDINANCE
1
SALT LAKE CITY ORDINANCE
No. _____ of 2026
(Vacating a city-owned alley situated adjacent to properties located at 519 and 523-527 E.
Browning Avenue, 1379 S. 500 E., 1372 and 1378 S. Park Street)
An ordinance vacating an unnamed city-owned alley adjacent to properties located at 519
and 523-527 E. Browning Avenue, 1379 S. 500 E., 1372 and 1378 S. Park Street pursuant to
Petition No. PLNPCM2025-00883.
WHEREAS the Salt Lake City Planning Commission (“Planning Commission”) held a
public hearing on December 10, 2025 to consider a request made by Amy & David Beecher to
vacate an unnamed city-owned alley adjacent to properties located at 519 and 523-527 E.
Browning Avenue, 1379 S. 500 E., 1372 and 1378 S. Park Street; and
WHEREAS, at its December 10, 2025 hearing, the Planning Commission voted in favor
of forwarding a positive recommendation on said petition to the Salt Lake City Council (“City
Council”); and
WHEREAS, the City Council finds after holding a public hearing on this matter
that there is good cause for the vacation of the alley and neither the public interest nor any
person will be materially injured by the proposed vacation.
NOW, THEREFORE, be it ordained by the City Council of Salt Lake City, Utah:
2
SECTION 1. Closing and Vacating City-Owned Alley. That an unnamed, city-owned
alley, which is more particularly described on Exhibit “A” attached hereto, hereby is vacated and
declared not presently necessary or available for public use.
SECTION 2. Reservations and Disclaimers. The above vacation is expressly made
subject to all existing rights-of-way and easements of all public utilities of any and every
description now located on and under or over the confines of this alley, and also subject to the
rights of entry thereon for the purposes of maintaining, altering, repairing, removing or rerouting
said utilities, including the city’s water and sewer facilities. Said vacation is also subject to any
existing rights-of-way or easements of private third parties.
SECTION 3. Effective Date. This ordinance shall become effective on the date of its
first publication and shall be recorded with the Salt Lake County Recorder.
Passed by the City Council of Salt Lake City, Utah this _______ day of
______________, 2026.
______________________________
Alejandro Puy, Council Chair
ATTEST:
______________________________
Keith Reynolds, City Recorder
Transmitted to Mayor on _______________________.
Mayor's Action: _______Approved. _______Vetoed.
______________________________
Erin Mendenhall, Mayor
3
______________________________
Keith Reynolds, City Recorder
(SEAL)
Bill No. ________ of 2026
Published: ______________.
Ordinance Vacating Alley Near 519 Browning Ave
APPROVED AS TO FORM
Salt Lake City Attorney’s Office
Date:__February 3, 2026__________________
By: ___________________________________
Katherine D. Pasker, Senior City Attorney
4
EXHIBIT “A”
Legal description of the unnamed, city-owned alley to be vacated:
A PARCEL OF LAND, SITUATED IN THE NORTHEAST QUARTER OF SECTION 18,
TOWNSHIP 1 SOUTH, RANGE 1 EAST, SALT LAKE BASE MERIDIAN, SALT LAKE
COUNTY, UTAH; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE STREET MONUMENT AT THE INTERSECTION OF PARK
STREET AND BROWNING AVENUE, A FOUND BRASS CAP; THENCE NORTH 01° 12'
40" EAST, ALONG THE PARK STREET MONUMENT LINE, A DISTANCE OF 33.00
FEET; THENCE NORTH 89° 52' 59" WEST A DISTANCE OF 173.20 FEET TO THE
SOUTHEAST CORNER OF THE ALLEY PARCEL AND THE TRUE POINT OF
BEGINNING; THENCE ALONG THE SAID ALLEY PARCEL THE FOLLOWING (4) FOUR
COURSES:
1. NORTH 89° 52' 59" WEST A DISTANCE OF 16.00 FEET;
2. NORTH 01° 17 46" EAST A DISTANCE OF 187.43 FEET;
3. SOUTH 89° 52' 59" EAST A DISTANCE OF 16.00 FEET;
4. SOUTH 01° 17 46" WEST A DISTANCE OF 187.43 FEET MORE OR LESS, TO THE
POINT OF BEGINNING.
THE TOTAL AREA OF THE ALLEY PARCEL AS DESCRIBED ABOVE IS 2999 SQUARE
FEET 0.069 ACRES MORE OR LESS.
BASIS OF BEARING IS NORTH 01° 12' 40" EAST A DISTANCE OF 571.81 FEET
(RECORD 571.50 FEET) BETWEEN FOUND BRASS CAP MONUMENTS MARKING THE
INTERSECTION OF PARK STREET AND BROWNING AVENUE AND THE
INTERSECTION OF PARK STREET AND SHERMAN AVENUE.
5. MAILING LIST
OWN_FULL_NAME OWN_ADDR own_unit OWN_CITY OWN_STATE OWN_ZIP
STEVE A BRUSH EVE A BRUSH 1141 E MICHIGAN AVE SALT LAKE CITY UT 84105
PAUL KARAHALIOS KARAHALIOS 11769 S LITTLER RD SANDY UT 84092
DOWNTOWN RESORT PROPERTIES-UTAH, LLC; JSR PROPERTIES-UTAH, LLC S-1240 E 2100 S # 600 SALT LAKE CITY UT 84106
Current Occupant 1349 S 500 E SALT LAKE CITY UT 84105
Current Occupant 1350 S PARK ST SALT LAKE CITY UT 84105
Current Occupant 1354 S PARK ST SALT LAKE CITY UT 84105
MURIEL J LEE; WAYNE L LEE (JT) L LEE (JT)1355 S 500 E SALT LAKE CITY UT 84105
JACOB VOEGELE; SARA DRYDEN (JT) DRYDEN (JT)1355 S PARK ST SALT LAKE CITY UT 84105
Current Occupant 1358 S PARK ST SALT LAKE CITY UT 84105
Current Occupant 1359 S 500 E SALT LAKE CITY UT 84105
Current Occupant 1359 S PARK ST SALT LAKE CITY UT 84105
ERIN BROOKS; JAMEN BROOKS (JT) BROOKS (JT)1360 S 500 E SALT LAKE CITY UT 84105
DELINA MCCANN; JAMES EMMETT BANKSTON (JT) NKSTON (JT)1362 S PARK ST SALT LAKE CITY UT 84105
KATHRYN LUCAS; BRANDON S WEIRICH (JT) EIRICH (JT)1364 S 500 E SALT LAKE CITY UT 84105
K ZENDINA MOSTERT INA MOSTERT 1367 S PARK ST SALT LAKE CITY UT 84105
CHRISTOPHER D SCHOTT; DEANNE L BRADSHAW (JT) ADSHAW (JT)1368 S PARK ST SALT LAKE CITY UT 84105
Current Occupant 1369 S 500 E SALT LAKE CITY UT 84105
NATALIE JOAN AVERY & MARY ANGELA ELEGANTE REVOCABLE TRUST 11/13/2 1370 S PARK ST SALT LAKE CITY UT 84105
CHRISTOPHER GUIDO; ROBERT GUIDO (JT) GUIDO (JT)1371 S 500 E SALT LAKE CITY UT 84105
DEBRA J LEEFLANG; EDUWARD F, SR. LEEFLANG (JT) EFLANG (JT)1371 S PARK ST SALT LAKE CITY UT 84105
TESA D JAMES ESA D JAMES 1372 S PARK ST SALT LAKE CITY UT 84105
Current Occupant 1376 S 500 E SALT LAKE CITY UT 84105
JAMES D ADAMSON S D ADAMSON 1377 S PARK ST SALT LAKE CITY UT 84105
BRITA K MANZO; WILLIAM R, II MANZO (JT) MANZO (JT)1378 S PARK ST SALT LAKE CITY UT 84105
TODD D DEETZ ODD D DEETZ 1379 S 500 E SALT LAKE CITY UT 84105
CHARLES W MADSEN; MARCIA GUNNELL MADSEN; ROBERT K MADSEN (JT) MAD 1383 S PARK ST SALT LAKE CITY UT 84105
MAZIAR ALEXANDER BEHTASH; ERICA MORRISSEY BEHTASH (JT) EHTASH (JT 1384 S 500 E SALT LAKE CITY UT 84105
MICHAEL BARRY COKER; SHALYN KAY HUETTER (JT) UETTER (JT)1386 S 500 E SALT LAKE CITY UT 84105
WEEKS FAMILY TRUST 11/19/2020 11/19/2020 1389 S 500 E SALT LAKE CITY UT 84105
BRYCE JOLLEY; FAITH JOLLEY (JT) JOLLEY (JT)1389 S PARK ST SALT LAKE CITY UT 84105
Current Occupant 1390 S PARK ST SALT LAKE CITY UT 84105
Current Occupant 1394 S 500 E SALT LAKE CITY UT 84105
MATHIAS F RICHARDS; DESIREE RICHARDS (TC) CHARDS (TC)1395 S PARK ST SALT LAKE CITY UT 84105
BOND JOHNSON LIVING TRUST 02/26/2019 02/26/2019 1397 S 500 E SALT LAKE CITY UT 84105
ESTER MELGAREJO; DAYVE HUAPPAYA (JT) APPAYA (JT)1398 S 500 E SALT LAKE CITY UT 84105
STEVEN E NIELSEN; DAVID NIELSEN (JT) IELSEN (JT)13982 S HAWBERRY RD DRAPER UT 84020
JAMES JOLLY; LAUREN JOLLY (JT) JOLLY (JT)1406 S 500 E SALT LAKE CITY UT 84105
SHARLENE P REVIE ENE P REVIE 1411 S 500 E SALT LAKE CITY UT 84105
PAULA J BRALEY; KALEN J BRALEY (JT) BRALEY (JT)1412 S 500 E SALT LAKE CITY UT 84105
Current Occupant 1415 S 500 E SALT LAKE CITY UT 84105
RICHARD T TRUSSELL T TRUSSELL 1416 S 500 E SALT LAKE CITY UT 84105
TRACY HITE TRACY HITE 1417 S 500 E SALT LAKE CITY UT 84105
Current Occupant 1426 S 500 E SALT LAKE CITY UT 84105
GORDON H ROWE; SYDNEY JO SELL (JT) O SELL (JT)1429 S 500 E SALT LAKE CITY UT 84105
TRUST NOT IDENTIFIED IDENTIFIED 1435 S 500 E SALT LAKE CITY UT 84105
LARRY L PETERSEN TRUST 09/29/2021 09/29/2021 1451 S 500 E SALT LAKE CITY UT 84105
CHRISTOPHER J HAYES LIVING TRUST 01/21/2014; GINA LEWIS LIVING TR 159 W BROADWAY ST # 310 SALT LAKE CITY UT 84101
TOM P PEZELY OM P PEZELY 1901 S 500 E SALT LAKE CITY UT 84105
TRUST NOT IDENTIFIED IDENTIFIED 2020 E 1700 S SALT LAKE CITY UT 84108
GARRON W BENTLEY N W BENTLEY 2525 E CAPRICORN WY HOLLADAY UT 84124
KEUMYEO KIM KEUMYEO KIM 2546 S FILMORE ST SALT LAKE CITY UT 84106
Diana Martinez -Senior Planner 451 S. State St. 406 SALT LAKE CITY UT 84111
Current Occupant 474 E HARRISON AVE SALT LAKE CITY UT 84115
CLEVELAND HOLDINGS LLC OLDINGS LLC 475 E CLEVELAND AVE SALT LAKE CITY UT 84115
JARED LYNN GARCIA; ANITA P MATA (JT) P MATA (JT)4767 S 6450 W HOOPER UT 84315
Current Occupant 515 E BROWNING AVE SALT LAKE CITY UT 84105
AMY BEECHAM; DAVID M BEECHAM (JT) EECHAM (JT)519 E BROWNING AVE SALT LAKE CITY UT 84105
GRETCHEN B FAULK HEN B FAULK 519 E CLEVELAND AVE SALT LAKE CITY UT 84115
TYLER M ANDERSON; ROSEMARY C WINTERS (JT) INTERS (JT)520 E BROWNING AVE SALT LAKE CITY UT 84105
Current Occupant 523 E BROWNING AVE SALT LAKE CITY UT 84105
RVD LIV TRUST D LIV TRUST 524 E BROWNING AVE SALT LAKE CITY UT 84105
Current Occupant 529 E CLEVELAND AVE SALT LAKE CITY UT 84105
LJP LIVING TRUST 09/24/2008 09/24/2008 530 E BROWNING AVE SALT LAKE CITY UT 84105
Current Occupant 533 E CLEVELAND AVE SALT LAKE CITY UT 84105
RAY L HAGEN; ANNA M HAGEN (JT) HAGEN (JT)535 E BROWNING AVE SALT LAKE CITY UT 84105
CHASE NYE; LAUREN M NYE (JT) M NYE (JT)535 E CLEVELAND AVE SALT LAKE CITY UT 84115
MICHAEL B SMITH; STARR A SMITH (JT) SMITH (JT)536 E BROWNING AVE SALT LAKE CITY UT 84105
WENDY LOWDER ENDY LOWDER 539 E CLEVELAND AVE SALT LAKE CITY UT 84115
EMILY SULLIVAN; BRENT MITCHELL (JT) TCHELL (JT)542 E BROWNING AVE SALT LAKE CITY UT 84105
CFJ LIV TRUST J LIV TRUST 543 E CLEVELAND AVE SALT LAKE CITY UT 84115
TARA CHEN; STEPHEN CHARLES CHEN (JT) S CHEN (JT)544 E BROWNING AVE SALT LAKE CITY UT 84105
SARAH HARWARD (JT) ARWARD (JT)548 E BROWNING AVE SALT LAKE CITY UT 84105
TRUST NOT IDENTIFIED IDENTIFIED 549 E CLEVELAND AVE SALT LAKE CITY UT 84115
GARY J BOWERS; CAROLE BOWERS (JT) BOWERS (JT)556 E BROWNING AVE SALT LAKE CITY UT 84105
TRACY FINANCIAL, INC ANCIAL, INC 5949 S 450 E MURRAY UT 84107
BB TRUST BB TRUST 7740 S SHARENE CIR MIDVALE UT 84047
CALFA REAL ESTATE LLC ESTATE LLC 888 E 3900 S MURRAY UT 84107
LEE A BROWN; CHRISTINA BROWN (JT) BROWN (JT)948 S 800 E SALT LAKE CITY UT 84105
BROWNING DUPLEX, LLC DUPLEX, LLC PO BOX 91126 SALT LAKE CITY UT 84109
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SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
02/03/2026
Date Sent to Council:
02/06/2026
From:
Department *
Finance
Employee Name:
Najarro, Andrea
E-mail
andrea.najarro@slc.gov
Department Director Signature
Director Signed Date
02/03/2026
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
02/06/2026
Subject:
Salt Lake City ACFR 2025
Additional Staff Contact:
Mary Beth Thompson - marybeth.thompson@slc.govRuss Sundquist - russell.sundquist@slc.govSuzanne Swanson - suzanne.swanson@slc.gov
Presenters/Staff Table
Mary Beth Thompson - marybeth.thompson@slc.govRuss Sundquist - russell.sundquist@slc.govSuzanne Swanson - suzanne.swanson@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Recommendation:
The Council will receive a briefing from the Administration and the external auditors, Eide Bailly.
Background/Discussion
See first attachment for Background/Discussion
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY CORPORATION
SALT LAKE CITY, UTAH
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025
With
INDEPENDENT AUDITOR’S REPORT
Prepared by
Department of Finance
Mary Beth Thompson, Chief Financial Officer
i
INTRODUCTORY SECTION:
Title Page .......................................................................................................................................................................................i
Table of Contents ...........................................................................................................................................................................ii
Transmittal Letter ..........................................................................................................................................................................v
Organizational Structure ................................................................................................................................................................x
FINANCIAL SECTION:
Independent Auditor’s Report .............................................................................................................................................................2
Management’s Discussion and Analysis .............................................................................................................................................6
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position .......................................................................................................................................................18
Statement of Activities ............................................................................................................................................................20
Governmental Fund Financial Statements
Balance Sheet ..........................................................................................................................................................................23
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position .................................................24
Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................................................25
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of
Activities ........................................................................................................................................................................26
Proprietary Fund Financial Statements
Statement of Net Position .......................................................................................................................................................28
Reconciliation of Proprietary Fund Statement of Net Position to the Primary Government Business-type Statement of
Net Position ....................................................................................................................................................................32
Statement of Revenues, Expenses, and Changes in Fund Net Position ..................................................................................34
Reconciliation of Proprietary Fund changes in Net Position to the Primary Government Business-type Changes in Net
Position ...........................................................................................................................................................................36
Statement of Cash Flows .........................................................................................................................................................38
Fiduciary Fund Financial Statements
Statement of Fiduciary Net Position .......................................................................................................................................43
Statement of Changes in Fiduciary Net Position ....................................................................................................................44
Notes to the Financial Statements ..................................................................................................................................................
Note 1. Summary of Significant Accounting Policies .................................................................................................46
Note 2. Cash, Cash Equivalents and Investments ........................................................................................................58
Note 3. Loans Receivable ............................................................................................................................................63
Note 4. Restricted Assets .............................................................................................................................................63
Note 5. Capital Assets ..................................................................................................................................................64
Note 6. Long-term Obligations ....................................................................................................................................69
Note 7. Leases ..............................................................................................................................................................80
Note 8. Subscription Assets .........................................................................................................................................91
Note 9. Subscription Liabilities ...................................................................................................................................92
Note 10. Fund Balance ...................................................................................................................................................94
Note 11. General Fund Interfund Service Charges ........................................................................................................96
Note 12. Transfers ..........................................................................................................................................................97
Note 13. Risk Management ............................................................................................................................................97
Note 14. Retirement Plans .............................................................................................................................................99
Note 15. Deferred Compensation Plans .........................................................................................................................114
Note 16. Other Post-employment Benefits ....................................................................................................................115
TABLE OF CONTENTS Pages
ii
Note 17. Commitments and Contingencies ....................................................................................................................117
Note 18. Related Party Transactions ..............................................................................................................................123
Note 19. Joint Venture ...................................................................................................................................................123
Note 20. Restatement .....................................................................................................................................................125
Note 21. Recent Accounting Pronouncements ..............................................................................................................126
Note 22. Subsequent Events ...........................................................................................................................................127
Required Supplementary Information
Budgetary Comparison Schedule – General Fund .........................................................................................................................130
Schedule of the Proportionate Share of the Net Pension Liability ................................................................................................131
Schedule of Contributions - Last Ten Fiscal Years .......................................................................................................................134
Schedule of Changes in Net Pension Liability - Last Ten Fiscal Years ........................................................................................138
Schedule of Changes in Total OPEB Liability - Library - Last Ten Fiscal Years ........................................................................140
Notes to Required Supplementary Information
Budgetary - GAAP Reporting Reconciliation ...............................................................................................................................142
Post Employment Benefits other than Pensions ............................................................................................................................143
Pension Changes in Assumptions ..................................................................................................................................................143
Supplementary Information – Combining Statements and Individual Fund Statements and Schedules
Governmental Funds
Nonmajor Governmental Funds
Combining Balance Sheet .................................................................................................................................................148
Combining Statement of Revenues, Expenditures and Changes in Fund Balance ...........................................................149
Combining Balance Sheet – Nonmajor Special Revenue Funds ......................................................................................150
Combining Statement of Revenues, Expenditures and Changes in Fund Balance – Nonmajor Special Revenue Funds .152
Budgetary Comparison Schedules
Arts Council .................................................................................................................................................................154
Downtown Economic Development ...........................................................................................................................155
Community Development Operating Fund ..................................................................................................................156
Grants Operating Fund ................................................................................................................................................157
Capital City Revitalization Fund ................................................................................................................................158
Street Lighting ............................................................................................................................................................159
Demolition, Weed and Forfeiture ................................................................................................................................160
Emergency 911 Dispatch .............................................................................................................................................161
Salt Lake City Donation Fund .....................................................................................................................................162
Salt Lake City Transportation Fund .............................................................................................................................163
DEA Metro Narcotic Task Force .................................................................................................................................164
Combining Balance Sheet – Nonmajor Debt Service Funds .............................................................................................165
Combining Statement of Revenues, Expenditures and Changes in Fund Balance ...........................................................166
Budgetary Comparison Schedules Special Improvement Fund ........................................................................................167
Major Governmental Funds
Budgetary Comparison Schedules
Capital Projects Fund ...................................................................................................................................................169
Other Improvement Fund .............................................................................................................................................170
Enterprise Funds
Nonmajor Proprietary Funds
Combining Statement of Net Position .........................................................................................................................172
Combining Statement of Revenues, Expenses and Changes in Fund Net Position .....................................................176
Combining Statement of Cash Flows ..........................................................................................................................178
Budgetary Comparison Schedules
TABLE OF CONTENTS Pages
iii
Street Lighting .......................................................................................................................................................180
Refuse Collection Fund ........................................................................................................................................181
Housing and Loan Fund .......................................................................................................................................182
Golf Fund ..............................................................................................................................................................183
Major Proprietary Funds
Budgetary Comparison Schedules
Supplementary Information – Combining Statements and Individual Fund Statements And Schedules (continued)
Department of Airports .........................................................................................................................................185
Water Utility Fund ................................................................................................................................................186
Sewer Utility Fund ................................................................................................................................................187
Stormwater Utility Fund .......................................................................................................................................188
Community Reinvestment Agency ......................................................................................................................189
Internal Service Funds
Combining Statement of Net Position .........................................................................................................................192
Combining Statement of Revenues, Expenses and Changes in Fund Net Position .....................................................194
Combining Statement of Cash Flows ..........................................................................................................................196
Budgetary Comparison Schedules
Fleet Management Fund ........................................................................................................................................198
Information Management Services Fund ..............................................................................................................199
Risk Management Fund ........................................................................................................................................200
Governmental Immunity Fund ..............................................................................................................................201
Local Building Authority Fund .............................................................................................................................202
STATISTICAL SECTION: (unaudited)
Net Position by component – Last Ten Fiscal Years ....................................................................................................................205
Change in Net Position – Last Ten Fiscal Years ..........................................................................................................................206
Fund Balance of Governmental Funds – Last Ten Fiscal Years ...................................................................................................208
Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ..............................................................................210
Governmental Activities Tax Revenues by Source – Last Ten Fiscal Years ................................................................................212
Business Type Activities Revenues by Source - Last Ten Fiscal Years .......................................................................................213
Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years ...................................................................214
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years ...........................................................................................215
Principal Property Tax Payers - Current Year and Ten Years Ago ...............................................................................................216
Property Tax Levies and Collections – Last Ten Fiscal Years ......................................................................................................217
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years .......................................................................................................218
Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years .........................................................................................219
Computation of Direct and Overlapping Bonded Debt ................................................................................................................220
Legal Debt Margin Information – Last Ten Fiscal Years ..............................................................................................................221
Pledged-Revenue Coverage – Last Ten Fiscal Years ....................................................................................................................222
Demographic and Economic Statistics - Last Ten Fiscal Years ....................................................................................................223
Full-time Equivalent City Government by Functions – Last Ten Fiscal Years .............................................................................224
Principal Employers - Current Year and Ten Years Ago ..............................................................................................................225
Operating Indicators by Function - Last Ten Fiscal Years ............................................................................................................226
Capital Asset Statistics by Function - Last Ten Fiscal Years ........................................................................................................227
TABLE OF CONTENTS Pages
iv
DEPARTMENT OF FINANCE
December 31, 2025
To the Honorable Mayor, Members of the City Council, and the Citizens of the City of Salt Lake City
Salt Lake City Corporation
Overview
The Annual Comprehensive Financial Report of Salt Lake City Corporation (“the City”) for the fiscal year ended
June 30, 2025, is submitted herewith.
These financial statements were prepared by the Salt Lake City Department of Finance in accordance with
Generally Accepted Accounting Principles (GAAP) for local governments, as prescribed by the Governmental
Accounting Standards Board (GASB). Management is responsible for ensuring the accuracy, completeness, and
fairness of all data and disclosures.
We believe the data is accurate in all material respects and is presented fairly. This report represents: (1) the
financial position of the governmental activities; (2) the business-type activities; (3) the discretely presented
component units; (4) each major fund; (5) the aggregate remaining fund information; (6) the respective changes in
financial position; and (7) applicable cash flows. To support these representations, management has established a
comprehensive internal control framework. This framework is designed both to protect the government’s assets
from loss, theft, or misuse, and to ensure reliable information is compiled for the preparation of financial
statements in conformity with GAAP. The City's internal controls are designed to provide reasonable, not
absolute, assurance that the financial statements are free from material misstatement, balancing cost and benefit.
As management, we assert that this report is, to the best of our knowledge, complete and reliable in all material
respects.
Eide Bailly, LLP, an independent firm of certified public accountants, has audited these basic financial statements
and related notes. Their report is included herein. The audit provides reasonable assurance that the financial
statements of Salt Lake City Corporation for the year ended June 30, 2025, are free of material misstatement. The
audit included examining, on a test basis, evidence supporting the amounts and disclosures in the statements, as
well as assessing the accounting principles and significant estimates used by management.
Additionally, Eide Bailly, LLP audited the City’s federal grant program compliance for the year ended June 30,
2025, as part of the federally mandated “Single Audit.” That report is available under separate cover.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic
financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found
immediately following the report of the independent auditors.
PROFILE OF SALT LAKE CITY
LOCATION: 451 SOUTH STATE STREET, ROOM 248, SALT LAKE CITY, UTAH 84111-3102
MAILING ADDRESS: PO BOX 145452, SALT LAKE CITY, UTAH 84114-5452
TELEPHONE: 801-535-7676 FAX: 801-535-7682
v
Salt Lake City is located between the Wasatch Mountains and the Great Salt Lake at an altitude of 4,200 feet.
Permanent settlement began on July 24, 1847, when Brigham Young with a party of 148 Mormon pioneers
arrived after a 1,500-mile trek. The City was incorporated on January 6, 1851, and quickly became a center for
trade and commerce. Today, the surrounding communities have merged into a single metropolitan area of over
1.23 million people (2025 estimate), making it the commercial heart of the region. Salt Lake City is the most
populous municipality in the state, with an estimated population of over 215,000.
Salt Lake City is also the center of the scenic intermountain west. Travelers can visit 70% of the officially
designated national parks and monuments of America within a day's drive. The Wasatch Mountains, located east
of the City, are renowned for their ski resorts, many within a 45-minute drive from downtown. Utah's resorts
recorded 6.5 million skier visits during the 2024-25 winter season, the third-highest total in state history. The
Wasatch Front provided the backdrop for the 2002 Winter Olympics and will do so again in 2034, when Salt Lake
City hosts the Olympic and Paralympic Winter Games.
Salt Lake City is the international headquarters of The Church of Jesus Christ of Latter-day Saints. At Temple
Square in downtown Salt Lake City, the ongoing, extensive reconstruction of the Salt Lake Temple is a major
effort. The surrounding grounds and facilities continue to open in phases, but the completion of the temple and the
full open house celebration is now scheduled for April through October 2027.
The Salt Palace Convention Center (located downtown) remains a key host for many different activities, featuring
a 45,000-square-foot ballroom and over half a million square feet of exhibit space. A 26-story convention center
hotel, featuring over 700 rooms and approximately 62,000 square feet of meeting space, opened in October 2022.
Over the past year, planning has solidified for the massive downtown Salt Lake City revitalization project, a
multi-billion-dollar initiative backed by both private developers and state/city funding. This project will transform
the area around the Delta Center into a Sports, Entertainment, Culture, and Convention District. State legislation,
including the Capital City Revitalization Zone Act, passed in 2024, is anticipated to generate approximately $1.2
billion in tax revenue over 30 years to support the development and renovation goals, including enhanced
connectivity, walkability, and safety.
EDUCATIONAL OPPORTUNITIES
Several universities and colleges are located in or near Salt Lake City, fueling the downtown economy with a
young, highly educated workforce.
The University of Utah is located on the east bench and was founded in 1850. The university has a record
enrollment of 38,261 total students (Fall 2025 data). Numerous additional institutions of higher education
maintain campuses in the urban center, including Neumont University, Brigham Young University, Ensign
College, and Salt Lake Community College.
CULTURE AND ENTERTAINMENT
Salt Lake City is home to a thriving, vibrant, creative population supported by a larger community that values the
arts in all forms. Salt Lake City has long placed significant value on the arts, starting one of the nation’s first
publicly funded Arts Councils in 1899. Today, the Salt Lake City Arts Council puts on some of the city’s largest
concerts and festivals, such as the Twilight Concerts and the Living Traditions Festival. These and other programs
and partnerships help the City maintain a strong public art program making the arts accessible for everyone.
Far from a sleepy perception that people might have of downtown SLC, evenings from Main Street and
surrounding streets are hopping with bars and restaurants intermixed with performance venues, with some of the
finest world-class entertainment and mixologists you’ll find anywhere.
vi
The Delta Center Arena is the home of the Utah Jazz (NBA) and the new professional ice hockey team, the Utah
Mammoth (NHL). The professional ice hockey team, which played its inaugural 2024–25 season as the Utah
Hockey Club, was officially rebranded as the Utah Mammoth in May 2025. Efforts to entice a Major League
Baseball (MLB) team to Salt Lake City are ongoing, led by the consortium Big League Utah.
As the capital city of Utah, Salt Lake City provides an unparalleled quality of life. Residents and visitors enjoy an
eclectic visual, musical and performing arts scene with hundreds of venues, galleries, museums and the popular
state-of-the-art Broadway-style Eccles Theater, a 2,500-seat theater designed to suit traveling Broadway shows.
Abravanel Hall, home of the Utah Symphony Orchestra, the Pioneer Memorial Theater, the Utah Civic Opera
Company, Clark Planetarium and the Utah Heritage Foundation help round out the entertainment options
available to area residents and visitors. Salt Lake City provides diverse and rich cultural and entertainment
experiences that make living and working within the City more and more desirable.
Additionally, family owned restaurants, friendly cafes, world-class microbreweries and craft cocktail
establishments all help make Salt Lake City the foodie capital of the region. Over 90 lush parks and miles of
protected open space and trails make Salt Lake City an urban outdoor paradise for hiking, biking and running, not
to mention the city is surrounded by 10 world-class ski resorts within an hour's drive.
SHOPPING AND OTHER ENTERTAINMENT
The cultural aspects aren’t the only draw of the City’s downtown center. Salt Lake also hosts a number of high-
quality stores for an enjoyable shopping experience. The City’s downtown has long been defined in part by its
historically strong retail and restaurant economy.
Downtown is home to two major shopping destinations, City Creek Center and the Gateway. City Creek Center
maintains its role as the most popular shopping experience in downtown, accounting for a significant percentage
of downtown’s sales in clothing and clothing accessories. Trolley Square, Brickyard Plaza and the 9th and 9th
area of the City are other worthy inclusions in the list of the City's shopping destinations.
Salt Lake City also has a well-developed system of municipal golf courses for the enjoyment of area residents.
One of these golf courses in particular has been recognized for its excellence. Bonneville golf course was chosen
by PGA professionals as one of six favorite classic golf courses (golf courses that have green fees less than $125
during peak season).
COMMERCE, INDUSTRY, TRANSPORTATION AND FACTORS AFFECTING FINANCIAL
CONDITION
The Salt Lake City metro area, with an estimated 2025 population of 1.23 million, continues to experience steady
growth, fueling the high volume of construction activity. The downtown residential population is projected to
reach approximately 27,000 by 2030.
Meetings, conventions, and leisure tourism are major drivers in the downtown economy. Statewide visitor
spending generated an estimated $13.3 billion in 2024.
Salt Lake City is a major transportation crossroads. The Salt Lake International Airport (SLC) is a principal hub
for Delta Air Lines and has completed the majority of its massive Terminal Redevelopment Program. SLC has
received major recognition, ranking as the #1 Airport in the U.S. and #8 Globally in 2024 by AirHelp, based on
on-time performance and customer service. The final phases of the terminal project are scheduled to open through
October 2026.
The City and State continue to receive significant accolades:
vii
•Best State in the Nation: Utah was named the #1 Best State in the Nation for the third year in a row in the
U.S. News & World Report's 2025 Best States rankings, excelling in fiscal stability, economy, and
infrastructure.
•Best-Performing City: Salt Lake City ranked #3 Best-Performing Large City in the prestigious 2025
Milken Institute Best-Performing Cities Index, a testament to its strong job growth, wage growth, and
high-tech industry concentration.
•Business-Friendly: The City was ranked #1 in Ease of Doing Business in North America by Arizona State
University's Center for the Study of Economic Liberty.
•Technology Hub: Salt Lake City has been identified as having the fastest internet speeds among U.S.
metropolitan areas, which is a major draw for the growing tech sector.
•Economic Outlook: The State of Utah led the nation with the #1 Best Economic Outlook for the 18th
consecutive year (Rich States, Poor States 2025).
EMPLOYMENT ACTIVITY
Salt Lake City is the central city to more than 2 million inhabitants residing in four counties within an hour’s drive
from downtown. The majority of Utah’s 3+ million residents live in the Wasatch Front urban corridor stretching
from Ogden to Provo. The City’s daytime population increases greatly as a significant portion of the state’s total
work force commutes to jobs located within the city limits.
Over the thirteen plus years since the Great Recession, and prior to the COVID-19 pandemic, downtown Salt
Lake City saw notable increases in office and restaurant employment at 17% and 7% respectively, and
significantly the city saw an 83.3% increase in retail employment. Following national trends, Salt Lake City
experienced declining employment during the recession, but has seen employment numbers rebound remarkably.
Utah's seasonally adjusted unemployment rate remains low at an estimated 3.3% (August 2025 data). Nonfarm
employment has exceeded pre-pandemic levels, reflecting the city's economic resilience.
TAXABLE SALES ACTIVITY
As overall economic growth is slowing, FY24 sales tax revenue saw a modest increase compared to the previous
year. In contrast, the FY25 budget was raised by $9 million from the prior year. Of this increase, $7 million is
attributed the realized revenue growth increase 1/2% Funding our Future sales tax revenue.
SUMMARY OUTLOOK
Salt Lake City has cemented its reputation as a dynamic and thriving hub, with significant investment in the
downtown core, continued job growth, and an entrepreneurial environment. The City’s recent rankings, including
the #3 Best-Performing Large City and the state's #1 Best State status, confirm its stability and optimistic future,
solidifying its role as the "Crossroads of the West."
ECONOMIC AND FINANCIAL PLANNING
As part of an overall strategic planning process, Salt Lake City developed several goals and objectives designed to
keep the City on a firm financial footing. These goals and objectives include the following: Attract and retain
small businesses by increasing the number of small business loans issued by at least five a year. Increase the
number of businesses relocating to the City or expanding by at least 10 a year. Ensure that each Salt Lake City
fund is financially secure by building and then maintaining a fund balance of at least 13% in the General Fund, by
adding at least 1% of revenues per year to retained earnings in the Internal Service funds, by maintaining cash
reserves of 25% of the operating expenses in the Airport Enterprise fund, and by maintaining cash reserves of
viii
9-10% in the Utilities Enterprise funds. Maintain Aaa and AAA Moody’s and Fitch general obligation bond
ratings by maintaining modest debt levels.
For the City’s fiscal year 2025, total general fund revenue budget increased by 15.89%. The increase is primarily
associated with anticipated sales tax revenues.
INTERNAL CONTROL STRUCTURE
The City utilizes a computerized financial accounting system, which includes a system of internal accounting
controls. These controls are designed to provide reasonable assurance regarding: (1) the safeguarding of assets
against loss from unauthorized use or disposition, and (2) the reliability of financial records for preparing
financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes
that: (1) the cost of a control should not exceed the benefits likely to be derived, and (2) the evaluation of costs
and benefits requires estimates and judgments by management. The City adheres to the above framework for
internal controls. We believe that the City's internal accounting controls adequately safeguard assets and provide
reasonable assurance of proper recording of financial transactions.
BUDGETARY CONTROL
The City maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with
legal provisions embodied in the annual appropriated budget approved by the City Council. Activities of all funds
used by the City are included in the annual appropriated budget. Project-length financial plans are adopted for the
Capital Improvement Projects Fund. The level of budgetary control (that is, the level at which expenditures cannot
legally exceed the appropriated amount) is established at the department level. For budgetary purposes, the City
considers each enterprise fund to be a department. Management can move budgeted amounts from one line item
to another within a department or decrease appropriations.The City also maintains an encumbrance accounting
system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year-end. However,
encumbrances are generally re-appropriated as part of the following year's budget. The City Council can increase
appropriations after holding a public hearing. During the year ended June 30, 2025, the City Council passed
several supplementary appropriations.
Sincerely,
Mary Beth Thompson
Chief Financial Officer
ix
x
Financial Section
1
eidebai l l y.com
5 Triad Center, S te. 600 • Salt Lake City, UT 84 180-1106 • T 801.532.2200 • F 801.532.7944 • EOE
Independent Auditor’s Report
To the Honorable Mayor and Members of the City Council
Salt Lake City Corporation
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities,
the aggregate discretely presented component units, each major fund, and the aggregate remaining
fund information of Salt Lake City Corporation (the City), as of and for the year ended June 30, 2025, and
the related notes to the financial statements, which collectively comprise the City’s basic financial
statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-type activities, the
aggregate discretely presented component units, each major fund, and the aggregate remaining fund
information of Salt Lake City Corporation, as of June 30, 2025, and the respective changes in financial
position, and, where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are required to be independent of the City,
and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements
relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
Correction of Error
As discussed in Note 20 to the financial statements, certain errors resulting in an understatement of
amounts previously reported as revenues and an overstatement of amounts previously reported in
deferred revenues as of June 30, 2024, were discovered by management of the City during the current
year. Accordingly, a restatement has been made to the Grants Operating fund balance and
governmental activities net position as of July 1, 2024, to correct the error. Our opinions are not
modified with respect to that matter.
2
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue
as a going concern for twelve months beyond the financial statement date, including any currently
known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and
Government Auditing Standards will always detect a material misstatement when it exists. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based on
the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
3
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison schedule – General Fund, Schedule of Proportionate
Share of the Net Pension Liability, Schedule of Contribution – Last Ten Fiscal Years, Schedule of Changes
in Net Pension Liability –Last Ten Fiscal Years and Schedule of Changes in Total OPEB Liability – Library –
Last Ten Fiscal Years, as listed in the table of contents, be presented to supplement the basic financial
statements. Such information is the responsibility of management and although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board who considers it to
be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with GAAS, which consisted of inquiries of management
about the methods of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide
any assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City’s basic financial statements. The combining statements and individual
funds statements and schedules, including the budgetary comparison schedules are presented for
purposes of additional analysis and are not a required part of the basic financial statements. Such
information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves, and other additional procedures in accordance with
GAAS. In our opinion, the combining statements and individual funds statements and schedules,
including the budgetary comparison schedules is fairly stated, in all material respects, in relation to the
basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic financial
statements and our auditor’s report thereon. Our opinions on the basic financial statements do not
cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and
the basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
4
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 31,
2025 on our consideration of the City‘s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters.
The purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the City’s internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering
the City’s internal control over financial reporting and compliance.
City and State of Issuing Office
December 31, 2025
5
Salt Lake City Corporation's (the "City") management presents to the readers of its financial
statements this narrative information. It contains an overview and analysis of the financial position and
results of operations as of and for the year ended June 30, 2025. As management of the City, we
encourage readers to consider information contained in this discussion along with the transmittal letter
on page v.
FINANCIAL HIGHLIGHTS
The assets and deferred outflows of resources of the City exceeded its liabilities and deferred
inflows of resources at the end of the current fiscal year by $4,325,978,150 (net position). Of this
amount, $594,272,627 is unrestricted net position.
Net position increased by $280,967,648. This included a decrease in net position of $1,169,428
in the governmental activities and an increase of $282,137,078 in the business-type activities.
The City's governmental funds reported a combined ending fund balance of $452,646,748, and a
decrease of $61,398,825 compared to the prior years' ending amount. Of the combined total fund
balance, $209,565,402 is available for spending at the discretion of the City (unassigned and assigned).
The unassigned fund balance of the General Fund at June 30, 2025, which totaled $123,932,735,
is 27 percent of the General Fund total revenues for the year and 59 percent of governmental assigned
and unassigned fund balance. The General Fund has $15,024 of non-spendable fund balance.
The City issued new bonded debt in fiscal year 2025. See Note 6.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis serves as an introduction to the City's basic financial statements: (1)
Government-wide financial statements, (2) Fund financial statements and (3) Notes to the financial
statements. This report also contains information in addition to the basic financial statements that will
help the reader to gain a more in-depth understanding of the City.
Government-wide financial statements give readers a broad overview of the entire City's
financial position and changes in financial position, similar to consolidated financial statements in a
private sector business. These statements consist of the Statement of Net position and the Statement of
Activities.
The Statement of Net Position shows the City's entire assets, deferred outflows of resources,
liabilities and deferred inflows of resources with the difference shown as net position. Increases or
decreases over time in net position gives an indicator as to whether the financial condition of the City is
improving or declining.
The Statement of Activities shows the changes to net position that occurred during the most
recent fiscal year. These changes are recorded on an accrual basis when the underlying event that causes
the change occurs, regardless of when the cash transaction takes place. One example is the next debt
6
interest payment when the fiscal year ends in between interest payments. The Statement of Changes in
Net Position shows an additional interest expense for the time period between the last interest payment
and the end of the fiscal year.
Both of the government-wide financial statements distinguish between activities that are largely
supported by taxes and intergovernmental revenues (governmental activities) and those whose
operations are entirely or largely financed by user charges and fees (business type-activities). The
governmental activities for the City include general governmental (Council, Mayor, Attorney, Finance
and Non-departmental); public safety (Police, Fire and Central Dispatch); streets and recreation (Public
Services); and other development (Community & Neighborhoods and Economic Development). The
business-type activities include water, sewer, stormwater, street lighting, airport, housing, refuse
collection, golf and redevelopment.
The government-wide financial statements include not only the City itself (the primary
government), but also those of the legally separate Salt Lake City Library (Library), the Utah
Performing Arts Center Agency (UPACA) and Gallivan. These three entities (component units) are
financially accountable to the City and are presented separately from the primary government itself. Two
other entities, the Salt Lake City Community Reinvestment Agency (CRA) and the Local Building
Authority (LBA) are also legally separate from the City, but for all practical purposes function as a part
of the City and are therefore blended as an integral part of the primary government.
The government-wide financial statements are found immediately following this discussion and
analysis.
FUND FINANCIAL STATEMENTS
A fund is a set of closely related accounts that are used to maintain control over resources that
have been segregated for specific activities or purposes. The City, like other state and local
governments, uses fund accounting to demonstrate compliance with finance-related legal requirements.
All of the City's funds can be categorized into one of three categories: governmental funds, proprietary
funds and fiduciary funds.
Governmental funds account for essentially the same activities as the governmental activities in
the government-wide financial statements, but with a narrower focus. Governmental funds concentrate
on near-term inflows and outflows of financial resources and the balances of spendable resources
available to the government at the end of the fiscal year. This information can be useful in evaluating the
government’s short term financing requirements.
7
Comparing similar information presented in the government-wide statements for the
governmental activities with that presented in governmental funds statements can provide useful
information because of the different focus of the two approaches. With the long-term focus of the
government-wide statements, a reader may be able to better understand the long-term effects of the near
term financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures and changes in fund balance show reconciliation between the
governmental funds statements to the governmental activities in the government-wide statements to aid
in the comparison.
The City uses fourteen different individual governmental funds. Of this number, information is
shown separately for the General, Capital Projects and Other Improvement Funds, all of which are
deemed major funds. Information from the other eleven funds is presented in a single combined column.
Individual presentations for these non-major funds are contained in combining information shown after
the notes to the financial statements as listed in the table of contents. The City adopts an annual
appropriated budget for all its governmental funds. Budgetary comparison schedules have been provided
to demonstrate compliance with these budgets.
Within the Proprietary funds are two types that the City utilizes; enterprise and internal service
funds. Enterprise funds report the same functions as the business-type activities in the government-wide
financial statements. The Enterprise funds maintained by the City are: the water, sewer, stormwater and
street lighting utilities; the Salt Lake City International Airport (Airport); housing and business loans,
refuse collection, golf, and the CRA. Internal service funds are used as an accounting device to
accumulate and allocate costs among the City's various governmental and enterprise activities. The City
uses internal service funds to account for its vehicle fleet, information technology, risk management and
employee benefits, tort liability, and the LBA. Because all of these activities support primarily
governmental rather than business-type activities, they have been included within the governmental
activities column of the government-wide financial statements.
Proprietary funds present the same information as in the government-wide statements, except in
more detail. The fund statements for proprietary funds provide separate information for the Department
of Airports, Water Utility, Sewer Utility, Stormwater Utility, and the Community Reinvestment Agency,
all of which are considered to be major funds of the City. Individual presentations for the remaining
enterprise funds are contained in the combining information elsewhere in this report. All internal service
funds are shown in one single column in the proprietary fund financial statements. Individual fund
information can be found in the combining information elsewhere in this report. The City also adopts
annual appropriated budgets for all of its proprietary funds. As with the governmental funds, budgetary
comparison statements are included to show compliance with these budgets.
The basic proprietary fund financial statements can be found as listed in the table of contents.
Fiduciary funds are used to account for resources held by the City for the benefit of entities
outside of the government. Since these resources cannot be used to support the operations of the City,
they are not shown in the government-wide financial statements. The accounting for fiduciary funds is
similar to that of proprietary funds. The fiduciary fund financial statements can be found as listed in the
table of contents.
8
Notes to the financial statements contain additional information important to a complete
understanding of the information contained in the government-wide and fund financial statements. Notes
to the financial statements are located after the statements for major funds as listed in the table of
contents.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Salt Lake City Corporation's Net Position (in thousands)
Governmental Activities Business-type Activities Total
2025 2025 2024 2025
Current and other assets $ 831,886 $ 787,400 $ 1,099,643 $ 1,083,180 $ 1,931,529 $ 1,870,581
Capital Assets 945,017 903,200 6,650,959 6,030,025 7,595,976 6,933,225
Non-current assets 44,421 43,730 793,314 701,501 837,735 745,232
Total assets 1,821,324 1,734,331 8,543,916 7,814,706 10,365,240 9,549,037
Deferred outflow of resources 73,310 74,589 29,678 23,038 102,987 97,628
Current and other liabilities 199,800 110,038 558,475 288,006 758,275 398,044
Long-term liabilities 428,027 445,770 4,650,422 4,429,461 5,078,449 4,875,231
Total liabilities 627,826 555,808 5,208,897 4,717,467 5,836,724 5,273,275
Deferred inflow of resources 141,584 133,493 164,941 202,659 306,525 336,152
Net position:
Invested in capital assets, net 699,347 536,578 2,297,487 1,999,534 2,996,834 2,536,112
Restricted 176,797 260,061 558,075 236,819 734,872 496,880
Unrestricted 250,079 329,753 344,193 681,265 594,273 1,011,019
Total net position $ 1,126,223 $ 1,126,393 $ 3,199,755 $ 2,917,618 $ 4,325,978 $ 4,044,011
Net Position percentage -
Current Fiscal Year
Invested in
capital assets,
net 69%
Restricted 17%
Unrestricted 14%
The largest component of the City’s net
position is its investment in capital assets. 69
percent of total net position represents the City’s
investment in land and land improvements,
buildings, machinery and equipment, roads,
streetlights, signals and bridges, less any related
outstanding debt that was used to acquire these
assets. The City uses these capital assets to
provide services to citizens who live, work, pass
through or benefit in other ways from the City.
By their nature, these assets are not available for
future spending. Further, even though these
capital assets are reported net of any related
debt, resources needed to repay the debt must
come from other sources, as the assets
themselves cannot be used to satisfy the related
obligations.
Of the remainder of net position, 17 percent, is assets that are subject to external restrictions on
how they may be expended (debt reserve funds or unexpended debt proceeds).
9
Salt Lake City Corporation's Changes in Net Position (in thousands)
Governmental
Activities
Business-type
Activities Total
2025 2025 2024 2025
Revenues
Program revenues
Charges for Services $ 147,146 $ 129,840 $ 853,485 $ 646,895 $ 1,000,630 $ 776,735
Operating grants and contributions 15,274 20,701 — — 15,274 20,701
Capital grants and contributions 4,554 3,801 131,676 144,707 136,230 148,508
General revenues
Property taxes 156,129 157,143 — — 156,129 157,143
Other taxes 236,504 200,970 — — 236,504 200,970
Investment Earnings 23,619 28,641 64,247 89,234 87,866 117,875
Total revenues 583,226 541,096 1,049,408 880,836 1,632,634 1,421,932
Expenses
General Government 40,877 8,173 — — 40,877 8,173
Council 5,922 5,880 — — 5,922 5,880
Mayor 6,830 6,971 — — 6,830 6,971
City Attorney 11,838 12,092 — — 11,838 12,092
Finance 80,319 27,246 — — 80,319 27,246
Fire 56,537 52,037 — — 56,537 52,037
Combined Emergency Services 10,814 10,466 — — 10,814 10,466
Human Resources 4,877 4,402 — — 4,877 4,402
Justice Courts 5,732 5,395 — — 5,732 5,395
Police 131,158 120,022 — — 131,158 120,022
Economic Development 10,004 10,577 — — 10,004 10,577
Community and Neighborhoods 91,602 82,584 — — 91,602 82,584
Public Services 52,187 51,201 — — 52,187 51,201
Public Lands 37,834 39,304 — — 37,834 39,304
Infrastructure depreciation 12,886 11,614 — — 12,886 11,614
Interest on long-term debt 11,530 11,255 — — 11,530 11,255
Department of Airports — — 536,779 492,514 536,779 492,514
Water — — 102,564 86,478 102,564 86,478
Sewer — — 60,241 52,802 60,241 52,802
Storm Water Utility — — 12,812 12,088 12,812 12,088
Street lighting Utility — — 5,349 4,883 5,349 4,883
Refuse Collection — — 18,484 18,534 18,484 18,534
Golf — — 12,212 11,701 12,212 11,701
Housing and Loan — — 1,004 720 1,004 720
Community Reinvestment Agency — — 31,272 32,585 31,272 32,585
Total expenses 570,948 459,221 780,718 712,306 1,351,664 1,171,527
Change in net position before transfers 12,277 81,875 268,690 168,530 280,969 250,407
Transfers (13,447) (25,379) 13,447 25,379 — —
Change in net position (1,169) 56,496 282,137 193,909 280,969 250,407
Net position, beginning, as restated 1,126,393 1,069,897 2,917,618 2,723,708 4,044,011 3,793,604
Net position, ending $ 1,125,223 $ 1,126,393 $ 3,199,755 $ 2,917,618 $ 4,324,981 $ 4,044,011
10
Governmental Activities net position decreased by $1,169,428 for the year ended June 30, 2025,
which is (0.4) percent of the total decrease in net position for the City as a whole. Property and sales tax
revenue continue to remain strong. Several Congressional Legislative responses (like the CARES Act)
gave substantial support to the local economy. Expenses increased by $111,727,754. Most of this
increase is due to increased personnel costs. The Capital Improvement fund also benefited from the
sales tax increase with an increase in spending on roads and other transportation projects.
Governmental Activities - Expenses and Program Revenues (in Millions)
Expenses Program Revenues
Fire Police Community
Develop.
Public Svs. All Others
0102030405060708090100110120130140150160170180190200210220
Governmental
Revenues by Source
Charges for Services 25.2%
Operating grants and contributions 2.6%
Capital grants and contributions 0.8%
Property taxes 26.8%
Other taxes 40.6%
Other 4.0%
Business-type activities net position increased $282,137,078 or 99 percent of the total increase to
net position. A healthy economy benefited all entities increasing revenue and expenditures. Airport,
11
Water and Sewer Utilities continue to invest heavily in capital assets. During FY 2021, the Airport
completed and opened Phase I of the Terminal Redevelopment Program and North Concourse Program.
This resulted in higher square footage for terminal rents and the debt service on the Airport’s revenue
bonds being included in terminal rents. These factors caused the terminal rent rate to increase
considerably. The Sewer Utility has planned major projects for the sewer collection system that will
accommodate the current and planned development in the northwest area of the City. A new water
reclamation facility is being constructed on the existing plant site that will cost in excess of $711 million
and is anticipated to be in operation by 2027.
Business-type Activities - Expense and Program Revenues (in Millions)
Expenses Program Revenues
Airport Water Sewer Storm Water Redevelopment All Others
0
50
100
150
200
250
300
350
400
450
500
550
600
Business Type
Revenues by Source
Charges for
Services: 86.6%
Capital grants
and
contributions:
13.4%
12
FINANCIAL ANALYSIS OF CITY FUNDS
The City’s governmental funds provide information on the short-term resource inflows and
outflows and account balances at the end of the fiscal year. The total fund balance is a measure of total
available resources and the unassigned portion of this total fund balance is a measure of the available
spendable resources at June 30, 2025.
For the period ended June 30, 2025, the City’s governmental funds reported a combined fund
balance amount of $452,646,748, a decrease of $61,398,825 compared to the prior fiscal year. Of the
total balance at year-end, $123,932,735 is Unassigned and $85,632,667 is Assigned. Most of the
Assigned fund balance is assigned to roads, parks, other capital improvements, grant activities,
encumbrances and debt service. The Committed fund balance is $10,053,633. The majority of the
restricted funds of $233,012,689 are for capital projects. The Non-spendable funds of $15,024 are
receivables and prepaid items.
The General Fund is the main operating fund for the City. At June 30, 2025, the General Fund’s
unassigned fund balance was $123,932,735 while total fund balance equaled $142,867,679. A useful
measure of liquidity is to compare the unassigned fund balance and the total fund balance to
expenditures (including transfers out) for the year. Unassigned fund balance was 36 percent of total
expenditures and transfers while total fund balance equaled 42 percent.
The fund balance for the City’s General Fund decreased by $30,042,069. Higher property values
resulted in higher property taxes collect and an increase in economic activity resulted in higher sales tax
in 2024, offset by higher personnel costs. There was also a rebound in licensing and permits as
economic activity begins to normalize. Charges for services revenue rebounded in the areas of field
reservations and program fees in the wake of to the COVID-19 pandemic recovery.
The Capital Projects Fund has a total fund balance of $254,877,429 at June 30, 2025, all of
which is either restricted or assigned to unfinished projects. The largest restrictions are for road
reconstruction and transportation projects. The City has received significant general obligation funding
or roads several grants for transportation projects. A smaller portion is restricted for parks and trails.
Council approved new funding for large maintenance projects. Increase in revenue is due to the funding
of new projects through new grants, impact fees and bonding. The net decrease in fund balance for the
year amounted to $38,490,244.
The Other Improvements Fund has a total fund balance of $18,175,458 at June 30, 2025, all of
which is restricted. The Other Improvements Fund is a debt service fund established to provide for all
debt payments. The fund balance increased $2,403,780 for the year. Additional information about debt
can be found in Note 6.
The City’s proprietary funds provide the same type of information found in the government-wide
financial statements, but in more detail. Unrestricted net position of the City’s Major proprietary
funds totaled $(179,525,557) for the Department of Airports, $132,852,609 for the Water Fund,
$9,967,092 for the Sewer Fund, $24,733,392 for Stormwater Fund and $234,577,115 for the Community
13
Reinvestment Agency Fund. Discussions about the finances of these five funds are addressed in the
City’s business-type activities.
During the current year, management determined that certain grant revenues previously reported
as revenues collected in advance should have been recognized as revenue in the prior year, in
accordance with GASB Statement No. 33. This error caused grant revenues to be understated and
revenues collected in advance to be overstated in the prior year. Revenues collected in advance were
recorded in prior years when grant funds were received. Each year, revenue should be recognized to
offset grant expenditures that occurred during the year. In FY24, this step was not completed for several
grants due to staff constraints in connection with the implementation of a new financial operating system
in FY24. See Note 20 for additional information.
GENERAL FUND BUDGETARY HIGHLIGHTS
Differences between the original and final amended budgets amounted to a total increase in
appropriations of $41,475,642. By department, the changes are:
• $8,991 increase for City Council
•$(158,182) decrease for Mayor
• $513,007 increase for City Attorney
• $360,068 increase for Finance
• $2,397,713 increase for Fire
• $6,000 increase for Human Resources
• $447,563 increase for Combined Emergency Services
• $4,208,124 increase for Police
• $9,040,226 increase for Community & Neighborhoods
• $257,278 increase in Economic Development
• $210,000 increase in Justice Court
• $3,385,568 increase for Public Services
• $1,139,126 increase for Public Lands
• $19,660,160 increase for Nondepartmental (including transfers out)
Increases to all budgets included $22,204,934 for prior year encumbrances. The first budget
amendment totaling $496,408, was allocated for FTEs in the Attorney’s Department among other
housekeeping items. The second budget amendment was for additional funding for the COPS Hiring
Program. The third Budget amendment included $3,904,861 in additional budget for several
infrastructure related items. The final budget amendment allocated additional funding for transportation/
bus passes, construction mitigation, the city’s animal service contract, and park security guards; among
other items. Other smaller budget amendment items throughout the year made up the difference.
CAPITAL ASSET AND DEBT ADMINISTRATION
The City’s investment in capital assets for its governmental and business type activities had a
combined totaled of $7,595,975,584, including $8,823,539 of lease assets and $17,362,678 of
14
subscription assets (net of accumulated amortization) at June 30, 2025. Types of assets included in this
category are land, land improvements, buildings, machinery and equipment, park and other recreation
facilities, roads (including curb and gutter), street lights, traffic signals, parking facilities, water and
wastewater distribution and collection systems, airport runways and taxiways and bridges. The City’s
investment in capital assets equals 69 percent of total net position. In comparing investment in capital
assets to net position, the percentages for Governmental activities and business-type activities were 62
percent and 72 percent, respectively.
Major capital asset activities that occurred during the past fiscal year for Governmental Activities
include the following:
The City added $45,639,276 for city roads and curbs and $259,431 in signals. Other new
capitalization included various parks, other improvements and equipment totaling $10,824,253. The
Airport added approximately $495,951,876 in work in process costs for the new terminals construction
and the Utilities added $16,687,480 in water, storm and sewer infrastructure.
Salt Lake City Corporation's Capital Assets
Governmental Activities Business-Type Activities Total Government
2025 2024 2025 2024 2025 2024
Land and water rights $ 217,485,101 $ 80,809,363 $ 215,319,601 $ 213,834,698 $ 432,804,702 $ 294,644,061
Infrastructure 466,312,863 571,554,833 983,708,757 855,289,271 1,450,021,620 1,426,844,104
Buildings 420,912,002 424,290,668 3,218,722,269 2,811,621,635 3,639,634,271 3,235,912,303
Lease assets 8,319,366 8,319,366 — — 8,319,366 8,319,366
Improvements other than buildings 137,997,924 137,461,649 1,978,004,713 1,775,918,287 2,116,002,637 1,913,379,936
Machinery and equipment 155,537,043 149,691,119 590,571,772 537,888,664 746,108,815 687,579,783
Intangible assets — — 1,573,053 1,573,053 1,573,053 1,573,053
Subscription asset 11,776,686 10,405,778 4,012,937 3,806,870 15,789,623 14,212,648
Construction in progress 57,643,142 26,256,302 1,623,173,123 1,582,711,719 1,680,816,265 1,608,968,021
Accumulated depreciation and
amortization (530,967,084) (505,589,210) (1,964,127,687) (1,753,025,865) (2,495,094,771) (2,258,615,075)
Net book value $ 945,017,043 $ 903,199,868 $ 6,650,958,538 $ 6,029,618,332 $ 7,595,975,584 $ 6,932,818,200
At June 30, 2025, the City’s bonded debt amounted to $4,329,805,000. The portion that is
backed by the full faith and credit of the City amounted to $125,130,000. All other bonded debt is
known as revenue bonds and is secured by specific revenue sources.
General obligation debt of the City is limited by statute to 8 percent of the reasonable fair cash
value of property. The debt limit for FY2025, which calculates to $2,287,534,579, is well in excess of
the City’s outstanding general obligation debt. Additional information on the City’s capital assets and
debt can be found in Notes 5 and 6, respectively.
15
Salt Lake City Corporation's Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business-Type Activities Total
2025 2024 2025 2024 2025 2024
General obligation bonds $ 125,130,000 $ 136,340,000 $ — $ — $ 125,130,000 $ 136,340,000
Revenue bonds 163,805,000 171,885,000 4,040,870,000 3,902,010,000 4,204,675,000 4,073,895,000
Total $ 288,935,000 $ 308,225,000 $ 4,040,870,000 $ 3,902,010,000 $ 4,329,805,000 $ 4,210,235,000
Requests for information
This financial report is designed to give its readers a general overview of the City’s finances.
Questions regarding any information contained in this report or requests for additional financial
information should be addressed to the Department of Finance, Chief Financial Officer, 451 South State
Street, Room 245, P.O Box 145451, Salt Lake City, Utah 84114-5451.
16
Basic Financial Statements
17
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
June 30, 2025
Primary Government Component Units
Governmental
Activities
Business-type
Activities Total Library
Utah Performing
Arts Center
Agency Gallivan
ASSETS
Current assets:
Cash, cash equivalents, and investments (Note 2)
Unrestricted $ 204,206,454 $ 606,739,714 $ 810,946,168 $ 3,969,941 $ 25,800,272 $ 2,121,340
Restricted (Note 2 & 4) 328,222,622 232,815,621 561,038,243 — — 10,018
Investments (Note 2) — 75,366,368 75,366,368 22,404,502 — —
Receivables:
Property, franchise and excise taxes 182,858,230 — 182,858,230 29,760,980 — —
Assessments, including $2,240,800 of delinquent
assessments 19,645,754 — 19,645,754 — — —
Loans and other receivables, current portion 213,992 8,530,127 8,744,119 244 — —
Lease receivable, current portion — 35,910,313 35,910,313 — — —
Accounts, less allowance for doubtful accounts of
$3,442,205 — 119,664,098 119,664,098 — 1,332,856 4,886
Due from other funds for cash overdraft 76,262,530 — 76,262,530 — — —
Due from other governments 3,174,465 — 3,174,465 — — —
Other, principally accrued interest receivable 78,390 18,205,798 18,284,188 — — —
Prepaids 397,697 35,553 433,250 119,872 72,149 —
Inventories 1,102,149 18,099,280 19,201,429 — — —
Internal balances 15,723,905 (15,723,905) — — — —
Total current assets 831,886,188 1,099,642,967 1,931,529,156 56,255,539 27,205,277 2,136,244
Noncurrent assets:
Restricted cash and cash equivalents (Note 2) — 274,076,774 274,076,774 — — —
Lease Receivables, net of current portion — 112,222,180 112,222,180 — — —
Restricted investments — 173,296,814 173,296,814 — — —
Capital assets (Note 5)
Land and water rights 217,485,101 215,319,601 432,804,702 126,107 — —
Construction in progress 57,643,142 1,623,173,123 1,680,816,265 10,152,074 — —
Capital assets not being depreciated or amortized 275,128,243 1,838,492,725 2,113,620,968 10,278,181 — —
Infrastructure 466,312,863 983,708,757 1,450,021,620 — — —
Buildings 420,912,002 3,218,218,096 3,639,130,098 14,405,747 130,608,164 —
Improvements other than buildings 137,997,924 1,978,004,713 2,116,002,637 1,989,445 649,856 —
Machinery and equipment 155,537,043 590,571,772 746,108,815 17,018,503 721,595 —
Lease assets (Note 7) 8,319,366 504,173 8,823,539 — — —
Subscription assets (Note 8) 11,776,688 5,585,990 17,362,678 618,974 — —
Accumulated depreciation and amortization (530,967,084) (1,964,127,687) (2,495,094,771) (19,837,399) (21,902,622) —
Capital assets, net of accumulated depreciation and
amortization 669,888,802 4,812,465,814 5,482,354,616 14,195,270 110,076,993 —
Total capital assets 945,017,045 6,650,958,539 7,595,975,584 24,473,451 110,076,993 —
Loans and other long-term receivables — 157,566,073 157,566,073 — — —
Net pension asset 42,824,173 — 42,824,173 — — —
Land and buildings held for resale — 44,960,359 44,960,359 — — —
Investment in joint venture (Note 19) 1,596,369 27,740,023 29,336,392 — — —
Other — 3,452,086 3,452,086 — — —
Total noncurrent assets 989,437,587 7,444,272,847 8,433,710,434 24,473,451 110,076,993 —
TOTAL ASSETS 1,821,323,775 8,543,915,814 10,365,239,590 80,728,990 137,282,270 2,136,244
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow on the refunding of debt 5,367,541 3,200,187 8,567,728 — — —
Deferred outflows 67,942,031 26,477,327 94,419,358 2,870,972 — —
Total deferred outflows 73,309,572 29,677,514 102,987,087 2,870,972 — —
Total assets and deferred outflows of resources $ 1,894,633,348 $ 8,573,593,328 $ 10,468,226,676 $ 83,599,962 $ 137,282,270 $ 2,136,244
The accompanying notes are an integral part of this statement
18
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
June 30, 2025
Primary Government Component Units
Governmental
Activities
Business-type
Activities Total Library
Utah Performing
Arts Center
Agency Gallivan
LIABILITIES
Current liabilities:
Accounts payable $ 51,549,529 $ 105,416,716 $ 156,966,245 $ 1,210,157 $ 254,991 $ 32,755
Accrued liabilities 32,504,176 68,166,425 100,670,601 — 18,428,119 —
Due to other funds for cash overdraft 76,272,530 — 76,272,530 — — —
Current portion of long-term compensated absences (Note 6) 5,973,549 9,003,882 14,977,431 — — —
Current portion of lease liability 869,397 173,487 1,042,884 — — —
Current portion of subscription liability 1,360,687 431,575 1,792,262 140,874 — —
Current portion of long-term debt (Note 6), payable from
restricted assets 22,116,529 75,807,687 97,924,216 — — —
Current portion of OPEB liability — — — 19,500 — —
Accrued interest, payable from unrestricted assets 1,977,916 95,511,088 97,489,004 — — —
Other liabilities, payable from restricted assets 4,097,930 — 4,097,930 — — —
Current deposits and advance rentals 3,077,403 3,964,518 7,041,921 2,531 — —
Current portion of note payable — 200,000,000 200,000,000 — — —
Total current liabilities 199,799,646 558,475,378 758,275,024 1,373,062 18,683,110 32,755
Noncurrent liabilities:
Deposits, advance rentals and long term accruals — 1,029,738 1,029,738 — 761,305 —
Long-term compensated absences liability (Note 6) 26,783,346 4,753,707 31,537,053 2,681,365 — —
Pollution remediation liability — 120,734 120,734 — — —
Other liabilities payable from restricted assets 9,086,193 34,987,371 44,073,564 — — —
Other post employment benefits (Note 16) — — — 133,136 — —
Estimated claims payable (Note 13) 14,641,453 — 14,641,453 — — —
Revenues collected in advance 2,234,016 5,051,668 7,285,684 — — —
Bonds payable (Note 6) 281,892,798 4,582,897,691 4,864,790,489 — — —
Net pension liability (Note 14) 83,151,991 20,574,440 103,726,431 2,112,456 — —
Lease liability 4,335,093 104,802 4,439,895 — — —
Subscription liability 5,901,764 901,718 6,803,482 52,682 — —
Total noncurrent liabilities 428,026,655 4,650,421,869 5,078,448,523 4,979,639 761,305 —
TOTAL LIABILITIES 627,826,300 5,208,897,247 5,836,723,546 6,352,701 19,444,415 32,755
DEFERRED INFLOWS OF RESOURCES
Deferred property tax revenues 137,507,882 — 137,507,882 33,117,158 — —
Deferred inflows - revenue collected in advance 3,427,359 18,508,873 21,936,232 — — —
Deferred inflows - leases — 146,225,435 146,225,435 — — —
Deferred inflows - refundings 176,956 — 176,956 — — —
Deferred inflows - pension 472,008 206,466 678,473 10,663 — —
Total deferred inflows of resources 141,584,205 164,940,774 306,524,979 33,127,821 — —
NET POSITION
Net investment in capital assets 699,346,729 2,297,486,913 2,996,833,642 24,293,666 109,934,691 —
Restricted for:
Debt service — 430,175,444 430,175,444 — — —
Capital projects 176,796,845 127,899,592 304,696,437 243,654 — 10,018
Unrestricted 250,079,269 344,193,358 594,272,627 19,582,120 7,903,164 2,093,471
Total net position 1,126,222,843 3,199,755,307 4,325,978,150 44,119,440 117,837,855 2,103,489
Total liabilities and net position $ 1,895,633,348 $ 8,573,593,328 $ 10,469,226,675 $ 83,599,962 $ 137,282,270 $ 2,136,244
The accompanying notes are an integral part of this statement
19
SALT LAKE CITY CORPORATION
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2025
Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Primary government:
Governmental activities:
General Government $ 40,877,081 $ — $ — $ —
City Council 5,921,982 593,644 — —
Mayor 6,829,736 1,884,712 105,725 —
City Attorney 11,837,743 1,886,194 42,278 —
Finance 80,318,854 56,929,809 — —
Justice Court 5,732,400 3,113,330 129,730 —
Human Resources 4,876,973 870,278 — —
Fire 56,536,969 9,081,584 34,518 —
Combined Emergency Services 10,814,449 679,328 — —
Police 131,158,367 18,255,741 (240,304) —
Community and Neighborhoods 91,601,830 29,154,024 14,726,176 4,554,380
Economic Development 10,004,225 6,160,671 417,147 —
Public Services 52,187,422 15,804,542 4,364 —
Public Lands 37,834,485 2,731,868 54,051 —
Unallocated infrastructure depreciation 12,886,013 — — —
Interest on long-term debt 11,529,814 — — —
Total governmental activities 570,948,341 147,145,723 15,273,684 4,554,380
Business-type activities:
Airport Authority 536,778,860 539,470,821 — 57,221,451
Water 102,563,919 149,877,413 — 26,044,980
Sewer 60,240,728 92,349,873 — 8,073,519
Storm Water Utility 12,811,930 17,226,386 — 3,379,050
Street Lighting 5,349,459 5,227,691 — 217,350
Refuse Collection 18,483,643 18,084,326 — —
Golf 12,212,404 14,419,342 — —
Housing and Loan 1,004,311 14,485,654 — —
Community Reinvestment Agency 31,272,428 2,343,249 — 36,739,357
Total business-type activities 780,717,681 853,484,754 — 131,675,707
Total primary government $ 1,351,666,022 $ 1,000,630,477 $ 15,273,684 $ 136,230,087
Component unit Library $ 35,241,106 $ 1,503,084 $ 991,543 $ —
Component unit UPACA $ 13,400,353 $ 10,787,699 $ — $ —
Component unit Gallivan $ 2,484,818 $ 1,106,903 $ 1,832,572 $ —
General revenues
Taxes:
Property
Franchise taxes
Sales tax
Investment earnings
Transfers
Total general revenues and transfers
Change in net position
Net Position July 1, 2024, as previously reported (UPACA Jan 1, 2024)
Adjustment (Note 20)
Fund Balance July 1, 2024, as restated
Net Position June 30, 2025 (UPACA Dec 31, 2024)
The accompanying notes are an integral part of this statement
20
Net (Expense) Revenue and Changes in Net Position
Primary Government Component Units
Governmental
Activities
Business-type
Activities Total Library
Utah Performing
Arts Center
Agency Gallivan
$ (40,877,081) $ — $ (40,877,081) $ — $ — $ —
(5,328,339) — (5,328,339) — — —
(4,839,299) — (4,839,299) — — —
(9,909,271) — (9,909,271) — — —
(23,389,045) — (23,389,045) — — —
(2,489,341) — (2,489,341) — — —
(4,006,695) — (4,006,695) — — —
(47,420,867) — (47,420,867) — — —
(10,135,121) — (10,135,121) — — —
(113,142,930) — (113,142,930) — — —
(43,167,250) — (43,167,250) — — —
(3,426,406) — (3,426,406) — — —
(36,378,516) — (36,378,516) — — —
(35,048,566) — (35,048,566) — — —
(12,886,013) — (12,886,013) — — —
(11,529,814) — (11,529,814) — — —
(403,974,554) — (403,974,554) — — —
— 59,913,412 59,913,412 — — —
— 73,358,474 73,358,474 — — —
— 40,182,664 40,182,664 — — —
— 7,793,506 7,793,506 — — —
— 95,582 95,582 — — —
— (399,317) (399,317) — — —
— 2,206,938 2,206,938 — — —
— 13,481,343 13,481,343 — — —
— 7,810,178 7,810,178 — — —
— 204,442,780 204,442,779 — — —
$ (403,974,554) $ 204,442,780 $ (199,531,775)
$ (32,746,479)
$ (2,612,654)
$ 454,657
$ 156,129,415 $ — $ 156,129,415 $ 39,891,856 $ — $ —
15,632,037 — 15,632,037 — — —
220,871,630 — 220,871,630 — — —
23,618,934 64,247,408 87,866,341 — 1,165,534 —
(13,446,890) 13,446,890 — — — —
402,805,126 77,694,297 480,499,423 39,891,856 1,165,534 —
(1,169,428) 282,137,078 280,967,648 7,145,377 (1,447,120) 454,657
1,119,619,265 2,917,618,232 4,037,237,497 36,974,063 119,284,975 1,648,832
6,773,005 — 6,773,005 — — —
1,126,392,270 2,917,618,232 4,044,010,502 36,974,063 119,284,975 1,648,832
$ 1,125,222,843 $ 3,199,755,307 $ 4,324,978,150 $ 44,119,440 $ 117,837,855 $ 2,103,489
The accompanying notes are an integral part of this statement
21
Major Governmental Fund Financial Statements
General Fund - The General Fund is the principal fund of the City and is used to account for resources
traditionally associated with governments which are not required to be accounted for in another fund.
The General Fund accounts for the normal activities of the City, (i.e. police, fire, public works, parks,
community and economic development, general government, etc.). These activities are funded
principally by property taxes, sales and use taxes, franchise taxes, licenses and permits.
Capital Projects Fund - The City's Capital Projects Fund is used to account for resources designated to
construct general capital assets which, by their nature, may require more than one budgetary cycle for
completion. Project budgets are adopted for the Capital Projects Fund.
Other Improvements Fund - This fund is used to account for the cost of servicing the debt created by
financing projects other than Special Improvements. The City borrowed $7 million to construct a
parking structure. The loan is being reported in the Other Improvements Fund.
22
SALT LAKE CITY CORPORATION
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2025
General
Capital
Projects
Other
Improvements
Nonmajor
Governmental
Funds
Total
Governmental
Funds
ASSETS
Cash, cash equivalents and investments (Note 2)
Unrestricted $ — $ 91,295,814 $ 11,319,179 $ 50,450,305 $ 153,065,298
Restricted 221,874,161 99,486,385 6,856,279 — 328,216,825
Receivables:
Property, franchise and excise taxes 174,865,377 — — 2,635,833 177,501,210
Accounts receivable 2,344,869 1,213,581 — 15,622,689 19,181,139
Due from other funds for cash overdraft — 75,889,683 — 372,847 76,262,530
Taxes receivable 5,357,020 — — — 5,357,020
Current portion of loans receivable 61,675 — — 152,317 213,992
Due from other governments — — — 3,174,465 3,174,465
Other, principally accrued interest — — — 78,390 78,390
Prepaids 15,024 — — — 15,024
Total assets $ 404,518,126 $ 267,885,463 $ 18,175,458 $ 72,486,846 $ 763,065,893
LIABILITIES
Accounts payable $ 8,743,509 $ 13,008,034 $ — $ 25,418,793 $ 47,170,336
Accrued liabilities 32,307,567 — — 172,850 32,480,417
Due to other funds for cash overdraft (Notes 2 and 19) 75,899,683 — — 372,847 76,272,530
Current deposits and advance rentals 806,518 — — 2,270,885 3,077,403
Current portion of long-term compensated absences 4,144,488 — — — 4,144,488
Revenues collected in advance 2,240,800 — — — 2,240,800
Other liabilities payable from restricted assets — — — 4,097,930 4,097,930
Total liabilities 124,142,565 13,008,034 — 32,333,305 169,483,904
DEFERRED INFLOWS OF RESOURCES
Receivables not meeting the available criterion 137,507,882 — — — 137,507,882
Unavailable grant revenue — — — 3,427,359 3,427,359
Total deferred inflows 137,507,882 — — 3,427,359 140,935,241
FUND BALANCES
Non-spendable 15,024 — — — 15,024
Restricted 18,919,920 176,796,845 18,175,458 19,120,466 233,012,689
Committed — — — 10,053,633 10,053,633
Assigned — 78,080,584 — 7,552,083 85,632,667
Unassigned 123,932,735 — — — 123,932,735
Total fund balances 142,867,679 254,877,429 18,175,458 36,726,182 452,646,748
Total liabilities, deferred inflow of resources and fund
balances $ 404,518,126 $ 267,885,463 $ 18,175,458 $ 72,486,846 $ 763,065,893
`
The accompanying notes are an integral part of this statement
23
SALT LAKE CITY CORPORATION
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENTS OF NET POSITION
June 30, 2025
Total fund balances for governmental funds $ 452,646,748
Total net position reported for governmental activities in the statement of net position is different
because:
Capital assets used in governmental activities are not financial resources and therefore are not
reported in the funds. Those assets consist of: (see Note 5)
Land $ 217,485,101
Infrastructure 466,312,863
Buildings 420,912,002
Improvements other than buildings 137,997,924
Equipment 155,537,043
Construction in progress 57,643,142
Lease assets 8,319,366
Subscription assets 11,776,688
Less accumulated depreciation and amortization (530,967,084)
Total capital assets 945,017,045
Other assets are reported for governmental activities as they are not considered collectible until
after year end. These include other receivables that are long-term in nature and bond issue costs
less amortization
Accounts Receivable 464,615
Investment in joint venture 1,596,369
Prepaids 1,484,822
Pension asset 42,824,173
Deferred loss on refunding of debt 5,367,541
Deferred pension outflow 67,942,031
119,679,551
Internal services funds are used by the City to charge the costs of the fleet management system,
data processing services, insurance for employee health, accident, long-term disability,
unemployment and worker's compensation, general liability claims, and acquisition and lease to
the City of purchased or constructed property. 51,146,953
Some of the internal service net income is allocable to business-type activities. These amounts are
shown in the internal balances in the governmental activities statement. 15,723,905
Long-term liabilities applicable to the City's governmental activities are not due and payable in the
current period and accordingly are not reported as fund liabilities. Interest on long-term debt is not
accrued in governmental funds, but rather as an expenditure when due. Obligation for
compensated absence liabilities due within 60 days are included in the governmental fund
statements in accrued liabilities. All liabilities -both current and long-term are reported in the
statement of net position. (See Note 6)
Accounts payable (4,372,410)
Accrued liabilities (9,109,952)
Obligation for compensated absence liabilities due after one year (26,783,346)
Current portion of long-term debt (22,116,529)
Current portion of lease liability (869,397)
Current portion of SBITA liability (1,360,687)
Current portion of obligation for compensated absence liabilities (1,829,061)
Accrued Interest (1,977,916)
Deferred pension inflow (472,008)
Bonds payable (281,892,798)
Net pension liability (83,151,991)
Lease liability (4,335,093)
SBITA liability (5,901,764)
Deferred gain on refunding of debt (176,956)
Estimated claims liability (14,641,453)
Total liabilities (458,991,360)
Total net position of governmental activities $ 1,125,222,843
The accompanying notes are an integral part of this statement
24
SALT LAKE CITY CORPORATION
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For the Fiscal Year Ended June 30, 2025
General
Capital
Projects
Other
Improvements
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Revenues:
General property taxes $ 139,533,212 $ — $ 16,596,203 $ — $ 156,129,415
Sales, use and excise taxes 177,979,491 — 1,100,000 41,792,139 220,871,630
Franchise taxes 15,632,037 — — — 15,632,037
Licenses 22,299,456 — — — 22,299,456
Permits 21,380,154 7,230,496 — — 28,610,650
Fines and forfeitures 3,143,492 — — 144,437 3,287,929
Assessments — — — 2,204,271 2,204,271
Interest and investment income (loss) 13,154,752 8,863,440 243,835 881,296 23,143,323
Intergovernmental 6,865,782 12,869,325 2,170,324 29,365,224 51,270,655
Interfund service charges 31,969,538 — — — 31,969,538
Parking meter 2,790,111 — — — 2,790,111
Parking ticket 2,567,348 — — — 2,567,348
Rental and other income 1,330,967 3,388 982,996 4,890 2,322,241
Charges for services 6,722,833 — — 114,591 6,837,424
Contributions (cash contributions - Arts Council) — — — 3,884,520 3,884,520
Miscellaneous 4,227,398 1,118,307 2,995,582 588,357 8,929,644
Total revenues 449,596,571 30,084,956 24,088,940 78,979,725 582,750,192
Expenditures:
Current:
City Council 5,566,029 — — — 5,566,029
Mayor 6,268,200 — — — 6,268,200
City Attorney 11,736,245 — — — 11,736,245
Finance 12,213,691 — — 22,420,616 34,634,307
Fire 55,823,595 — — 4,100 55,827,695
Combined Emergency Services 10,679,338 — — — 10,679,338
Police 123,538,679 — — 197,996 123,736,675
Community and Neighborhoods 35,131,218 — — 43,158,849 78,290,067
Economic Development 4,312,810 — — 3,086,030 7,398,840
Justice Court 5,701,821 — — — 5,701,821
Human Resources 4,860,981 — — — 4,860,981
Public Services 45,747,506 — — 13,740 45,761,246
Public Lands 30,381,051 347,371 30,728,422
Nondepartmental 64,376,008 — — — 64,376,008
Capital improvements — 99,877,739 — — 99,877,739
Debt service:
Principal — — 20,214,688 — 20,214,688
Interest and other fiscal charges — — 11,672,034 — 11,672,034
Total expenditures 416,337,172 99,877,739 31,886,722 69,228,702 617,330,335
Revenues over (under) expenditures 33,259,399 (69,792,783) (7,797,782) 9,751,023 (34,580,143)
Other financing sources (uses):
Proceeds from sale of property 74,154 — — — 74,154
Transfers in 9,748,624 35,693,031 10,201,562 10,636,818 66,280,035
Transfers out (73,124,246) (4,390,492) — (15,658,133) (93,172,871)
Total other financing sources (uses) (63,301,468) 31,302,539 10,201,562 (5,021,315) (26,818,682)
Net change in fund balances (30,042,069) (38,490,244) 2,403,780 4,729,708 (61,398,825)
Fund Balance July 1, 2024, as previously reported 172,909,748 293,367,673 15,771,678 25,223,469 507,272,568
Adjustment (Note 20) — — — 6,773,005 6,773,005
Fund Balance July 1, 2024, as restated $ 172,909,748 $ 293,367,673 $ 15,771,678 $ 31,996,474 $ 514,045,573
Fund Balance June 30, 2025 $ 142,867,679 $ 254,877,429 $ 18,175,458 $ 36,726,182 $ 452,646,748
The accompanying notes are an integral part of this statement
25
SALT LAKE CITY CORPORATION
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2025
Net change in fund balances - total governmental funds $ (61,398,825)
The change in net position reported for governmental activities in the statement of activities is different
because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of
those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the
amount by which capital outlay $99,877,739 less Work in Process reclassifications $2,105,558 included as
additions exceeded depreciation expense and unallocated depreciation $12,886,013. (See Note 5.)
84,886,168
Repayment of principal as an expenditure in the governmental funds but reduces the liability in the statement
of net position. (See Note 6.) 20,214,688
Assets considered expensed that were transferred to a business entity
Under the modified accrual basis of accounting used in the governmental funds, expenditures are not
recognized for transactions that are not normally paid with expendable available financial resources. In the
statement of activities, however, which is presented on the accrual basis,expenses and liabilities are reported
regardless of when financial resources are available. In addition, interest on long-term debt is not recognized
under the modified accrual basis of accounting until due, rather than as it accrues. This adjustment contains
the following:
Personnel $ (28,402,593)
Income equity in JV 475,611
Interest 142,222
Other financing (13,446,890)
Amortization of bond premium and deferred loss (402,307)
(41,633,957)
Internal services funds are used by the City to charge the costs of the fleet management system, data
processing services, insurance for employee health, accident, long-term disability, unemployment and
worker's compensation, general liability claims, acquisition and lease to the City of purchased or constructed
property and equipment and photocopying and printing services. The net revenue of internal service funds is
allocated between governmental activities and business-type activities. Internal service fund net loss of
$(10,357,524) in addition to business-type activities of $(3,237,500). (3,237,500)
Change in net position of governmental activities.$ (1,169,428)
The accompanying notes are an integral part of this statement
26
Major Proprietary Fund Financial Statements
Department of Airports - This fund is used to account for the activities related to the operation of City
airports.
Water Utility Fund - This fund is used to account for the activities related to providing water service to
the residents of the City and certain residents of Salt Lake County.
Sewer Utility Fund - This fund is used to account for the activities relating to providing sewer service
to the residents of the City.
Stormwater Utility - This fund is used to account for the activities associated with the collection and
disposition of stormwater runoff.
Community Reinvestment Agency Fund - This fund is used to account for urban redevelopment
activities such as acquisition of land sites and sale of such land for development, and loans provided for
improvements in existing housing and the repayment of loans and related interest.
27
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
June 30, 2025
Business-type Activities - Enterprise Funds
Department of
Airports Water Utility Sewer Utility
Stormwater
Utility
ASSETS
Current assets:
Cash, cash equivalents, and investments:
Unrestricted $ 330,676,276 $ 103,556,802 $ 7,166,372 $ 23,676,704
Restricted 175,084,584 — — —
Investments 58,927,063 16,439,305 — —
Receivables:
Accounts, less allowance for doubtful accounts of $0,
$308,192, $102,706, $17,584, $2,500,000, and
$513,723 respectively, totaling $3,442,205. 87,350,095 19,226,937 9,092,256 1,877,890
Current portion of loans receivable 3,955,651 — — —
Current portion of leases receivable 35,452,080 — — —
Other 17,222,367 937,938 42,886 2,607
Prepaids — 1,146 — —
Inventory of supplies 8,188,865 8,986,904 594,384 —
Total current assets 716,856,981 149,149,032 16,895,898 25,557,201
Noncurrent assets:
Restricted cash, cash equivalents 97,147,305 107,021,151 62,714,435 7,193,883
Leases receivable, net of current portion 84,786,100 3,409,341 — —
Restricted investments 173,296,814 — — —
Property and equipment, at cost:
Land and water rights 113,440,510 58,356,619 8,476,372 4,035,611
Infrastructure — 518,829,824 275,167,767 174,037,215
Buildings 2,920,508,441 101,437,140 176,028,956 11,980,650
Improvements other than buildings 1,874,632,211 3,402,114 16,775,983 6,450,614
Machinery and equipment 480,060,430 36,527,549 37,455,334 6,820,948
Lease Asset 504,173 — — —
Subscription asset 4,012,937 1,573,053 — —
Construction in progress 776,662,877 112,623,062 710,665,816 6,671,488
Accumulated depreciation (1,435,325,882) (208,233,689) (157,417,446) (77,254,382)
Net property and equipment 4,734,495,697 624,515,672 1,067,152,782 132,742,144
Loans and other long-term receivables, net of current
portion 32,367,464 — — —
Land and buildings held for resale — — — —
Investment in joint venture — — — —
Other 249,224 3,202,862 — —
Total noncurrent assets 5,122,342,604 738,149,026 1,129,867,217 139,936,027
TOTAL ASSETS 5,839,199,585 887,298,058 1,146,763,115 165,493,228
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows - refunding of debt — — — —
Deferred outflows - pension 13,820,457 7,853,778 1,872,884 430,170
Total assets and deferred outflows of resources $ 5,853,020,042 $ 895,151,836 $ 1,148,635,999 $ 165,923,398
The accompanying notes are an integral part of this statement
28
Business-type Activities - Enterprise Funds Governmental
Activities - Internal
Service Funds
Community
Reinvestment Agency
Nonmajor Proprietary
Funds Total
$ 89,446,819 $ 52,216,741 $ 606,739,714 $ 50,930,118
54,832,476 2,898,561 232,815,621 5,797
— — 75,366,368 —
107,515 2,009,405 119,664,098 449,177
1,117,284 3,457,192 8,530,127 —
458,233 — 35,910,313 —
— — 18,205,798 —
18,555 15,852 35,553 382,673
— 329,127 18,099,280 1,102,149
145,980,882 60,926,878 1,115,366,873 52,869,914
— — 274,076,774 —
24,026,739 — 112,222,180 —
— — 173,296,814 —
25,178,831 5,831,658 215,319,601 1,069,180
— 15,673,951 983,708,757 —
3,753,608 4,509,301 3,218,218,096 28,670,308
55,022,531 21,721,260 1,978,004,713 —
547,841 29,159,670 590,571,772 109,832,573
— — 504,173
— — 5,585,990 —
13,348,636 3,201,244 1,623,173,123 3,698,489
(50,210,115) (35,686,173) (1,964,127,687) (86,266,505)
47,641,333 44,410,911 6,650,958,539 57,004,045
89,080,835 36,117,774 157,566,073 —
41,187,387 3,772,972 44,960,359 —
49,315,142 27,740,023 77,055,165 —
— — 3,452,086 —
251,251,436 112,041,680 7,493,587,989 57,004,045
397,232,318 172,968,558 8,608,954,862 109,873,959
3,200,187 — 3,200,187 —
633,581 1,866,457 26,477,327 4,265,485
$ 401,066,086 $ 174,835,015 $ 8,638,632,376 $ 114,139,444
The accompanying notes are an integral part of this statement
29
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
June 30, 2025
Business-type Activities - Enterprise Funds
Department
of
Airports
Water
Utility
Sewer
Utility
Stormwater
Utility
LIABILITIES
Current Liabilities:
Accounts payable $ 60,816,990 $ 19,346,415 $ 20,711,536 $ 1,437,463
Accrued liabilities 66,589,956 5,375 — —
Current portion of lease liability 173,487 — — —
Current portion of subscription liabilities 175,772 255,803 — —
Current portion of long-term compensated
absences 4,787,987 1,897,642 977,214 318,069
Current portion of long-term debt 53,670,000 2,496,557 11,391,094 913,449
Accrued interest 81,561,488 4,086,865 9,339,164 230,652
Current deposits and advance rentals 485,503 1,642,695 1,005,331 75,673
Current portion of line of credit 200,000,000 — — —
Total current liabilities 468,261,183 29,731,352 43,424,339 2,975,306
Noncurrent liabilities:
Deposits, advance rentals and long-term accruals — — — —
Long-term compensated absences liability 2,491,451 1,132,450 454,707 179,732
Pollution remediation liability 120,734 — — —
Other liabilities payable from restricted assets 28,738,461 4,388,116 847,066 991,796
Lease liabilities 104,802 — — —
Subscription liabilities 422,487 479,231 — —
Estimated claims liability — — — —
Revenues collected in advance 139,719 4,911,949 — —
Net pension liability 10,567,210 6,435,901 1,372,777 327,159
Bonds, mortgages, and notes payable, net of
discounts and current portion 3,627,252,151 238,197,663 653,804,328 14,254,459
Total noncurrent liabilities 3,669,837,015 255,545,310 656,478,878 15,753,146
TOTAL LIABILITIES 4,138,098,198 285,276,662 699,903,217 18,728,452
DEFERRED INFLOWS OF RESOURCES
Deferred inflows - pension 109,880 57,477 15,485 3,416
Deferred inflows - leases 120,238,180 3,409,341 — —
Deferred inflows - revenue collected in advance 18,508,873 — — —
Total deferred inflows of resources 138,856,933 3,466,818 15,485 3,416
NET POSITION
Net investment in capital assets 1,199,562,785 464,862,678 438,681,844 116,867,307
Restricted for debt service 430,175,444 — — —
Restricted for capital acquisition 65,905,998 8,693,069 68,361 5,590,831
Unrestricted (119,579,316) 132,852,609 9,967,092 24,733,392
TOTAL NET POSITION 1,576,064,911 606,408,356 448,717,297 147,191,530
Total liabilities, deferred inflows of resources and
net position $ 5,853,020,042 $ 895,151,836 $ 1,148,635,999 $ 165,923,398
The accompanying notes are an integral part of this statement
30
Business-type Activities - Enterprise Funds Governmental
Activities -
Internal
Service Funds
Community
Reinvestment
Agency
Nonmajor
Proprietary
Funds Total
$ 660,406 $ 2,443,906 $ 105,416,716 $ 4,379,193
1,362,905 208,189 68,166,425 27,246
— — 173,487 —
— — 431,575 —
208,462 814,508 9,003,882 1,829,061
6,455,000 881,587 75,807,687 2,495,639
259,737 33,182 95,511,088 106,841
102,362 652,954 3,964,518 —
— — 200,000,000 —
9,048,871 5,034,326 558,475,377 8,837,980
— 1,029,738 1,029,738 —
132,325 363,042 4,753,707 1,073,323
— — 120,734 —
— 21,932 34,987,371 —
— — 104,802 —
— — 901,718 —
— — — 13,391,451
— — 5,051,668 —
481,011 1,390,382 20,574,440 3,227,592
31,770,000 17,619,090 4,582,897,691 12,510,002
32,383,336 20,424,184 4,650,421,869 30,202,368
41,432,208 25,458,510 5,208,897,247 39,040,348
5,041 15,167 206,466 27,285
22,577,914 — 146,225,435 —
— — 18,508,873 —
22,582,955 15,167 164,940,774 27,285
50,841,520 26,670,779 2,297,486,913 29,842,712
— — 430,175,444 —
47,641,333 — 127,899,592 —
238,568,070 122,690,558 409,232,405 45,229,099
337,050,923 149,361,337 3,264,794,354 75,071,811
$ 401,066,086 $ 174,835,015 $ 8,638,632,376 $ 114,139,444
The accompanying notes are an integral part of this statement
31
SALT LAKE CITY CORPORATION
RECONCILIATION OF THE PROPRIETARY FUNDS STATEMENT OF NET POSITION
TO THE PRIMARY GOVERNMENT BUSINESS-TYPE STATEMENT OF NET POSITION
June 30, 2025
Total assets and deferred outflows of resources for Proprietary Funds $ 8,638,632,376
Elimination of investment in discrete component unit (49,315,142)
Internal service fund allocation for proprietary funds - prior years' cumulative (12,486,405)
Internal service fund allocation for proprietary funds - current year (3,237,500)
Total assets for Primary government business-type activities $ 8,573,593,329
Total net position for Proprietary Funds $ 3,264,794,354
Elimination of investment in discrete component unit (49,315,142)
Internal service fund allocation for proprietary funds - prior years' cumulative (12,486,405)
Internal service fund allocation for proprietary funds - current year (3,237,500)
Total net position for Primary government business-type activities $ 3,199,755,307
The accompanying notes are an integral part of this statement
32
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33
SALT LAKE CITY CORPORATION
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For the Fiscal Year Ended June 30, 2025
Business-type Activities - Enterprise Funds
Department of
Airports Water Utility Sewer Utility
Stormwater
Utility
Sales and charges for services $ 453,283,399 $ 144,610,307 $ 90,756,749 $ 16,968,299
Contributions — — — —
Rental and other 13,734,904 6,075,564 1,716,881 310,585
Total operating revenue 467,018,303 150,685,871 92,473,630 17,278,884
Personnel services 77,986,509 30,722,963 14,858,009 4,964,695
Operating and maintenance 19,253,481 6,588,588 4,043,941 261,849
Charges and services 109,383,716 44,877,009 9,180,142 3,109,633
Depreciation and amortization 184,312,456 13,299,624 12,463,543 4,014,498
Total operating expenses 390,936,162 95,488,184 40,545,635 12,350,675
Operating income (loss) 76,082,141 55,197,687 51,927,995 4,928,209
Interest income (loss) 39,713,511 8,876,077 2,167,016 1,288,924
Interest expense (145,880,753) (7,164,885) (19,704,263) (469,148)
Equity in joint venture income (loss) — — — —
Passenger & Customer facility charges 69,383,630 — — —
Interest income from leases — — — —
Bond Issuance costs (261,324) — — —
Gain or (loss) on disposition of property and equipment 299,379 89,150 9,170 7,893
Increase (decrease) in fair value of investments 3,890,676 — — —
Contribution of capital assets (192,672) — — —
Total non-operating revenues (expenses) (33,047,553) 1,800,342 (17,528,077) 827,669
Grants and other contributions 57,221,451 26,044,980 8,073,519 3,379,050
Total capital contributions 57,221,451 26,044,980 8,073,519 3,379,050
Income (loss) before transfers 100,256,039 83,043,009 42,473,437 9,134,928
Transfers in — — — —
Transfers out — — — —
Change in net position 100,256,039 83,043,009 42,473,437 9,134,928
Net Position July 1, 2024 1,475,808,872 523,365,347 406,243,860 138,056,602 2
5
Net Position June 30, 2025 $ 1,576,064,911 $ 606,408,356 $ 448,717,297 $ 147,191,530
The accompanying notes are an integral part of this statement
34
Business-type Activities - Enterprise Funds
Governmental Activities -
Internal Service Funds
Community Reinvestment
Agency
Nonmajor Proprietary
Funds Total
$ 633,610 $ 38,080,937 $ 744,333,301 $ 118,309,772
13,359,647 13,359,647 —
1,140,891 1,305,562 24,284,387 135,551
1,774,501 52,746,146 781,977,335 118,445,323
3,007,608 13,111,202 144,650,986 25,798,206
2,129,030 1,892,319 34,169,208 10,307,573
23,778,928 17,716,787 208,046,215 86,630,105
665,727 3,867,089 218,622,937 8,480,630
29,581,293 36,587,397 605,489,346 131,216,514
(27,806,792) 16,158,749 176,487,989 (12,771,191)
6,381,833 3,021,231 61,448,592 2,809
(1,691,135) (462,420) (175,372,604) (781,867)
(605,620) 2,534,160 1,928,540 —
— — 69,383,630 —
870,276 — 870,276 —
— — (261,324) —
— 1,057,215 1,462,807 —
— — 3,890,676 —
— — (192,672) 530,403
4,955,354 6,150,186 (36,842,079) (248,655)
36,739,357 217,350 131,675,707 —
36,739,357 217,350 131,675,707 —
13,887,919 22,526,285 271,321,617 (13,019,846)
23,272,625 2,104,615 25,377,240 13,737,218
— (11,930,351) (11,930,351) (291,272)
37,160,544 12,700,549 284,768,506 426,100
299,890,379 136,660,788 2,980,025,848 74,645,711
$ 337,050,923 $ 149,361,337 $ 3,264,794,354 $ 75,071,811
The accompanying notes are an integral part of this statement
35
SALT LAKE CITY CORPORATION
RECONCILIATION OF THE PROPRIETARY FUNDS CHANGE IN NET POSITION TO THE PRIMARY
GOVERNMENT BUSINESS-TYPE CHANGES IN NET POSITION
For the Fiscal Year Ended June 30, 2025
Change in net position for Proprietary Funds $ 284,768,506
Elimination of investment (income)/loss in discrete component unit 606,071
Internal service fund allocation for proprietary funds (3,237,500)
Change in net position for Primary government business-type activities $ 282,137,077
The accompanying notes are an integral part of this statement
36
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The accompanying notes are an integral part of this statement
37
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended June 30, 2025
Department of
Airports Water Utility Sewer Utility
Cash Flows from Operating Activities:
Receipts from customers and users $ 450,309,036 $ 147,140,982 $ 92,100,759
Receipts from (payments to) internal fund services (30,318,913) (6,813,398) (3,382,675)
Payments to suppliers (96,544,548) (32,799,203) (7,903,823)
Payments to employees (77,001,339) (28,817,727) (12,595,311)
Net cash from (used for) operating activities 246,444,236 78,710,654 68,218,950
Cash flows from non-capital and related financing activities:
Contributions from other taxing entities — — —
Transfers in — — —
Transfers out — — —
Net cash from (used for) non-capital and related financing activities — — —
Cash flows from capital and related financing activities:
Proceeds from issuance of debt, net of discount and issuance costs — 100,822,351 214,047,526
Proceeds from line of credit 200,000,000 — —
Proceeds from sale of assets and equipment 349,116 7,343 1,527
Contributions for aid in construction 56,746,088 2,358,246 2,375,310
Passenger and Customer Facility Charges 69,842,414 — —
Payment on long-term obligations, net of capitalized interest (191,359,711) (8,815,857) (30,462,402)
Payments for purchase and construction, including capitalized interest (466,843,779) (84,767,860) (235,472,507)
Interest paid on subscription liabilities (28,095) — —
Bond issuance costs (261,324) — —
Interest received from leases 4,046,476 14,842,076 —
Property and equipment purchased and contributed to a non-profit (192,672) — —
Net cash from (used for) capital and related financing activities (327,701,487) 24,446,299 (49,510,546)
Cash flows from investing activities:
Cash paid for investments (259,124,963) — —
Cash proceeds from investments 258,557,675 — —
Interest received on investments and loans — 8,011,391 2,167,016
Interest used, investments and loans 40,113,970 — —
Payments for concession loans (26,382,948) — —
Payments received on concession loans 5,826,861 — —
Dividend from Joint Venture — — —
Net cash from investing activities 18,990,595 8,011,391 2,167,016
Net increase (decrease) in cash and cash equivalents (62,266,656) 111,168,344 20,875,420
Cash and cash equivalents at beginning of year 665,174,761 99,409,609 49,005,387
Cash and cash equivalents at end of year $ 602,908,105 $ 210,577,953 $ 69,880,807
Cash and cash equivalent components:
Unrestricted 330,676,276 103,556,802 7,166,372
Restricted - current 175,084,584 — —
Restricted - noncurrent 97,147,245 107,021,151 62,714,435
Cash and cash equivalents at end of year $ 602,908,105 $ 210,577,953 $ 69,880,807
The accompanying notes are an integral part of this statement
38
Stormwater Utility
Community
Reinvestment
Agency
Nonmajor
Proprietary Funds Total
Governmental
Activities-
Internal Service Funds
$ 17,163,741 $ (6,044,317) $ 41,817,759 $ 742,487,961 $ —
(1,128,607) — (81,218) (41,724,811) 118,002,944
(1,897,037) (26,424,347) (22,397,569) (187,966,527) (93,643,603)
(4,680,309) (3,005,507) (12,122,912) (138,223,105) (25,452,885)
9,457,788 (35,474,171) 7,216,060 374,573,517 (1,093,544)
— 30,896,673 — 30,896,673 —
— 29,115,309 2,104,615 31,219,924 13,737,218
— — (11,930,351) (11,930,351) (291,272)
— 60,011,982 (9,825,736) 50,186,246 13,445,946
— — 9,623,593 324,493,470 —
— — — 200,000,000 —
250 — 1,084,778 1,443,014 971,850
1,454,576 — — 62,934,220 —
— — — 69,842,414 —
(1,465,919) (7,461,020) (3,824,584) (243,389,493) (3,845,900)
(9,382,134) (8,600,842) (14,105,057) (819,172,179) (9,394,729)
— — — (28,095) —
— — — (261,324) —
— 1,277,805 — 20,166,357 —
— — — (192,672) —
(9,393,227) (14,784,056) (7,221,270) (384,164,287) (12,268,779)
— — — (259,124,963) —
— — — 258,557,675 —
1,288,924 — — 11,467,331 —
— 6,381,833 3,021,231 49,517,034 (219,410)
— — — (26,382,948) —
— — — 5,826,861 —
— 471,989 — 471,989 —
1,288,924 6,853,822 3,021,231 40,332,979 (219,410)
1,353,485 16,607,576 (6,809,716) 80,928,453 (135,787)
29,517,102 127,671,719 61,925,016 1,032,703,596 51,071,702
$ 30,870,587 $ 144,279,295 $ 55,115,302 $ 1,113,632,049 $ 50,935,915
23,676,704 89,446,819 52,216,741 606,739,714 50,930,118
— 54,832,476 2,898,561 232,815,621 5,797
7,193,883 — — 274,076,714 —
$ 30,870,587 $ 144,279,295 $ 55,115,302 $ 1,113,632,049 $ 50,935,915
The accompanying notes are an integral part of this statement
39
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended June 30, 2025
Department
of Airports
Water
Utility Sewer Utility
Reconciliation of operating income (loss) to net cash from (used
for) operating activities
Operating Income (Loss)$ 76,082,141 $ 55,197,687 $ 51,927,995
Adjustments to reconcile operating income (loss) to net cash
from (used for) operating activities:
Depreciation and amortization 184,312,456 13,299,624 12,463,543
Principal forgiven on loans receivable — — —
Pension expense (213,459) — —
Increase (decrease) due to change in:
Accounts receivable (15,739,308) (2,668,307) (377,416)
Prepaids — — —
Other current assets 1,688,327 414,976 205,400
Accounts payable (10,960,333) 12,057,158 3,928,223
Deferred outflows (3,548,508) — —
Accrued interest on notes receivable — — —
Accrued liabilities affecting operating activities — 537,130 334,973
Other liabilities 2,289,646 (1,112,500) (477,229)
Pension liability 4,967,798 3,292,933 593,947
Deferred pension outflows and inflows 6,146,481 (2,308,047) (380,486)
Deferred inflows 33,492 — —
Compensation liability 1,385,503 — —
Total adjustments 170,362,095 23,512,967 16,290,955
Loans disbursed — — —
Principal collected on loans — — —
Net cash from (used for) operating activities $ 246,444,236 $ 78,710,654 $ 68,218,950
Non-cash transactions affecting financial position:
Recognition of equity interest in joint venture $ — $ — $ —
Contributions of capital assets from (to) other entities (192,672) 8,844,658 5,698,209
Leases receivable recognized 2,966,037 — —
Contributions and grants 475,364 — —
Passenger facility charges (includes interest) (100,275) — —
Customer facility charges (includes interest) (358,509) — —
Net increase (decrease) in fair value of investments (3,890,677) — —
Loss on disposition of property 299,379 — —
Change Accounts and retainage payable related to capital assets
(increase)/decrease 2,306,994 (1,475,989) 16,007,346
Subscription asset recognized 190,887 — —
Subscription liability recognized (206,067) — —
Total non-cash transactions $ 1,490,461 $ 7,368,669 $ 21,705,555
The accompanying notes are an integral part of this statement
40
Stormwater Utility
Community
Reinvestment
Agency
Nonmajor
Proprietary Funds Total
Governmental
Activities-
Internal Service Funds
$ 4,928,209 $ (27,806,792) $ 16,158,749 $ 176,487,989 $ (12,771,191)
4,014,498 665,727 3,867,089 218,622,937 8,480,630
— 54,785 — 54,785 —
— — — (213,459) —
(114,177) 43,086 (12,181,682) (31,037,804) (442,379)
— 46,555 40,300 86,855 —
63,350 — (1,501,622) 870,431 629,471
234,252 (574,814) 180,686 4,865,172 2,386,259
— (365,632) (460,064) (4,374,204) (1,009,994)
— (69,300) — (69,300) —
154,320 — 201,324 1,227,747 (23,199)
110,618 — 19,230 829,765 (393,367)
142,501 344,383 659,202 10,000,764 1,397,931
(75,783) 2,635 — 3,384,800 —
— (874,044) 2,005 (838,547) 3,916
— (7,286) 230,843 1,609,060 648,380
4,529,579 (733,905) (8,942,689) 205,019,003 11,677,648
— (9,818,073) — (9,818,073) —
— 2,884,598 — 2,884,598 —
$ 9,457,788 $ (35,474,172) $ 7,216,060 $ 374,573,517 $ (1,093,544)
$ — $ (605,620) $ — $ (605,620) $ —
1,924,474 — 217,350 16,492,019 —
— — — 2,966,037 —
— — — 475,364 —
— — — (100,275) —
— — — (358,509) —
— — — (3,890,677) —
— — — 299,379 —
337,280 — (245,509) 16,930,122 —
— — — 190,887 —
— — — (206,067) —
$ 2,261,754 $ (605,620) $ (28,159) $ 32,192,660 $ —
The accompanying notes are an integral part of this statement
41
Fiduciary Funds
Deferred Compensation Fund - This fund is used to account for amounts deferred under the City's
employee deferred compensation plan for which the City acts in a fiduciary capacity as trustee.
42
SALT LAKE CITY CORPORATION
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
June 30, 2025
Deferred
Compensation
Trust
ASSETS
Restricted cash, cash equivalents and investments $ 317,917
Total assets $ 317,917
NET POSITION - Restricted for deferred compensation $ 317,917
Total net position 317,917
Total liabilities and net position $ 317,917
The accompanying notes are an integral part of this statement
43
SALT LAKE CITY CORPORATION
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Fiscal Year Ended June 30, 2025
Deferred
Compensation
Trust
Additions:
Investment income $ 17,524
Total additions 17,524
Deductions:
Benefits paid to participants 81,479
Total deductions 81,479
Net decrease in Net Position (63,955)
Net Position July 1, 2024 381,872
Net Position June 30, 2025 $ 317,917
The accompanying notes are an integral part of this statement
44
Notes to the Financial Statements
45
1. Summary of Significant Accounting Policies
Salt Lake City Corporation (the City) was incorporated January 6, 1851. The City operates under
a Council-Mayor form of government and provides services to residents and businesses in many areas
including police and fire protection, street maintenance, refuse collection, planning and zoning, building
construction inspection, parks and recreation, prosecution, water, sewer, stormwater, airports, and
general administrative services.
Reporting entity
For financial reporting purposes, the reporting entity includes all funds, agencies and authorities
for which the City holds corporate powers and all component units for which the City is financially
accountable. The Governmental Accounting Standards Board (GASB) has established criteria to
consider in determining financial accountability. The criteria are: appointment of a majority of the
voting members of an organization’s governing board, and either (1) the City has the ability to impose
its will on the organization or (2) there is potential for the organization to provide specific financial
benefits to, or impose specific financial burdens on, the City.
As required by Generally Accepted Accounting Principles (GAAP), these financial statements
present the City, the primary government, and its component units. The component units are included in
the City’s reporting entity because of the significance of their operational or financial relationship with
the City. The following funds, all with fiscal years ended June 30, 2025, have separately issued financial
statements that can be obtained from their respective administrative offices: (1) The Arts Council (a
special revenue fund), (2) the Water, Sewer, Stormwater and Street Lighting Utility Funds (enterprise
funds), (3) the Department of Airports (an enterprise fund) and (4) the DEA Metro Narcotic Task Force
(DEA) (a special revenue fund).
Blended component units
The Local Building Authority and the Community Reinvestment Agency of Salt Lake City are
legally separate entities from the City, but are part of the City and are blended into the internal service
and enterprise funds, respectively. The Community Reinvestment Agency has separately issued financial
statements for the year ended June 30, 2025, which are available at the Agency’s administrative office
located at 451 S. State St, Salt Lake City, Utah 84111. The sole purpose of the Local Building Authority
is to serve the City as a financing agency for debt financed projects and does not have separately issued
financial statements. The sole purpose of the Community Reinvestment Agency is the elimination of
blight through the process of redevelopment in designated project areas within the boundaries of the
City. The Salt Lake City Council serves as the Board of Directors of both the Local Building Authority
and the Community Reinvestment Agency. There is a financial benefit (burden) and operational
responsibility between the City and the Local Building Authority and the Community Reinvestment
Agency. The Local Building Authority does not have separately issued financial statements.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
46
Discretely presented component units
The discretely presented component units are the Salt Lake City Library, the Utah Performing
Arts Center (UPACA) and the Gallivan Center (Gallivan). The Library is legally separate from, but
financially accountable to the City, as the City can impose its will on the Library through the entire nine
member Library Board appointment as well as the budget and property tax rate setting process. The
Library provides services to residents rather than to the City and therefore meets the criteria of a
discretely presented component unit. It is not financially dependent upon another government
organization and should not be presented in any other governmental entity’s financial statements. The
Salt Lake City Library is a governmental fund and has separately issued financial statements for the year
ended June 30, 2025, which are available at the administrative offices of the Library located at 210 East
400 South, Salt Lake City, Utah 84111.
Utah Performing Arts Center Agency (UPACA) - In March 2013, Salt Lake City (City), the
Community Reinvestment Agency (CRA) and Salt Lake County (County), executed an Interlocal
Cooperation Agreement to form and create a separate legal entity, the Utah Performing Arts Center
Agency (UPACA), that owns, operates, maintains and improves the George S. and Dolores Doré Eccles
Theater (Theater). This state-of-the-art Theater opened in October 2016, and provides an excellent venue
for Broadway shows, concerts and other entertainment events, as well as local performances and
community events.
UPACA provides services to residents rather than to the City and therefore meets the criteria of a
discretely presented component unit of the City. UPACA is reported as an Equity Interest in Joint
Venture in the CRA’s and Salt Lake County’s separately issued financial statements. UPACA has
separately issued audited financial statements for the year ended December 31, 2024. Audited financial
statements for UPACA may be obtained from Salt Lake County Arts and Culture, 50 West 200
South, Salt Lake City, UT 84101, or by calling 385-468-1020.
The City and the CRA own 75% with the County having a 25% ownership in UPACA. UPACA
is governed by a board of trustees consisting of nine members. Board membership is comprised of three
representatives appointed by the County and six representatives appointed by the City and the CRA.
Each representative has one vote and each representative's term continues until a successor is appointed.
In March 2013, an Operating Agreement was entered into by UPACA, the Agency, the City and
the County assigning responsibility for the operation and management to the County Center for the Arts
(CFA) through December 31, 2041. CFA accounts for UPACA on a calendar year. Net operating
income is distributed annually to the partners in amounts outlined in organizational agreements after
required contributions to operating and capital reserve accounts. The County is responsible for any
operating deficits and the City and CRA are responsible for the bond debt.
The discretely presented component unit of the CRA is The Gallivan Center (Gallivan), a
separate legal entity which maintains a popular downtown year-round outdoor venue for the enjoyment
of the residents and guests of the City. The CRA and City appoint the majority of board members. In
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
47
addition, there are financial obligations on the CRA and operational responsibilities between the CRA
and Gallivan, therefore it meets the criteria for a discretely presented component unit. The venue
includes an amphitheater, public plazas with unique art installations, a banquet/meeting center, an ice
rink and professional stage. The Gallivan serves as a hub for concerts, festivals and other public
gatherings and celebrations. It also provides space for exhibits, workshops, debates and lectures, and
other events, both public and private.
Previously, the Gallivan was accounted for in the donation fund in the Salt Lake City ACFR. As
of June 1, 2023, the equity for the the Gallivan was transferred to the CRA. The CRA began reporting
Gallivan as a component unit as a result of the equity transfer. The transfer is reported as non-operating
revenue. A copy of the CRA's audited statements, which include the Gallivan Center, may be obtained at
the Agency’s administrative office located at 451 S. State St, Salt Lake City, Utah 84111.
Joint venture
The City is a fifty percent partner with Salt Lake County in two joint ventures. One is known as
the City/County Landfill. The purpose of this joint venture is to provide solid waste management and
disposal services (see note 19). The other joint venture is the Sugarhouse Park. This joint venture
provides open space for enjoyment and other leisure activities for residents of the City, the County and
non-resident guests.
Related organizations
The City also has activities with three other related organizations, the Metropolitan Water
District, the Housing Authority of Salt Lake City and the Salt Lake City Mosquito Abatement District.
City officials appoint members of these three boards, but the City’s accountability does not extend
beyond making the appointments.
Basis of presentation - government-wide and fund financial statements
Government-wide statements are comprised of the Statement of Net Position and the Statement
of Activities. They contain information on all of the activities of the primary government and its
component units except for fiduciary activities. Most effects of inter-fund activities have been
eliminated from these statements. The exceptions are (1) payments-in-lieu-of-taxes the General Fund
charges enterprise funds; (2) charges for water, sewer, storm-water and refuse that all customers pay to
these enterprise funds and (3) charges for centrally provided services of the General Fund that benefit
the receiving fund. Examples are payroll, purchasing, human resources and legal services. The
government-wide statements for the primary government are separated based on the predominance of
the type of revenues that support them. Governmental activities are normally supported by taxes and
intergovernmental revenues, while business-type activities receive a significant portion of revenues from
fees and charges for services. Certain entities that are legally separate, but financially accountable to the
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
48
primary government are reported separately on the government-wide statements. The City currently has
two of these entities, its discretely presented component units.
The statement of activities is presented to show the extent that program revenues of a given
activity support direct expenses. Direct expenses are those that can clearly be associated with a
particular activity or program. Program revenues are: (1) charges to customers or others who purchase,
use or directly benefit from the services or goods provided by a given activity or segment or (2) grants or
other contributions that are restricted to operating or capital needs of a specific activity or segment.
General revenues are those revenues like taxes and other items that are not properly reported as program
revenues.
Separate financial statements are included for governmental funds, proprietary funds and
fiduciary funds. Fiduciary funds, however, are not included in the totals for the government-wide
financial statements. Major individual governmental funds are reported in separate columns in the
governmental funds statements, as are major individual proprietary funds in the proprietary funds
statements.
Measurement focus and basis of accounting
Measurement focus refers to the types of assets that appear on the statement of net position and
changes to those same assets that appear on the statement of changes in net position. The current
financial resources measurement focus shows current assets, liabilities and deferred inflows on the
statement of net position and changes to net position in the statement of changes in net position. The
flow of economic resources measurement focus shows total assets, deferred outflows, liabilities and
deferred inflows on the statement of net position and changes to net position on the statement of changes
in net position. Basis of accounting refers to when revenues and expenditures or expenses are recognized
in the accounts and reported in the financial statements.
Government-wide, proprietary and fiduciary fund statements use the economic resources
measurement focus and the accrual basis of accounting. Revenues are recognized in the accounting
period in which they are earned and expenses are recognized in the period incurred, regardless of the
timing of the related cash flows. Unbilled fees for proprietary funds are recorded as receivables at year
end. Property taxes are recorded as revenues in the year for which they are levied. Grants and similar
other contributions are recognized as revenue as soon as the eligibility requirements of the provider have
been met.
The City’s major enterprise funds are: (1) The Department of Airports, (2) Water Utility Fund,
(3) Sewer Utility Fund, (4) Stormwater Utility of Salt Lake City and (5) The Community Reinvestment
Agency whose purpose is described previously in the section titled “Blended Component Units”. The
Water Utility collects or purchases fresh water, then treats it, and delivers the now potable water to
nearly all residents and businesses located in the City and many residents and businesses located
geographically outside the boundaries of the City. The Department of Airports operates the Salt Lake
City International Airport, Airport II and the Tooele Valley Airport, the latter two of which are located
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
49
outside the boundaries of The City. The Sewer Utility Fund provides treatment and disposition services
for wastewater. The Stormwater Utility provides treatment and disposition services for storm runoff.
In addition to the major enterprise funds, The City also operates five non-major enterprise funds
and five internal service funds. The non-major enterprise funds are the Street Lighting Utility, Housing
and Loan, Golf, and Refuse Collection. The Street Lighting Utility provides general street lighting for
residents and commercial property owners. The Housing and Loan Fund provides loans to low and
moderate-income families and individuals as well as businesses. Resources for these loans are received
from a variety of sources including federal government, state government, financial institutions and
internally generated sources. The Housing and Loan Fund also services these same loans. The Golf Fund
operates all City-owned golf courses, while the Refuse Fund provides refuse collection and recycling
services for residences and businesses of the City. Internal service funds provide services to other
departments or agencies of the City on a cost reimbursement basis. The internal service funds are Fleet
Management, Information Management, Risk Management, Governmental Immunity and the Local
Building Authority. The Fleet Management fund owns and services all vehicles of the governmental
funds and services vehicles owned by many of the enterprise funds. Information Management maintains
the infrastructure for the hard-wired telephone system, centralized computer services and the network of
personal computers. Risk Management provides centralized services for the employee benefits of health,
life, accident, dental, and long-term disability as well as unemployment, workers’ compensation and
property insurance needs. The Governmental Immunity Fund manages the City’s general liability
activities. The Local Building Authority’s purpose is discussed previously in the section titled “Blended
Component Units”.
The fiduciary fund is the Executive Deferred Compensation Fund. The City is the trustee for this
fund and manages it in accordance with provisions of the Utah State Money Management Act and the
City’s own ordinances, policies and procedures. In the past, city executives could elect to have some or
all of their deferred compensation contributed to this fund, but it is now closed to further contributions.
Proprietary funds separate operating and non-operating revenues and expenses. Operating
revenues and expenses normally arise from providing goods and services in connection with the fund’s
normal ongoing operations. The principal source of operating revenues for the proprietary funds and the
internal service funds are charges to customers for goods and services. Operating expenses include the
cost of sales and services, administrative overhead expenses and depreciation on capital assets. All other
revenues or expenses are recorded as non-operating.
Governmental fund statements use the current financial resources measurement focus and the
modified accrual basis of accounting. Under the modified accrual basis, revenues are recognized when
they become measurable and available. "Measurable" means that amounts can be reasonably determined
within the current period. "Available" means that amounts are collectible within the current period or
soon enough thereafter to be used to pay liabilities of the current period. As a practical matter, the City
uses two months as a cutoff for meeting the available criterion. Property taxes are considered
“measurable” when levied and available when collected and held by Salt Lake County (the County).
Any amounts not available are recorded as deferred inflow of resources. Franchise taxes are considered
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
50
"measurable" when collected and held by the utility company, and are recognized as revenue at that
time. Other revenues that are determined to be susceptible to accrual include grants-in-aid earned and
other intergovernmental revenues, charges for services, interest, assessments, inter-fund service charges,
permits, fines, forfeitures, parking ticket and meter fees, and sale of property. Property taxes and
assessments are recorded as receivables when levied or assessed; however, they are reported as deferred
outflow of resources until the "available" criterion has been met. Sales and use taxes collected by the
state and remitted to the City within the “available” time period are recognized as revenue. Revenues
collected in advance are recorded as advances and recognized in the period to which they apply.
Revenues that are determined to not be susceptible to accrual because they are either not
available soon enough to pay liabilities of the current period (two months) or are not objectively
measurable include licenses, contributions, and miscellaneous revenues. These revenues are recognized
when cash is received.
Expenditures are recognized in the accounting period in which the fund liability is incurred,
except for long-term obligations (debt service payments, long term compensated absences and other
post-employment benefits) and related interest which are recognized as expenditures when due.
Inventories of supplies are expended when purchased.
The City has three major governmental funds, the General Fund, the Capital Projects Fund and
the Other Improvements Debt Service Fund. The General Fund is the main operating fund. It accounts
for all financial resources of the general government, except for those required to be accounted for in
another fund. The Capital Projects Fund accounts for resources dedicated to the construction or
improvement of capital assets, which may take more than one budgetary cycle to complete. These
constructed or improved capital assets are for the benefit of any or all governmental funds. The Other
Projects Debt Service Fund accounts for all debt service activities except special improvement debt. In
addition to the listed major governmental funds, the City also has a total of twelve non-major
governmental funds: (1) the Arts Council, (2) Downtown Economic Development, (3) Community
Development Block Grant (CDBG) Operating, (4) Grants Operating, (5) Capital City Revitalization, (6)
Street Lighting, (7) Demolition, Weed & Forfeiture, (8) Emergency 911 Dispatch, (9) Salt Lake City
Donation, (10) Transportation Fund, (11) DEA and (12) Special Improvement Debt Service. In 2018 the
State of Utah imposed a statewide .25% sales tax to be used for transportation. The last one listed is a
debt service fund while the first ten are special revenue funds.
Budgets and budgetary accounting
Budgets are legally required for governmental funds. The City has a policy of budgeting for
proprietary funds. Annual budgets are prepared and adopted by the City Council on or before June 22
for the fiscal year commencing the following July 1, in accordance with Utah State law. The operating
budget includes proposed expenditures and the proposed sources of financing for such expenditures.
Prior to June 22, a public hearing is conducted to obtain taxpayer input. Budgets are adopted by
ordinance in total for each department. Expenditures cannot exceed appropriations at the department
level. For budgetary purposes, the City considers each enterprise fund to be a department. Management
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can move budgeted amounts from one line item to another within a department or decrease
appropriations. The City Council can increase appropriations after holding a public hearing. During the
year ended June 30, 2025, the City Council passed several supplementary appropriations.
The General Fund budget is prepared using the modified accrual basis of accounting adjusted for
encumbrances and changes in compensated absences. Encumbrance accounting is used by the City to
assure effective budgetary control and accountability, and to comply with State law. However, only the
General Fund budget is prepared under the assumption that actual expenditures will be adjusted for
encumbrances. Unencumbered General Fund appropriations lapse at year end and encumbered amounts
carry over to the subsequent year. Generally accepted accounting principles require that open
encumbrances not be reported with expenditures. However, in the General Fund budget to actual
financial statement, the actual amounts are adjusted to include encumbrances. Compensated absences
are budgeted on a cash basis. Non-cash changes in the balances of compensated absences are therefore
eliminated for budgetary purposes. Lease purchases are budgeted in the year payments are due rather
than in the year purchased.
Budgets for the Special Revenue Funds, Debt Service Funds and the Capital Projects Fund are
also prepared using the modified accrual basis of accounting and are adopted on an annual basis. The
budget for the Community Development Operating, Grants Operating (special revenue funds), and the
Capital Projects Fund are prepared annually for a specific set of projects. The Debt Service Funds'
budgets are not prepared by project. By state law only budgets in the Capital Projects Fund do not lapse
at year-end. Therefore any remaining budget in the Grants Operating Fund and the Community
Development Operating Fund are re-appropriated by Council action in the following year. State law also
requires a budget comparison for all funds for which an annual budget is adopted. In these three funds,
the Council adopts the entire amount of the project, even though the project may not be completed in the
first year. As a result, the budget comparisons on an annual basis may show large amounts of
unexpended appropriations. Budgets for the Downtown Economic Development Fund, Street Lighting
Fund, Demolition, Weed Abatement & Forfeiture Fund, Emergency 911 Fund, Salt Lake City Donations
Fund, DEA and the Transportation Fund (special revenue funds) lapse at year end. Encumbrances are
not reported as expenditures, but where necessary, are re-appropriated in the ensuing year's budget.
Budgets for the proprietary funds are prepared using the accrual basis of accounting except for
depreciation, lease amortization, and the changes in compensated absences and other post-employment
benefits, which are not budgeted. Budgets are adopted for the entire amount of estimated proceeds from
the sale of property and equipment rather than on the gain or loss from the sale as is reported in the
financial statements. Budgets are also adopted for the entire amount of any debt issued to finance multi-
year acquisition and construction projects. Budget comparisons in the proprietary funds may therefore
show large amounts of unexpended appropriations for construction projects. These unexpended amounts
are re-appropriated the following year.
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Cash, Cash Equivalents and Investments
The City complies with GASB Statement No. 72 Fair Value Measurement and Application. The
statement requires certain investments to be reported at fair value and the change in fair value to be
included in revenues or expenses. The City’s policy is to report all investments at fair value except for
money market investments and interest-earning investment contracts with a remaining maturity at time
of purchase of ninety days or less. These are reported at amortized cost. The City’s investment in the
State Treasurer’s Pool has a fair value equivalent to the value of the pool shares. This pool is
administered by the State of Utah and is regulated by the Money Management Council under provisions
of the Utah State Money Management Act. In all statements, the City considers all highly liquid
investments (including restricted assets) that mature within ninety days or less when purchased to be
cash equivalents.
Inventories of supplies
Inventories of supplies are valued at cost using the first-in/first-out method and consist of
expendable supplies and merchandise. The cost of such inventories is recorded as expenditures/expenses
when used (consumption method).
Depreciable capital assets
Capital assets are valued at historical cost or estimated historical cost for assets where actual
historical cost was not available. Donated capital assets are valued at their acquisition costs. In the
event that donated capital assets are received under a service concession agreement those assets would
be recorded at acquisition value.
The City has a capitalization threshold of $100,000 for infrastructure in the public right of way
and $5,000 for all other assets. The City does not capitalize interest as part of construction in process.
Depreciation of capital assets is computed using the straight-line method over the following estimated
useful lives:
Buildings 35-60 years
Building improvements 5-40 years
Improvements other than buildings 25-35 years
Machinery and equipment, including right-to-use
assets for leased property 3-20 years
Infrastructure in public way; Roads, signals, lights
and bridges 20-50 years
Water and sewer lines 13-100 years
Construction in Progress is not depreciated until the
asset is placed into service
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June 30, 2025
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Right to use leased assets are recognized at the lease commencement date and represent the
City's right to use an underlying asset for the lease term. Lease assets are measured at the initial value of
the lease liability plus any payments made to the lessor before commencement of the lease term, less any
lease incentives received from the lessor at or before the commencement of the lease term, plus any
initial direct costs necessary to place the lease asset into service. Lease assets are amortized over the
shorter of the lease term or useful life of the underlying asset using the straight line method. The
amortization period varies from two to 20 years.
Right to use subscription IT assets are recognized at the subscription commencement date and
represent the City's right to use the underlying IT asset for the subscription term. Right to use
subscription IT assets are measured at the initial value of the subscription liability plus any payments
made to the vendor at the commencement of the subscription term, plus any capitalizable initial
implementation costs necessary to place the subscription asset into service. Right to use subscription IT
assets are amortized over the shorter of the subscription term or useful life of the underlying asset using
the straight-line method. The amortization period varies from three to five years.
Bond Premiums and Discounts
Amortization of bond premiums or discounts are computed on the effective interest or straight-
line method over the life of the related bonds. When the straight-line method is used, it approximates the
effective interest method. Bond issue costs are expensed in the period in which the debt is incurred.
Leases/Subscription-Based Information Technology Arrangements
Lease receivables are recorded by the City as the present value of future lease payments expected
to be received from the lessee during the lease term, reduced by any provision for estimated
uncollectible amounts. Lease receivables are subsequently reduced over the life of the lease as cash is
received in the applicable reporting period. The present value of future lease payments to be received are
discounted based on the interest rate the City charges the lessee.
The City leases buildings under noncancellable lease agreements. Lease terms range from 3 to 15
years. Certain leases include options to extend or terminate the agreement, which are included in the
lease term when it is reasonably certain that the option will be exercised. Lease payments are primarily
fixed and do not include material variable payments.
The City has entered into subscription-based information technology arrangements for various
cloud-based software applications, including financial management, human resources, payroll, and
public safety systems. These arrangements convey the right to use the vendor’s software for a specified
subscription period but do not transfer ownership of the underlying software. Subscription terms
generally range from 3 to 6 years. Subscription payments are primarily fixed and do not include material
variable payments.
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June 30, 2025
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The City has elected to exclude short-term subscription-based information technology
arrangements and leases with a term of 12 months or less from recognition as assets and liabilities.
Payments for these short-term arrangements are recognized as expense as incurred.
During the fiscal year, the City evaluated its lease and subscription assets for impairment and
determined that no impairment losses were required to be recognized.
Property taxes
Ad valorem (based on value) property taxes constitute a major source of General Fund revenue.
Taxes are levied through the passage of an ordinance in June of each year. The levy is applicable to only
one year. All taxable property is required to be assessed and taxed at a uniform and equal rate on the
basis of its fair market value. The State Tax Commission is required to assess certain statutorily
specified types of property including public utilities and mining property. The county assessor is
required to assess all other taxable property, and both entities are required to assess the respective types
of property as of January 1, the assessment date. The County is then required to complete the tax rolls by
May 15. By July 21, the county treasurer is to mail assessed value and tax notices to property owners.
Then a taxpayer may petition the county board of equalization between August 1 and August 15 for a
revision of the assessed value. Approved changes in assessed value are made by the county auditor by
November 1 and on this same date the auditor is to deliver the completed assessment rolls to the county
treasurer. Tax notices are mailed with a due date of November 30, and delinquent taxes are subject to a
penalty. Unless the delinquent taxes and penalties are paid before January 15, a lien is attached to the
property, and the amount of taxes and penalties bear interest from January 1 until paid. If after five years
delinquent taxes have not been paid, the County sells the property at a tax sale. Tax collections are
remitted to the City from the County on a monthly basis.
GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions,
defines a non-exchange transaction as one in which “a government either gives value to another party
without directly receiving equal value in exchange or receives value from another party without directly
giving equal value in exchange.” For property taxes, at January 1 of each year (the assessment date), the
City has the legal right to collect the taxes, and in accordance with the provisions of the statement, has
recorded a receivable and a corresponding deferred inflow of resources for the assessed amount of those
property taxes as of January 1, 2025.
Interfund transactions
In the normal course of its operations, the City has various transactions between funds. Various
City funds provide a number of services such as administrative, fleet maintenance, and information
processing to certain other City funds. Charges are treated as revenues in the fund providing the service
and as operating expenses in the fund receiving the service (see note 11). Transfers are recognized as
transfers in and out, respectively, by the funds receiving and providing the transfer. Short-term payables
are shown as due to/from other funds. Long-term payables are shown as advances to/from other funds.
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June 30, 2025
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Long-term liabilities
Long-term liabilities that will be financed from governmental funds are accounted for in the
governmental activities portion of the government-wide statements, while those of proprietary funds are
accounted for in their respective fund. Lease liabilities represent the City's obligation to make lease
payments arising from the lease. Lease liabilities are recognized at the lease commencement date based
on the present value of future lease payments expected to be made during the lease term. The present
value of lease payments are discounted based on a borrowing rate determined by the City.
Subscription liabilities
Subscription liabilities represent the City's obligation to make subscription payments arising
from the subscription contract. Subscription liabilities are recognized at the subscription commencement
date based on the present value of future subscription payments expected to be made during the
subscription term. The present value of subscription payments are discounted based on a borrowing rate
determined by the City.
Pensions
The City complies with GASB Statement 68, Accounting and Financial Reporting for Pensions
which measures the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the
Utah Retirement Systems Pension Plan (URS), including additions to and deductions from URS's
fiduciary net position, have been determined on the same basis as they are reported by URS. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
Deferred Outflows/Inflows of Resources
In addition to assets, the statements of financial position will sometimes report a separate section
for deferred outflows of resources. This separate financial element, deferred outflows of resources,
represents a consumption of net position that applies to future periods and so will not be recognized as
an outflow of resources (expenditure/expense) until then. The business type fund statements and
government wide statements of net position report deferred outflow on the refunding of debt,
unrecognized items not yet charged to pension expense and contributions from the employer after the
measurement date but before the end of the employer's reporting period.
In addition to liabilities, the statement of financial position will sometimes report a separate
section for deferred inflow of resources. This separate financial statement element, deferred inflows of
resources, represent an acquisition of net position that applies to future periods and so will not be
recognized as an inflow of resources (revenues) until that time. The government has items which qualify
for reporting in this category. The governmental funds report unavailable revenue from property taxes
and unavailable grant revenue. The government wide statement of net position reports unavailable
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NOTES TO FINANCIAL STATEMENTS
June 30, 2025
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revenue from property taxes and unearned annuity interest. These amounts are deferred and recognized
as an inflow of resources in the period that the amounts become available. The government wide
statement of net position also includes the unamortized portion of the net difference between projected
and actual earnings on pension plan investments and other unrecognized items not yet charged to
pension expense. The City also has deferred inflows related to leases where the City is the lessor and is
reported in the statement of net position. The deferred inflows of resources related to leases are
recognized as an inflow of resources (revenue) on the straight line method over the term of the lease.
Fund Balance
When both restricted and non-restricted fund balance is available for expenditure appropriation,
the City’s policy is to use restricted fund balance first. When committed, assigned or unassigned fund
balance is available to use for expenditure appropriation, the City’s policy is to use committed first,
assigned second and then unassigned fund balance.
Fund balance commitments would be made by the City’s legislative body, the City Council by
ordinance in formal action in a public meeting. Fund balance assignments are made possible by the City
Council by legally approving budgets in the governmental funds. For the General Fund, any year-end
outstanding encumbrance that has been created by a City official with signatory authority and is within
the budget constraints set by the Council is an assignment of fund balance. For other governmental funds
any fund balance that is not restricted is assigned to the same purpose as it was originally appropriated
by the City Council.
Net Position
The City’s net position is classified as follows: (1) Net investment in capital assets consists of the
total investment in capital assets, net of accumulated depreciation and reduced by the outstanding debt
obligations related to those assets. To the extent debt has been incurred, but not yet expended for capital
assets, such amounts are not included as a component of net investment in capital assets; (2) Restricted
for capital projects are amounts that are restricted by debt covenants to be expended for capital assets;
(3) Restricted for debt service consists of that portion of net position that is restricted by debt covenants
for debt service; (4) Unrestricted net position consists of everything else that does not meet the criteria
above.
Land and buildings held for resale
The cost of land and buildings held for resale in the Housing and Loan Fund and Community
Reinvestment Agency (enterprise funds) are capitalized until the related property is subsequently sold.
Land and buildings held for resale are carried at the lower of cost, market, or committed sales price.
Costs of buildings and improvements that management determines are not recoverable are expensed.
Gains and losses on dispositions of land and buildings held for resale are included in the operating
statement.
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June 30, 2025
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Use of Estimates in Preparing Financial Statements
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires the management of the City to make estimates and
assumptions that affect the reported amounts of assets and liabilities. Estimate use also requires the
disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from these
estimates.
Total columns
The total columns shown on the accompanying fund financial statements are mathematical totals
only and do not eliminate inter-fund transactions or include other entries required to present
consolidated financial statements. The government-wide financial statements do, however, eliminate
most inter-fund transactions and the double counting of revenues and expenses. They are therefore much
closer to the consolidated financial statements presented in private sector accounting.
Adoption of New Standard
Recently Adopted Accounting Principles—GASB Statement No. 101 Compensated Absences
requires the restatement of net position of all periods presented, if practicable. The City calculated the
new net position for the beginning of fiscal year 2025 balance and the amount was immaterial to the
financial statements; therefore, no restatement was made. Accordingly, the City presented the current
and long term compensated absences for fiscal year 2025 according to the calculation used to adopt
GASB Statement No. 101, and the associated changes were recognized in fiscal year 2025 expenses.
The City’s compensated absences consist primarily of vacation leave and personal leave earned
by employees. Vacation leave is earned based on length of service and may be carried forward subject to
certain limitations. Upon termination or retirement, employees are compensated for unused vacation
leave at their current rate of pay. Personal leave is earned annually and paid at 50% upon termination.
The liability for compensated absences is reported as a long-term liability and is accrued as benefits are
earned and become attributable to past service. Compensated absences are measured using the pay rates
in effect at the financial statement date, including salary-related payments.
2. Cash, Cash Equivalents and Investments
The City maintains a cash pool and an investment pool that are available for use by all funds.
Each fund type's portion of these pools is included in the combined balance sheet as "Cash and cash
equivalents" and "Investments". Also included are investments separately held by several of the City's
funds.
It is the policy of Salt Lake City Corporation to invest public funds in accordance with the
principles of sound treasury management and in compliance with state and local laws, regulations, and
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June 30, 2025
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other policies governing the investment of public funds, specifically, according to the terms and
conditions of the Utah State Money Management Act of 1974 and Rules of the State Money
Management Council as currently amended (the “Act”), and the City’s own written investment policy.
Public treasurers may use investment advisers to conduct investment transactions on behalf of
public treasurers as permitted by statue, Rules of the Money Management Council and local ordinance
or policy. Investment advisers must be certified by the Director of the Utah State Division of Securities
of the Department of Commerce (the “Director”) and meet the requirements of the Utah Money
Management Act (Rule 15 of the State Money Management Council). Broker/dealers and agents who
desire to become certified dealers must be certified by the Director and meet the requirements of the
Utah Money Management Act (Rule 16 of the State Money Management Council). Only Qualified
Depositories as certified by Utah’s Commissioner of Financial Institutions are eligible to receive and
hold deposits of public funds (Rule 12 of the State Money Management Council). The Utah Money
Management Council issues a quarterly list of certified investment advisers, certified dealers, and
qualified depositories authorized by state statute to conduct transactions with public treasurers.
Transactions involving authorized deposits or investments of public funds may be conducted only
through issuers of securities authorized by Section 51-7-11(3), qualified depositories included in the
current state list and certified dealers included in the current state list. All securities purchased through a
certified investment adviser or certified dealer are required to be delivered to the custody of the City
Treasurer or to the City’s safekeeping bank or trust company.
The City may place public money in investments/deposits authorized by the Money Management
Act (U.C.A. 51-7-11). The Treasurer shall ensure that all purchases and sales of securities are settled
within 15 days of the trade date for outstanding issues, and 30 days on new issues. In general these
investments can be any of the following subject to restrictions specified in the Act: (1) Obligations of the
U.S. Treasury and most Government-Sponsored Agencies; (2) Commercial paper that is classified as
“first tier” by two nationally recognized statistical rating organizations, one of which must be Moody’s
Investors Service or Standard & Poor’s; (3) Bankers’ Acceptances; (4) Publicly traded fixed rate
corporate obligations rated “A” or higher, or the equivalent of “A” or higher, by two nationally
recognized statistical rating organizations; (5) Certain variable rate securities and deposits with the same
rating requirements as the fixed rate corporate obligations; (6) Utah State Public Treasurer’s Investment
Pool; (7) Certain fixed rate negotiable deposits with a qualified depository or through a certified dealer;
(8) Qualifying repurchase agreements.
The City did not enter into any reverse repurchase agreements during the year ended June 30, 2025.
City policy provides that not more than 25% of total City funds or 25% of the qualified
depository's allotment, whichever is less, can be invested in any one qualified depository. Not more than
20% of total City funds may be invested in any one certified out-of-state depository institution.
However, there shall be no limitation placed on the amount invested with the Public Treasurers’
Investment Fund (State Treasurer’s Pool) and other money market mutual funds, provided that the
overall standards of investments achieve the City’s policy objectives.
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June 30, 2025
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The City's deposits are insured up to $250,000 per account by the Federal Deposit Insurance
Corporation. Deposits above the $250,000 per account are exposed to custodial credit risk. Custodial
credit risk for deposits is the risk that in the event of a bank failure, the City’s deposits may not be
recovered. The bank balance of the Primary Government’s deposits totaled $35,995,841. Of this amount,
$754,892 was insured and the remaining $35,240,949 was uninsured and uncollateralized. The bank
balance of the Library component unit totaled $4,502,358. Of this amount, $250,000 was insured and the
remaining $4,252,358 was uninsured and uncollateralized. The City has no formal policy regarding
deposit credit risk.
Investments - The City Treasurer may take physical delivery of securities or may use a qualified
depository bank for safekeeping securities. An account with a money center bank may be maintained for
the purpose of settling investment transactions, safekeeping and collecting those investments. A
safekeeping receipt issued by a qualified depository supports repurchase agreements with qualified
depositories; otherwise, the securities are held in the custody of the City Treasurer or the City's
safekeeping bank or trust company. Online access to accounts and monthly statements support
investments in the State Treasurer’s Pool. All funds pledged or otherwise dedicated to the payment of
interest and principal of bonds issued by the City are invested in accordance with the terms and
borrowing instruments applicable to such bonds. City policy also provides that the remaining term to
maturity of an investment may not exceed the period of availability of the funds invested. The
investment of City funds cannot be of a speculative nature.
Custodial credit risk for investments is the risk that, in the event of a failure of the counter party,
the City will not be able to recover the value of the investment or collateral securities that are in the
possession of an outside party. Of the total $1,881,940,007 invested by the City, $35,641,937 was
exposed to custodial credit risk. The entire amount exposed was held in the City’s name by the
counterparty.
Investment interest rate risk is the risk that changes in interest rates of debt investments will
adversely affect the fair value of an investment. The City currently has no policy regarding investment
interest rate risk. The table below shows the maturities of the City’s investments.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2025
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Fair Investments maturities (in years)
Primary government:
Value Less than 1 1 - 5 6 - 10 More than 10
Debt Securities
U.S. Agency Notes $ 388,920,555 $ 120,957,584 $ 267,962,971 $ — $ —
Corporate notes 56,237,334 12,513,122 43,724,212 — —
Money market mutual funds 35,641,937 35,641,937 — — —
$ 480,799,826 $ 169,112,643 $ 311,687,183 $ — $ —
Other investments
Investment in State Treasurer's Pool 1,401,140,181
Total investments, primary government $ 1,881,940,007
Component units:
Other investments
Investment in State Treasurer's Pool 22,404,502
Total investments, component units $22,404,502
Investment credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. Salt Lake City’s policy is to follow the previously described Utah Money Management Act to reduce
exposure to investment credit risk.
The Library Component unit has funds invested in the Utah State Treasurer's pool.
The city measures and records its investment using fair value measurement guidelines established by
generally accepted accounting principles. These guidelines recognize a three tiered fair value hierarchy, as
follows:
Level 1: Quoted prices for identical investment in active markets.
Level 2: Observable inputs other than quoted market prices.
Level 3: Unobservable inputs
The securities classified as Level 1 are valued as stated above. Money markets funds classified as level 2
use published fair value per share (unit) for each share and State Treasurer's Pool funds use the application of the
June 30, 2025 fair value as calculated by the Utah State Treasurer, to the City's average daily balance in the Fund.
The City currently has no assets that qualify for Level 3 investments. The following table illustrates the
investments by the appropriate levels.
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June 30, 2025
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Fair Value Fair Value Measurement Using
6/30/2025 Level 1 Level 2 Level 3
Primary government:
U.S. Agency Notes $ 388,920,555 $ 388,920,555 $ — $ —
Corporate notes 56,237,334 56,237,334 — —
Money market mutual funds 35,641,937 — 35,641,937 —
Investment in State Treasurer's Pool 1,401,140,181 — 1,401,140,181 —
$ 1,881,940,007 $ 445,157,889 $ 1,436,782,118 $ —
Component units:
Investment in State Treasurer's Pool $ 22,404,502 $ — $ 22,404,502 $ —
Total investments, component units $ 22,404,502 $ — $ 22,404,502 $ —
At June 30, 2025, the City's investments had the following quality ratings:
Fair Quality Ratings
Primary government:
Value AAAm Am A1m Unrated
Debt Securities
U.S. Agency Notes $ 388,920,555 $ 388,920,555 $ — $ — $ —
Corporate Notes 56,237,334 56,237,334 — — —
Money market mutual funds 35,641,937 35,641,937 — — —
Investment in State Treasurer's Pool 1,401,140,181 — — — 1,401,140,181
The following is a summary of restricted and unrestricted cash, cash equivalents and investments
at June 30, 2025.
Primary
Government
Component Unit
Library
Component Unit
Utah Performing
Arts Center
Agency
Component Unit
Gallivan
Unrestricted cash and cash equivalents $ 810,946,168 $ 3,969,941 $ 25,800,272 $ 2,121,340
Restricted cash and cash equivalents 835,115,017 ——10,018
Unrestricted investments 75,366,368 22,404,502 ——
Restricted investments 173,296,814 ———
Total $ 1,894,724,367 $ 26,374,443 $ 25,800,272 $ 2,131,358
At June 30, 2025, the balances by type were as
follows:
Deposits (book balance)$ 12,745,746 $ 3,967,886 $ — $ 2,131,358
Investments 1,881,940,007 22,404,502 25,800,272 —
Cash on hand 38,614 2,055 — —
Total $ 1,894,724,367 $ 26,374,443 $ 25,800,272 $ 2,131,358
Concentration of credit risk is the risk of loss attributed to the magnitude of a government’s
investment in a single issuer. Salt Lake City’s policy is to follow the Rules of the Money Management
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Council. Rule 17 of the Money Management Council limits investments in a single issuer of commercial
paper and corporate obligations to between 5% and 10% depending upon the total dollar amount held in
the portfolio. The City had no debt securities investments as of June 30, 2025 with more than 5% of total
investments.
Included in both deposits and investments are cash equivalents with an original maturity of
ninety days or less. For statement of cash flows and balance sheet purposes, only those items with
maturities of ninety days or less when purchased are considered cash and cash equivalents.
3. Loans Receivable
The Housing and Loan Fund (an enterprise fund) provides loans to residents for improvements in
existing housing within designated project areas. It also provides mortgage loans to residents within the
same designated project areas. Some loans are payable in monthly installments, others are due on sale or
transfer of ownership of the related property, and other loan payments are deferred. These loans have
interest rates ranging from 0% to 7% and are collateralized by property or a letter of credit. Housing
loans receivable as of June 30, 2025 were $39,108,991, net of $489,000 estimated as uncollectible.
The Community Reinvestment Agency (CRA - an enterprise fund) provides housing loans to
homeowners and construction loans to contractors within designated areas of the City. These loans total
$90,198,119 at June 30, 2025, are payable in monthly installments, bear interest from 0% to 7.0% and
are collateralized by property, letters of credit or restricted cash accounts.
During the second half of FY 2020, construction of the new SLC airport was ongoing and the
airlines and concessionaires began their buildouts in the new buildings. When the COVID-19 pandemic
hit, many of the tenants were unable to continue funding their buildouts. In order to have the airlines and
a certain amount of concessions open and operating when the Terminal Redevelopment Project and the
North Concourse Program were completed, the Airport loaned funds to tenants to complete the
buildouts. The Airport continued to loan funds through December 2020. These funds will be repaid by
the end of FY 2025 with the exception of one loan going through FY 2034.
4. Restricted Assets
The bond resolutions require all bond proceeds and revenue earned on bond proceeds to be
restricted to the payment of bond construction projects specified within the resolutions, the payment of
bond principal and interest, and the renewal and replacement of specified property and equipment.
Certain Water Utility certificates of deposit are also restricted for consumer deposits and for
contributions for reservoir and supply line construction.
Restricted assets in the General Fund are for certain proceeds of fund revenue bonds, as well as
certain resources set aside for their repayment. They are classified as restricted assets because their use
is limited by applicable bond covenants and legal restrictions.
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June 30, 2025
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Restricted assets in the Department of Airports (an enterprise fund) are restricted for construction
projects at the Airport under the Passenger Facilities Charges (PFC) Program agreement.
Restricted assets in the Community Reinvestment Agency (an enterprise fund) are restricted by
provision of bond resolutions.
Restricted assets in the Demolition, Weed and Forfeiture special revenue fund are restricted
while awaiting the adjudication of Police Department asset seizures related to criminal cases.
Restricted assets in the Capital Projects Fund are restricted debt proceeds to be used for capital
construction.
Restricted assets in the Water, Sewer, Stormwater and Street Lighting Utilities (enterprise funds)
are restricted by: Bond resolution or contractual agreement for debt service or completion of debt funded
capital construction; Bond resolution for renewal and replacement; Customer deposit agreements; and
the Utah Impact Fee Act.
Restricted assets in the Refuse (non-major proprietary) fund are assets held by a trustee and are
restricted for the purchase of capital equipment funded by debt proceeds.
Restricted assets in the Fiduciary Fund are for the payment of retirement benefits.
Restricted assets in the Fleet Management internal service fund are assets held by a trustee and
are restricted for the purchase of capital equipment funded by debt proceeds.
Restricted assets in the Local Building Authority internal service fund are assets held by a trustee
and are restricted for capital construction funded by bond proceeds.
Restricted assets in the Other Improvement debt service funds are restricted for debt service.
Restricted assets in the Gallivan Component Unit are for construction and other commitments
held in escrow.
5. Capital Assets
The following table and the one on the following page summarize the changes in capital assets
for governmental and business-type activities during the year ended June 30, 2025:
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
64
Beginning
Balance Increases Decreases
Ending
Balance
Primary Government
Governmental activities:
Capital assets, not being depreciated or amortized:
Land and water rights $ 80,809,363 $ 138,717,431 $ (2,041,693) $ 217,485,101
Construction in progress 26,256,302 44,473,101 (13,086,261) 57,643,142
Total capital assets, not being depreciated or amortized 107,065,665 183,190,532 (15,127,954) 275,128,243
Capital assets, being depreciated and amortized
Buildings 424,290,668 — (3,378,666) 420,912,002
Improvements other than buildings 137,461,649 8,536,607 (8,000,332) 137,997,924
Machinery and equipment 149,691,119 8,598,544 (2,752,620) 155,537,043
Infrastructure 571,554,833 45,898,707 (151,140,677) 466,312,863
Lease assets 8,319,366 — — 8,319,366
Subscription assets 10,405,778 1,370,910 — 11,776,686
Total capital assets being depreciated and amortized 1,301,723,413 64,404,768 (165,272,295) 1,200,855,888
Less accumulated depreciation and amortization:
Buildings 155,568,039 9,821,396 (1,851,390) 163,538,045
Improvements other than buildings 54,961,268 5,662,386 (51,880) 60,571,774
Machinery and equipment 111,631,927 9,549,901 (2,100,472) 119,081,356
Infrastructure 178,545,613 12,886,012 (12,162,960) 179,268,665
Lease assets 2,503,786 2,039,163 — 4,542,949
Subscription assets 2,378,577 1,585,718 — 3,964,295
Total accumulated depreciation and amortization 505,589,210 41,544,576 (16,166,702) 530,967,084
Total capital assets, being depreciated and amortized, net 796,134,203 22,860,192 (149,105,593) 669,888,802
Governmental activities capital assets, net $ 903,199,868 $ 206,050,724 $ (164,233,547) $ 945,017,045
Business-type activities
Capital assets, not being depreciated or amortized:
Land and water rights $ 213,834,698 $ 1,484,903 $ — $ 215,319,601
Construction in progress 1,582,711,719 804,113,872 (763,652,468) 1,623,173,123
Total capital assets, not being depreciated or amortized 1,796,546,417 805,598,775 (763,652,468) 1,838,492,724
Capital assets, being depreciated and amortized
Buildings 2,811,621,635 407,249,714 (149,080) 3,218,722,269
Improvements other than buildings 1,775,918,287 202,086,426 — 1,978,004,713
Machinery and equipment 537,888,664 61,044,231 (8,361,122) 590,571,772
Infrastructure 855,289,271 128,419,486 — 983,708,757
Intangible assets 1,573,053 — — 1,573,053
Subscription assets 3,806,870 206,067 — 4,012,937
Total capital assets being depreciated and amortized 5,986,097,780 799,005,924 (8,510,202) 6,776,593,502
Less accumulated depreciation and amortization:
Buildings 505,773,362 96,164,796 (125,466) 601,812,692
Improvements other than buildings 765,935,616 70,071,057 — 836,006,673
Machinery and equipment 205,258,258 31,068,387 (7,333,429) 228,993,216
Infrastructure 272,673,649 20,615,186 — 293,288,835
Intangible assets 406,340 270,893 — 677,233
Subscription assets 2,978,640 370,398 — 3,349,038
Total accumulated depreciation and amortization 1,753,025,865 218,560,717 (7,458,895) 1,964,127,687
Total capital assets, being depreciated and amortized, net 4,233,071,915 580,445,207 (1,051,307) 4,812,465,815
Business-type activities capital assets, net $ 6,029,618,332 $ 1,386,043,982 $ (764,703,775) $ 6,650,958,539
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
65
Depreciation and amortization expense for the year ended June 30, 2025 for governmental and
business type activities is shown in the table below.
Depreciation
Governmental activities:
Expense
Combined Emergency Services $ 29,995
Community and Neighborhoods 7,209
Drug Enforcement Agency 139,263
Finance 6,956,205
Fire 313,285
General Government 8,575,435
Human Resources 4,264
Infrastructure 12,886,012
Mayor 1,505
Parks 23,216
Police 414,441
Public Lands 2,265,033
Public Services 1,485,081
Capital assets held by the government's internal service funds are
charged to the various functions based on their usage of the assets 8,187,661
Total depreciation and amortization expense - governmental activities $ 41,288,605
Business-type activities:
Airport Authority $ 183,896,705
Community Reinvestment Agency 665,728
Sewer 12,464,548
Storm water 4,014,498
Street lighting 749,744
Water 13,298,619
Refuse 2,250,691
Golf 896,482
Total depreciation and amortization expense - business-type activities $ 218,237,015
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
66
Capital asset information for the City’s component unit, the Salt Lake City Library is as follows:
Beginning Ending
Capital assets, not being depreciated:
Balance Increase Decrease Transfers Balance
Land $ 126,107 $ — $ — $ — $ 126,107
Construction in progress 5,487,114 4,679,860 — (14,900) 10,152,074
Total capital assets, not being depreciated 5,613,221 4,679,860 — (14,900) 10,278,181
Capital assets, being depreciated
Buildings 14,060,657 345,090 — — 14,405,747
Improvements other than buildings 1,922,610 66,835 — — 1,989,445
Furniture, fixtures and equipment 9,001,405 806,034 — — 9,807,439
Circulating collections 7,052,089 1,371,343 (1,226,368) — 7,197,064
Website development 14,000 — — — 14,000
Subscription right to use asset 618,974 — — — 618,974
Total capital assets being depreciated 32,669,735 2,589,302 (1,226,368) — 34,032,669
Less accumulated depreciation:
Buildings (8,106,010) (358,646) — — (8,464,656)
Improvements other than buildings (810,776) (137,823) — — (948,599)
Furniture, fixtures and equipment (6,128,763) (546,204) — — (6,674,967)
Circulating collections (3,670,583) (867,710) 1,226,368 — (3,311,925)
Website development (13,750) (250) — — (14,000)
Subscription right to use asset (262,601) (160,651) — — (423,252)
Total accumulated depreciation (18,992,483) (2,071,284) 1,226,368 — (19,837,399)
Total capital assets, being depreciated net 13,677,252 518,018 — — 14,195,270
Component unit capital assets, net $ 19,290,473 $ 5,197,878 $ — $ (14,900) $ 24,473,451
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
67
Capital asset information for the City’s component unit, Utah Performing Arts Center Agency is as
follows:
Beginning Ending
Balance Increase Decrease Balance
Capital assets being depreciated:
Land improvements $ 649,856 $ — $ — $ 649,856
Leased equipment 195,395 — — 195,395
Buildings 130,608,164 — — 130,608,164
Furniture, fixtures, and equipment 466,675 76,558 (17,033) 526,200
Total capital assets, being depreciated 131,920,090 76,558 (17,033) 131,979,615
Less accumulated depreciation:
Land improvements (182,115) (48,784) — (230,899)
Leased equipment (55,827) (13,957) — (69,784)
Buildings (18,603,424) (2,606,721) — (21,210,145)
Furniture, fixtures, and equipment (379,277) (29,362) 16,845 (391,794)
Total accumulated depreciation (19,220,643) (2,698,824) 16,845 (21,902,622)
Total capital assets, being depreciated, net $ 112,699,447 $ (2,622,266) $ (188) $ 110,076,993
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
68
6. Long-term Obligations
Changes in long-term obligations
Revenue bonds and other long-term liabilities directly related to and intended to be paid from
proprietary funds are included in the accounts of such funds. All other long-term obligations of the City
are accounted for in the Governmental Activities of the government-wide statements. The table below
summarizes changes in long-term obligations for the year ended June 30, 2025.
Amount of Balance Balance
Original Issue June 30,June 30,Due Within
(bonds only)2024 Additions Retirements 2025 One Year
Governmental Activities
General obligation bonds - 2010B $ 100,000,000 $ 39,915,000 $ — $ 5,210,000 $ 34,705,000 $ 5,365,000
General obligation bonds - 2015A 14,615,000 4,655,000 — 1,115,000 3,540,000 1,145,000
General obligation bonds - 2017B 12,920,000 8,410,000 — 1,235,000 7,175,000 1,300,000
General obligation bonds - 2019A 17,540,000 10,560,000 — 505,000 10,055,000 530,000
General obligation bonds - 2019B 5,300,000 2,915,000 — 525,000 2,390,000 555,000
General obligation bonds - 2020 17,745,000 11,700,000 — 525,000 11,175,000 550,000
General obligation bonds - 2021 20,660,000 15,620,000 — 640,000 14,980,000 670,000
General obligation bonds - 2022 21,785,000 18,715,000 — 670,000 18,045,000 705,000
General obligation bonds - 2023 24,765,000 23,850,000 — 785,000 23,065,000 825,000
Sales tax revenue bonds - 2014B 10,935,000 6,945,000 — 535,000 6,410,000 555,000
Sales tax revenue bonds - 2016A 21,715,000 11,755,000 — 2,190,000 9,565,000 2,250,000
Sales tax revenue bonds - 2019A 2,620,000 975,000 — 310,000 665,000 325,000
Sales tax revenue bonds - 2019B 58,540,000 56,300,000 — 500,000 55,800,000 510,000
Sales tax revenue bonds - 2021 15,045,000 14,305,000 — 1,240,000 13,065,000 1,255,000
Sales tax revenue bonds - 2022A 8,900,000 7,705,000 — 655,000 7,050,000 700,000
Sales tax revenue bonds - 2022B 40,015,000 40,015,000 — — 40,015,000 —
Sales tax revenue bonds - 2022C 22,240,000 22,315,000 — 2,020,000 20,295,000 2,120,000
Governmental bank notes
Chase — 285,966 — 189,119 96,848 96,848
Siemens — 4,140,834 — 943,726 3,197,109 857,325
State of Utah 7,000,000 6,180,145 — 412,906 5,767,238 430,290
General compensated absences — 23,373,780 32,756,895 20,102,586 29,854,513 28,361,787
Internal Service Fund Debt:
Lease revenue bonds - 2016A 6,755,000 4,940,000 — 290,000 4,650,000 300,000
Lease revenue bonds - 2017A 8,115,000 6,630,000 — 340,000 6,290,000 355,000
ISF bank notes
Chase — 5,568,190 — 2,515,713 3,052,477 717,066
Governmental Lease Liability — 6,026,085 — 821,595 5,204,490 869,397
Governmental SBITA Liability — 8,755,446 — 1,492,995 7,262,451 1,360,687
ISF compensated absences — 2,254,005 2,789,685 2,141,305 2,902,384 2,141,304
Gen Governmental premiums/discounts — 12,770,422 — 1,761,737 11,008,685 —
ISF premiums/discounts 1,147,767 — 134,602 1,013,165 —
Total governmental long-term debt $ 378,727,640 $ 35,546,580 $ 49,806,284 $ 358,294,359 $ 54,849,704
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
69
Amount of Balance Balance
Original Issue June 30,June 30,Due Within
(bonds only)2024 Additions Retirements 2025 One Year
Business-type Activities
Sewer 2009 series $ 6,300,000 $ 2,205,000 $ — $ 315,000 $ 1,890,000 $ 315,000
Sewer 2010 series 12,000,000 4,760,000 — 625,000 4,135,000 645,000
Storm 2011 series 8,000,000 1,705,000 — 555,000 1,150,000 570,000
Sewer and Storm 2012 series 28,565,000 1,745,000 — 575,000 1,170,000 580,000
Sewer and Storm 2017 series 72,185,000 54,445,000 — 3,190,000 51,255,000 3,350,000
Water 2020 series 157,390,000 157,390,000 — 3,175,000 154,215,000 3,515,000
Sewer and Storm 2022 series 329,025,000 329,025,000 — 5,830,000 323,195,000 6,120,000
2024A state revolving fund bond 375,000 — 357,000 — 357,000 —
Utilities 2025 revenue refund 184,455,000 — 184,455,000 — 184,455,000 —
Utilities federal loan 13,445,566 114,584,842 — 128,030,408 —
Utilities SBITA 1,009,914 — 274,880 735,034 255,803
Utilities compensation liability 3,860,147 4,053,154 2,920,163 4,993,138 3,213,494
Community Reinvestment Agency 2015A 12,215,000 7,545,000 — 1,380,000 6,165,000 1,455,000
Community Reinvestment Agency 2019 44,640,000 36,945,000 — 4,885,000 32,060,000 5,000,000
Airport 2017A 826,210,000 808,925,000 — 7,065,000 801,860,000 10,990,000
Airport 2017B 173,790,000 169,590,000 — 955,000 168,635,000 1,910,000
Airport 2018A-2018B 850,550,000 826,550,000 — 8,000,000 818,550,000 18,385,000
Airport 2021A 776,925,000 773,900,000 — 7,820,000 766,080,000 13,050,000
Airport 2021B 127,645,000 127,280,000 — 1,225,000 126,055,000 2,375,000
Airport 2023A 600,000,000 600,000,000 — — 600,000,000 6,960,000
Airport - line of credit — 200,000,000 — 200,000,000 200,000,000
Airport - lease liability 374,696 — 96,407 278,289 173,000
Airport - SBITA 951,973 190,887 544,601 598,259 176,000
Airport compensated absences 5,795,649 6,085,431 4,481,718 7,399,362 4,787,987
Enterprise bank notes
Chase 3,084,545 9,623,593 2,154,237 10,553,901 324,074
Siemens 4,400,397 — 421,032 3,979,365 443,613
Loan financing notes 2,711,014 — 661,277 2,049,737 61,627
Other enterprise compensated absences 3,575,941 3,754,738 2,943,281 4,387,398 2,831,463
Airport premiums/discounts 420,752,643 — 21,010,493 399,742,150 —
Utilities premiums/discounts 59,946,915 15,473,028 2,994,788 72,425,155 —
Total Business-type long-term debt 4,421,919,401 538,577,674 84,097,878 4,876,399,196 287,487,062
Total long-term debt 4,800,647,041 574,124,253 133,904,162 5,234,693,556 342,336,765
Library compensation liability 903,039 1,092,032 1,059,053 936,018 —
Total component unit long-term debt 903,039 1,092,032 1,059,053 936,018 —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
70
The annual debt requirements to maturity, including principal and interest, as of June 30, 2025
are listed in the tables below for debt with regularly scheduled payments:
Year Revenue Bonds General Obligation Bonds
Ending Governmental Activities Business Activities Governmental Activities
June 30 Principal Interest Principal Interest Principal Interest
2026 $ 8,370,000 $ 6,485,402 $ 75,220,000 196,851,484 $ 11,645,000 $ 4,565,003
2026 8,370,000 6,485,402 75,220,000 196,851,484 11,645,000 4,565,003
2027 8,700,000 6,206,451 83,430,000 193,214,362 12,100,000 4,163,483
2028 8,705,000 5,887,268 96,820,000 189,004,851 12,560,000 3,745,358
2029 9,065,000 5,545,601 103,895,000 184,275,567 11,810,000 3,308,323
2030 6,805,000 5,200,563 107,250,000 179,239,170 11,610,000 2,852,123
2031-2035 65,475,000 21,065,970 589,920,000 813,172,739 29,045,000 9,013,664
2036-2040 47,005,000 9,749,185 724,920,000 651,022,463 26,925,000 4,741,582
2041-2045 9,680,000 1,901,500 918,990,000 455,003,988 9,435,000 1,057,850
2046-2050 — — 980,740,000 204,080,300 — —
2051-2055 — — 359,685,000 34,490,425 — —
Subtotal 163,805,000 68,527,343 4,040,870,000 3,297,206,831 125,130,000 33,447,386
Less (premiums)/discounts (4,973,050) — (472,167,305) — (7,048,800) —
Net debt $ 168,778,050 $ 68,527,343 $ 4,513,037,305 $ 3,297,206,831 $ 132,178,800 $ 33,447,386
Year Other Debt
Ending Governmental Activities Business Activities
June 30 Principal Interest Principal Interest
2026 $ 3,225,101 $ 316,031 $ 203,834,178 $ 464,196
2026 2,059,251 231,879 3,666,090 349,014
2027 1,469,469 177,686 3,062,134 237,250
2028 1,276,854 138,369 2,217,783 144,569
2029 553,214 101,152 647,570 108,196
2030 2,465,493 298,329 1,811,472 364,227
2031-2035 1,064,288 61,848 439,012 269,196
2036-2040 — — 510,369 215,711
2041-2045 — — 394,395 153,435
Total $ 12,113,671 $ 1,325,292 $ 216,583,003 $ 2,305,794
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
71
Compensation Liabilities (Compensated Absences)
Vacation leave, compensatory leave, and the portion of sick leave that will eventually be paid are
recognized as liabilities as they are earned. In the event of termination or retirement, an employee is
reimbursed for unused accumulated vacation. Employees participating in Plan A are reimbursed for 25
percent of unused accumulated sick leave upon retirement, or 50 percent if the funds remain with the
city to be used for retiree health insurance premium, while those employees participating in Plan B are
reimbursed for 50 percent of the earned balance of personal leave upon separation or retirement. Upon
retirement any unused severance account balance is reimbursed at 100 percent. The liability for
accumulated compensated absences at June 30, 2025 is reported in the individual funds except for the
long term portion relating to the governmental funds, which is recorded in the Governmental Activities
column of the Government-wide Statements. Compensated absence liabilities in the enterprise and
internal service funds have traditionally been liquidated by the specific enterprise or internal service
fund to which the employee’s salary is charged. Compensated absences are reported in the governmental
funds for unpaid balances of reimbursable unused leave for employees that terminated during the current
fiscal year. For governmental funds, any compensated absence liability has typically been liquidated by
the General Fund.
GASB Statement No 88 - Certain Disclosure Related to Debt, including Direct Borrowings and
Direct Placements
To comply with GASB Statement No 88 “Certain Disclosures Related to Debt, including Direct
Borrowings and Direct Placements," the City has identified bonds that have been directly placed. Also,
included in the notes is a section describing direct borrowings by the City. The detail for each direct
borrowing lender is also included in the debt tables within this note.
General Obligation Bonds
On November 18, 2010 the City issued General Obligation Bonds Series 2010B (Series 2010B)
in the amount of $100,000,000. The City incurred $160,680 issuance costs, resulting in net proceeds of
$99,839,320. The bonds carry an interest rate of 3.02 percent, and were issued to finish the
$125,000,000 Public Safety Building and Command Center construction. The remaining balance of the
2010B bonds at June 30, 2025 was $34,705,000. This bond was a direct placement.
On February 24, 2015, the City issued Federally Taxable General Obligation Refunding Bonds,
Series 2015A at the par amount of $14,615,000. The City incurred a total of $120,808 in issuance costs,
resulting in net proceeds of $14,494,192. The bonds carry coupon rates of .45 percent to 3.322 percent
and have final maturity date in fiscal year 2028. The bonds were issued to defease the par amount of the
General Obligation Bonds Series 2013B due to mature on June 15, 2028 in the amount of $14,423,000.
As a result, $14,423,000 is considered to be defeased and the liability for those bonds was removed from
the balance sheet. The 2015A Bonds maturing on or after June 15, 2025 are subject to redemption prior
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
72
to maturity, at the election of the City, on December 15, 2024, and on any date thereafter, in whole or in
part, from such maturities or parts thereof as will be selected by the City, at a redemption price equal to
100 percent of the principal amount of the 2015A Bonds to be redeemed plus accrued interest thereon to
the date fixed for redemption. While incurring a deferred gain of $71,191 for accounting and reporting
purposes, the City realized an economic loss of $150,726. The remaining balance of the defeased bonds
at June 30, 2025 was $3,540,000.
On October 25, 2017, the City issued General Obligation Refunding Bonds Series 2017B
at a par amount of $12,920,000. The bonds carry coupon rates of 2.00 percent to 5.00 percent and have
a final maturity of June 15, 2030. The bonds were issued to crossover refund a portion of the General
Obligation Series 2010A Build America Bonds which were originally issued for the construction of the
Public Safety Building. The crossover refunding results in cash flow savings of $660,669 and resulted
in a deferred gain of $1,010,681. The effective discount rate is 2.201%. The remaining balance of the
2017B bonds at June 30, 2025 was $7,175,000.
On October 23, 2019, the City issued General Obligation Bonds Series 2019 at par amount of
$22,840,000 with a premium of $3,665,151. The bonds carry coupon rates of 4.00 percent to 5.00
percent and have a final maturity date of June 15, 2039. The bonds were issued to fund construction of
streets and to refund the General Obligation Bonds Series 2017. The True Interest Cost of the bonds is
2.078%. The refunding of the Series 2017 bonds resulted in net present value savings of $340,911 and a
net cash flow savings of $372,874. The remaining balance of the 2019 bonds as of June 30, 2025 was
$12,445,000.
On September 29, 2020, the City issued General Obligation Bonds Series 2020 at par amount of
$17,745,000 with a premium of $2,709,886. The bonds carry coupon rates of 3.00 percent to 5.00
percent and have a final maturity date of June 15, 2040. The bonds were issued to fund street
construction. The True Interest Cost of the bonds is 1.63%. The remaining balance of the 2020 bonds as
of June 30, 2025 was $11,175,000.
On November 30, 2021, the City issued General Obligation Bonds Series 2021 at par amount of
$20,660,000 with a premium of $2,879,180. The bonds carry coupon rates of 3.00 percent to 5.00
percent and have a final maturity date of June 15, 2041. The bonds were issued to fund street
construction. The True Interest Cost of the bonds is 1.83%. The remaining balance of the 2021 bonds as
of June 30, 2025 was $14,980,000.
On October 5, 2022, the City issued General Obligation Bonds Series 2022A at a par amount of
$21,785,000 with a premium of $1,709,958. The bonds carry coupon rates of 4.00 percent to 5.00
percent and have a final maturity date of June 15, 2042. The bonds were issued to improve various
streets and roads throughout the City and related infrastructure improvements. The True Interest Cost of
the bonds is 3.51%. The remaining balance of the bonds as of June 30, 2025 was $18,045,000.
On August 23, 2023, the City issued General Obligation Bonds Series 2023 at a par amount of
$24,765,000 with a premium of $120,893. The bonds carry coupon rates of 4.67 percent to 5.50 percent
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
73
and have a final maturity date of June 15, 2043. The bonds were issued to improve various parks, trails
and open space and related facilities throughout the City. The True Interest Cost of the bonds is 4.98%.
The True Interest Cost of the bonds is 4.98%. The remaining balance of the bonds as of June 30, 2025
was $23,065,000.
Sales Tax Revenue Bonds
For all of the series of the Sales and Excise Tax Revenue bonds, the City has pledged sales tax
revenues as collateral for the bonds.
On September 24, 2014, the City issued the Series 2014B Sales and Excise Tax Revenue Bonds
in the par amount of $10,935,000 with a final maturity date of October 1, 2034. With the original
issuance premium of $621,745 added and a total issuance cost of $188,745 subtracted, the net proceeds
equaled $11,368,000. The bonds carry interest rates from 2 percent to 4 percent, and were issued to fund
City construction and acquisition projects. The Series 2014B Bonds maturing on or after October 1,
2025, are subject to redemption at the election of the City, on any date on or after October 1, 2024, in
whole or in part, from such maturities or parts thereof as shall be selected by the City, upon notice given
as provided in the Indenture, at a redemption price equal to 100 percent of the principal amount of the
Series 2014B Bonds to be redeemed plus accrued interest thereon to the date fixed for redemption. The
outstanding balance of the 2014B bonds at June 30, 2025 was $6,410,000.
On June 1, 2016 the City issued Series 2016A Sales and Excise Tax Revenue Refunding Bonds
at the par amount of $21,715,000, resulting in a deferred gain of $1,010,681. The bonds were issued
with a premium of $2,924,990 and incurred a total of $158,354 in issuance costs resulting net proceeds
of $24,481,636. The bonds carry coupon rates of 1.5 percent to 4.0 percent and have final maturity date
in fiscal year 2029. Bonds maturing after October 1, 2026 are subject to redemption in whole or in part
at the election of the City. The redemption price is equal to the principal amount thereof plus accrued
interest. The bonds were issued to defease the par amount of the Series 2009A Sales and Excise Tax
Revenue Bonds due to mature on October 1, 2029 in the amount of $22,075,000. As a result,
$22,075,000 is considered to be defeased and the liability for those bonds was removed from the balance
sheet. The outstanding balance of the 2016A bonds at June 30, 2025 was $9,565,000.
On December 10, 2019, the City issued Sales Tax Revenue Refunding Bonds Series 2019A at a
par amount of $2,620,000 with a premium of $343,625. The bonds carry coupon rates of 4.00 percent to
5.00 percent and have a final maturity of April 1, 2027. The True Interest Cost of the bonds is 1.42%.
The bonds were issued to refund the Sales Tax Revenue Bonds Series 2007A and resulted in net present
value savings of $299,661. The remaining balance of the 2019A bonds as of June 30, 2025 was
$665,000.
On December 10, 2019, the City issued Sales Tax Revenue Refunding Bonds Series 2019B at a
par amount of $58,540,000. The bonds carry coupon rates of 1.794 percent to 3.102 percent and have a
final maturity of April 1, 2038. The bonds have a True Interest Cost of 3.03%. The bonds were issued
to refund the Sales Tax Revenue Bonds Series 2013A and resulted in net present value savings of
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$6,710,695 and a net cash flow savings of $8,618,611. The remaining balance of the 2019B bonds as of
June 30, 2025 was $55,800,000.
On December 15, 2021, the City issued Sales Tax Revenue Refunding Bond Series 2021 at the
par amount of $15,045,000. The bonds carry coupon rates of .48 percent to 2.49 percent and have a final
maturity date of October 1, 2034. The bonds were issued to advance refund Sales Tax Revenue Bond
Series 2013B and the LBA Series 2013A and 2014A Bonds. The True Interest Cost of the bonds is
2.01%. The bonds resulted in net present value savings of $941,768 and net cash flow savings of
$1,112,566. The remaining balance on the Sales Tax Series 2021 as of June 30, 2025 was $13,065,000.
On January 13, 2022, the City issued Sales Tax Revenue Refunding Bond Series 2022A at a par
amount of $8,900,000 with a premium of $1,511,735. The bonds carry a coupon rate of 4.00 percent and
have a final maturity date of June 30, 2033. The bonds were issued to refund Sales Tax Revenue Bond
Series 2012A. The True Interest Cost of the bonds is 1.23%. The bonds resulted in net present value
savings of $955,814 and net cash flow savings of $1,013,504. The remaining balance of the 2022A
bonds as of June 30, 2025 was $7,050,000.
On November 17, 2022, the City issued Sales Tax Revenue Bonds Series 2022B at a par amount
of $40,015,000 with a premium of $2,782,846. The bonds carry coupon rates of 4.73 percent to 5.21
percent and have a final maturity date of October 1, 2042. The bonds were issued fund construction and
improvements of various capital projects, including City Cemetery, 600 North Corridor transformation,
new radio towers for City Communication, Westside railroad quiet zones, and Warm Springs Plunge
structure stabilization and improvements. The True Interest Cost of the bonds is 4.38%. The remaining
balance of the bonds as of June 30, 2025 was $40,015,000.
On November 17, 2022, the City issued Sales Tax Revenue Bonds Series 2022C at a par amount
of $24,240,000. The bonds carry coupon rates of 4.73 percent to 5.21 percent and have a final maturity
date of October 1, 2042. The bonds were issued to fund construction and improvements of various
capital projects, including Pioneer Park, an upgrade of the electrical transformer at the Central Plant and
emergency backup generators, Smith's Ballpark improvements, urban wood reutilization equipment and
storage additions, and Fisher Mansion stabilization and improvements. The True Interest Cost of the
bonds is 5.05%. The remaining balance of the bonds as of June 30, 2025 was $20,295,000.
Water, Sewer and Stormwater Utility Bonds
The bond resolution approved in conjunction with the issuance of the Salt Lake City Water and
Sewer Revenue Bonds provides, among other things, that certain funds be established and that certain
accounting procedures be followed. Under the terms of the resolution, the City irrevocably pledged the
net revenues of the Water and Sewer Utilities to the payment of the bonds and covenanted that rates will
be established to yield net revenues, as defined, equal to at least 1.25 times the debt service to become
due in the next fiscal year.
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On November 17, 2009, the Sewer Utility issued $6,300,000 in Revenue Bonds. The 2009
Stimulus Bonds were issued as part of economic stimulus funding through the State of Utah. The Sewer
Utility used the funds to replace the digester cover and walls at the reclamation plant facility. These
bonds mature 2012 through 2031 with annual principal payments of $315,000 beginning February 2012
and the average interest of 0 percent. The Sewer Utility incurred issuance costs of $69,740 related to the
2009 series bonds. The issuance cost is being amortized commensurate with the debt service payments
beginning February 2012. The outstanding balance of the bonds at June 30, 2025 was $1,890,000. This
bond was a direct placement.
On September 14, 2010, the Sewer Utility issued $12,000,000 in Revenue Bonds at an interest
rate of 2.73 percent. The 2010 Series Bonds were issued by direct purchase through JPMorgan Chase
Bank as authorized by City Council resolution for the purchase, acquisition and construction of
improvements, facilities and properties including the sewer Orange Street trunk line or other various
improvements. This issue matures February 1, 2031. The outstanding balance of the bonds at June 30,
2025 was $4,135,000. This bond was a direct placement.
On October 19, 2011, the Utilities issued $8,000,000 in Revenue Bonds at an interest rate of 2.37
percent. The Series 2011 Bonds were issued by direct purchase through JPMorgan Chase Bank as
authorized by City Council resolution for the purchase, acquisition and construction of improvements,
facilities and properties including the Folsom Avenue stormwater project or other various stormwater
improvements. This issue matures February 1, 2027. The outstanding balance of the bonds at June 30,
2025 was $1,150,000. This bond was a direct placement.
On December 11, 2012 the Sewer and Stormwater Utilities issued $28,565,000 ($23,708,950
Sewer and $4,856,050 Stormwater) in Revenue Bonds at an interest rate of 1.73 percent. The Series
2012 Bonds were issued by direct purchase through JPMorgan Chase Bank as authorized by City
Council resolution. The principal purpose of the Series 2012 Bonds was to defease a portion of the
Series 2004 Bonds; $20,490,662 was placed in escrow that, when combined with related interest
earnings, will be necessary to make principal and interest payments totaling $19,145,000 and
$1,384,181, respectively. The net carrying amount of the defeased bonds was $20,519,304 ($19,145,000
due at maturity add $1,187,044 of unamortized premium and $372,703 of accrued interest, and less
unamortized issuance costs of $185,443). The refunding transaction resulted in a $28,642 deferred
inflow of resources, which was amortized through February 2014. The Series 2012 bonds also generated
funds of $8,000,814 (after payment of bond issue costs of $73,524) for the construction and purchase of
improvements at the Sewer Treatment Plant and other sewer line upgrades. This issue matures February
1, 2027. The outstanding balance of the bonds at June 30, 2025 was $1,170,000. This bond was a direct
placement.
On April 5, 2017 the Salt Lake City Public Utilities issued $72,185,000 ($6,400,000 Water,
$63,569,743 Sewer, and $2,215,257 Street Lighting) in Revenue Bonds. The bonds were issued at a
premium of $9,593,680 and carry interest rates of 2.00 percent to 5.00 percent with a final maturity of
February 1, 2037. The bonds were issued for the purpose of financing improvements to the City’s
water, sewer, storm drain, and street lighting utilities, and refunding a portion of the City’s outstanding
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water and sewer revenue bonds. The Series 2017A Bonds maturing on or after February 1, 2028 are
subject to redemption at the election of the City. The outstanding balance of the bonds at June 30, 2025
was $51,255,000.
On August 12, 2020, the Water, Sewer and Stormwater Utilities issued $157,390,000
($61,362,110 Water, $84,472,630 Sewer and $11,555,260 Stormwater) in Revenue Bonds at an average
interest rate of 4.6 percent. The principal purpose of the Series 2020 Bonds was to finance a new water
reclamation facility and water treatment plant updates. The Series 2020 bonds will also help finance
improvements to the City’s storm drainage system. The issuance resulted in net proceeds of
$197,500,000 after premium of $40,810,454 and $700,454 cost of issuance. This issue fully matures
February 1, 2050. The outstanding balance of the bonds at June 30, 2025 was $154,215,000.
On September 15, 2020, the Utilities’ secured funding from the EPA under the Water
Infrastructure Finance and Innovation Act (WIFIA) program of up to $348,635,000. This funding will be
provided on a reimbursement basis and will be used for the construction of a water reclamation facility
to replace the fully depreciated facility that is still in use. The Sewer incurred financial charges of
$102,255 related this agreement. The interest rate on the funding is 1.34 percent per year. During fiscal
year 2022 the Utilities drew down $13,267,190; accordingly, the outstanding value of this loan on June
30, 2022 is $13,267,190. Accrued interest related to the amount outstanding is $59,250. Under the
agreement with the EPA the Utilities will begin repaying the amounts reimbursed by the program plus
deferred interest in 2029, and the debt service schedule and future maturities will be determined.
On June 29, 2022, the Water and Sewer Utilities issued $329,025,000 ($64,317,477 Water and
$264,707,523 Sewer) in Revenue Bonds at an average interest rate of 3.9 percent. The principal purpose
of the Series 2022 Bonds is to finance a new water reclamation facility and water treatment plant
updates. The issuance resulted in net proceeds of $347,893,193 after premium of $20,291,293 and
$1,423,100 cost of issuance. This issue fully matures February 1, 2052. The outstanding balance of the
bonds at June 30, 2025 was $63,177,835 and $260,017,165, respectively.
On December 19, 2024, the Water Utility secured up to $39,525,000 from the State of Utah to
receive funds from the State Revolving Fund. The Series 2024A Bond is a requirement of the State of
Utah. The principal purpose of the Series 2024A Bonds is to finance improvements to the water system.
The amount includes up to $19,350,000 of principle forgiveness. A hardship grant assessment fee is due
annually on February 1, 2025. As of June 30, 2025, the Utilities have received proceeds of $599,988
after $100,012 cost of issuance; $357,000 in repayable principle and $343,000 in principal forgiveness.
Future proceeds are anticipated as the bonds are purchased by the State. The bond will mature in 2064.
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Community Reinvestment Agency Bonds
The master indenture approved in conjunction with the issuance of Tax Increment Revenue
Bonds provides, among other things, that certain funds are established and certain accounting procedures
be followed. Under the terms of this indenture, the Community Reinvestment Agency irrevocably
pledged the incremental property tax revenues and investment income of the Agency to the payment of
the bonds and covenanted that the estimated annual tax increment revenues will be equal to at least 1.25
times the debt service to become due in the next fiscal year.
In May 2015, the Agency issued $12,215,000 in Series 2015A subordinate tax increment revenue
bonds and $1,060,000 in Series 2015B taxable subordinate tax increment revenue bonds (total of
$13,275,000) for the construction of the Regent Street Improvements. The interest rates on the Series
2015A and 2015B bonds are 2.57% and 2.66%, respectively. The Agency received net proceeds of
$12,543,274, including accrued interest of $631,975 and issuance costs of $99,752, which were both
expensed as incurred. The outstanding balance of the 2015A and 2015B bonds at June 30, 2025 was $
$6,165,000 and $0, respectively. These bonds were direct placement.
On December 11, 2019, the CRA issued Tax Increment Revenue Refunding Bonds Series 2019
at par amount of $44,640,000. The bonds carry coupon rates of 1.90 percent to 2.976 percent and have a
final maturity date of April 1, 2031. The bonds were issued to refund Tax Increment Bonds Series 2013.
The True Interest Cost of the bonds is 2.745%. The refunding of the Series 2013 bonds resulted in net
present value savings of $2,309,062 and a net cash flow savings of $2,639,619. The remaining balance
of the 2019 bonds as of June 30, 2025 was $735,034.
Local Building Authority Bonds
On March 29, 2016, the Local Building Authority issued $6,755,000 par Lease Revenue Bonds,
Series 2016A. The bonds were issued at a premium of $704,812 and carry interest rates of 2.00 percent
to 5.00 percent with final maturity of April 15, 2037. The Series 2016A Bonds maturing on and after
April 15, 2027 are subject to redemption in whole or in part at par plus accrued interest. The outstanding
balance of the bonds at June 30, 2025 was $4,650,000.
On April 27, 2017, the Local Building Authority issued $8,115,000 par Lease Revenue Bonds,
Series 2017A. The bonds were issued at a premium of $1,324,158 and carry interest rates of 4.00
percent to 5.25 percent with final maturity of April 15, 2038. The Series 2017A Bonds maturing on and
after April 15, 2028 are subject to redemption in whole or in part at par plus accrued interest. The
outstanding balance of the bonds at June 30, 2025 was $6,290,000.
Airport
On February 8, 2017 the Salt Lake City Airport issued $1,000,000,000 in Airport Revenue
Bonds, Series 2017A & 2017B. The bonds were issued at a premium of $126,480,831 and carry an
interest rate of 5.00 percent with a final maturity of July 1, 2047. The bonds were issued for the purpose
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of financing a portion of the design and construction of the Terminal Redevelopment Program (TRP)
and North Concourse Program (NCP). The City currently expects that it will issue additional series of
airport revenue bonds to fund approximately $1.1 billion of construction costs of elements of the TRP
and NCP in addition to the costs funded with the Series 2017 Bonds. The Series 2017A & B Bonds
maturing on or after July 1, 2028 are subject to redemption at the election of the City. The outstanding
balance of the bonds at June 30, 2025 was $801,860,000 and $168,635,000, respectively.
On October 31, 2018 the Salt Lake City Airport issued $850,550,000 in Airport Revenue Bonds,
Series 2018A & 2018B. The bonds were issued at a premium of $82,567,209 and carry an interest rate
of 4.28 percent with a final maturity of July 1, 2048. The bonds were issued for the purpose of
completing the construction of the Terminal Redevelopment Program (TRP) and North Concourse
Program (NCP). The Series 2018A & B Bonds maturing on or after July 1, 2029 are subject to
redemption at the election of the City. The outstanding balance of the bonds at June 30, 2025 was $
$818,550,000.
On August 5, 2021 the Airport issued $776,925,000 of Series 2021A (AMT), and $127,645,000
of Series 2021B (Non-AMT) bonds. The proceeds of the bonds are being used to finance portions of the
TRP and NCP. As of June 30, 2022, unspent Series 2021 bond proceeds was approximately $15.8
million. The Series 2021A & B bonds maturing on or after July 1, 2032 are subject to redemption at the
election of the City. The outstanding balance of the bonds at June 30, 2025 was $766,080,000 and
$126,055,000, respectively.
On August 2, 2023, the Airport issued $600,000,000 of Series 2023A (AMT) bonds. The
proceeds of the bonds are being used to finance portions of the TRP and NCP. As of June 30, 2024,
unspent Series 2023 bond proceeds was approximately $119.1 million. The outstanding balance of the
bonds at June 30, 2025 was $600,000,000.
Bank Notes
The City directly borrows funds from multiple banks and financing companies to purchase
equipment for city use. They are listed by bank or agency below:
The City has an equipment financing contract with JPMorgan Chase. Equipment such as police
vehicles, fire trucks, and other primary government purpose equipment are eligible to be financed under
this contract. The City enters into several financing contracts a year with terms less than seven years.
The interest rate is fixed and is determined separately for each contract. The initial amount available for
financing was $35,000,000 and extends five years ending July 10, 2026. Each financing agreement
reduces the amount available regardless of whether the final payment has been paid. As of June 30,
2025, $29,692,897 was still available for equipment purchase financing. Most of the agreements have
been for fleet and refuse equipment but there is one agreement for fire apparatus.
Public Services has four financing contracts with Siemens Public Inc. to purchase upgraded
energy efficient equipment. Two contracts are for city parks, one is for Steiner Aquatics Center
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equipment and one is for golf courses. In July 2010 $832,588 was borrowed at 4.213 percent with
final payment occurring in 2026. In January 2013, $6,315,796 was borrowed at 2.45 percent with the
final payment occurring in 2029. These were both used in the parks division to improve efficiency in
water usage and irrigation in city parks. A third agreement borrowed $3,470,79 in July 2013 at 2.95
percent maturing in 2030 and used for energy efficient equipment for Steiner Aquatics. The County
contributes half of the debt service to the City as both entities agreed to share the cost of the Aquatic
Center debt. The golf fund borrowed $6,068,464 in December 2014 at 2.5 percent with final payment
made in 2031. The funds were used to improve efficiency in water usage and irrigation.
The Housing and Loan Fund has two contracts that are used to provide mortgage loans for low
income housing. The city funds 20 percent of the purchase price and two contracts fund the remaining
80 percent, as described below.
In August 2018 multiple bank loans were consolidated and refinanced into one loan with Ally
Bank for $9,500,000 at 4.5 percent interest and matures in 2031. The City makes monthly payments
plus any principal payments received from low-income borrowers when they sell or refinance their
mortgages. For new low-income properties, the City borrows directly from UBS Bank, USA. The is a
revolving loan participation agreement with a limit of $5,000,000 and is used to pay 80 percent of
participation interest in low-income mortgage loans. Each new mortgage has a different interest rate
based on the current federal funds rate. The City receives principal and interest payments from the
borrowers and forwards those payments to UBS Bank. Final payments are expected to be made in 2048.
The outstanding amount of the Ally Bank and UBS Bank notes as of June 30, 2025 total $200,000,000, as
shown on the business-type Activities loan schedule under "Loan Financing Notes."
On September 5, 2024, the Airport entered into a short-term revolving credit facility in which the
Airport can access up to $300 million (line of credit) secured by one or more notes; which notes
constitute subordinate obligations under the Subordinate Obligation Trust Indenture. The Airport drew
down $200 million in February 2025 and used bond proceeds received in August 2025 to pay off the
balance. As of June 30, 2025, the line of credit balance was $200 million.
7. Leases
Lessor Agreements - Airport
The Airport, as a lessor, recognizes a lease receivable and a deferred inflow of resources at the
commencement of the lease term, with certain exceptions for leases of assets held as investments, certain
regulated leases, short-term leases, and leases that transfer ownership of the underlying asset. As lessor,
the asset underlying the lease is not derecognized. The lease receivable is measured at the present value
of the minimum lease payments expected to be received during the lease term. The deferred inflow of
resources should be measured at the value of the lease receivable in addition to any payments received at
or before the commencement of the lease term that relate to future periods.
For the purposes of the GASB No. 87 implementation, Airport Leases have been categorized as follows:
1. GASB No. 87 Leases - Included
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2. GASB No. 87 Leases - Excluded Leases - Regulated
3. GASB No. 87 Leases - Excluded Leases - Short Term
GASB No. 87 - Included Leases
In accordance with GASB No. 87, the Airport recognizes a lease receivable and a deferred
inflow of resources for leases the Airport categorizes as GASB No. 87 - Included. The Airport has
grouped these leases into three categories: Concession Leases, Rental Car Leases, and Other Property
Leases. Concession leases are leases for retail and food and beverage tenants at the Airport. Rental Car
Leases are rental car agencies located at the Airport. Other Property Leases contain various leases for
property and space located around the Airport. For the year ended June 30, 2025, the Airport reported
lease revenue of $45,989,035 and interest revenue of $4,046,476 related to lease payments received.
GASB No. 87 - Included Leases for the year ended June 30, 2025 are summarized as follows:
Building Lease
Receivable
Receivable
Additions
Implied
Interest
Receivable
Deduction
Annual Lease
Revenue
Ending Lease
Receivable
Concession Leases $ 73,043,946 $ 833,351 $ 1,773,615 $ 10,996,104 $ 12,769,718 $ 62,881,194
Rental Car Leases 50,820,288 —940,862 30,048,408 30,989,271 20,771,879
Other Property Leases 39,396,944 2,132,685 1,331,999 4,944,523 6,276,523 36,585,107
$ 163,261,178 $ 2,966,036 $ 4,046,476 $ 45,989,035 $ 50,035,512 $ 120,238,180
As of June 30, 2025, the lease receivable is $35,452,080 and $84,786,100 for current and non-
current assets, respectively.
Concession Leases
The new Airport terminal and Concourse A opened in September 2020 and Concourse B opened
in October 2020. At this time, all existing concession contracts were cancelled and new contracts went
into effect. The Airport has 26 food and beverage locations managed by 6 operators and 33 retail
locations managed by 5 operators for Phase I. All food and beverage contracts are for ten years and retail
contracts are for eight years. There are no options to extend. Each contract has a minimum annual
guarantee (MAG) and a variable component (percentage of gross revenues). The tenant pays the higher
amount of the MAG or variable amount. MAGs were set in each contract and increase to 90% of the
prior year’s rent, and they cannot be lower than the original MAG. Based on these terms, the minimum
payment will always be the initial MAG. The lease receivable is calculated using minimum payments
due each year over the course of contract. The variable component is not used to calculate the lease
receivable.
Due to the COVID-19 pandemic, all MAG payments were suspended and only the percentage
rent was required. The suspension of MAGs was held until enplaned passengers reached a rate of 90%
of FY 2019 recorded enplaned passengers for three consecutive months. This was an agreement with
tenants and the Airport and occurred in June, July, and August 2021. Payments of MAGs were reinstated
in September 2021. Also due to the pandemic, the contract termination dates for all tenants were moved
to expire at the end of eight or ten years from the time the MAG payments were reinstated. All retail
contracts from Phase I expire on August 31, 2029, and all food and beverage contracts from Phase I
expire on August 31, 2031.
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During FY 2024, the Airport finished Phase II, which opened 22 additional gates on Concourse
A. This new space added 7 retail locations and 12 food and beverage locations. The new retail contracts
expire on October 31, 2031, and the food and beverage contracts expire on October 31, 2033. For the
new contracts, a MAG was not established at the beginning of the lease, but will be determined after
approximately 2 years, so no lease receivable was recorded at the inception of the lease. The new
contracts do contain a portion for support space and this resulted in an addition to the lease receivable of
$1,586,872 in FY 2024.
During FY 2025, the Airport opened 5 gates as part of Phase III. This new space added 6 retail
locations and 5 food and beverage locations. The new retail contracts expire on October 31, 2032, and
the food and beverage contracts expire on October 31, 2034. For the new contracts, a MAG was not
established at the beginning of the lease, but will be determined after approximately 2 years, so no lease
receivable was recorded at the inception of the lease. The new contracts do contain a portion for support
space and this resulted in an addition to the lease receivable of $833,000 in FY 2025.
For the year ended June 30, 2025, the lease receivable was reduced, and interest recognized of
$10,996,104 and $1,773,615, respectively. The deferred inflow was also reduced by $10,996,104. The
lease receivable was discounted to the net present value using the 30-year bond buyer index rate on the
date of lease commencement or implementation date of the standard. The Airport uses the 30-year bond
buyer index rate in its Airline Use Agreement to record the return on investment on the unamortized
portion of capitalized assets received from the signatory airlines. This applies to all assets with any
useful life. The Airport considered this rate to be the most appropriate for leases of Airport property to
match the return received from the airlines.
For the year ended June 30, 2025, the Airport received $19,591,530 of revenue from the variable
component on top of the lease payments.
Future minimum lease payments are as follows:
Principal Interest
2026 $ 10,939,639 $ 1,499,277
2027 11,115,186 1,216,753
2028 11,363,425 927,670
2029 11,669,209 631,693
2030 7,319,853 370,863
2031-2035 9,263,320 779,174
2036-2038 1,210,561 77,293
$ 62,881,193 $ 5,502,723
Rental Car Leases
As part of construction of the new airport, new rental car facilities were built. In March 2016, the
Airport entered into a new ten year agreement with seven rental car agencies. Each agreement includes
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the rental of counter and office space, parking stalls, quick turnaround (QTA) space, QTA common
space, QTA storage space, and remote service site space. All contracts expire on February 28, 2026, and
there are no options to extend. Each contract has a MAG and a variable component (10% of gross
revenues), in addition to the space rentals. The tenant pays the higher amount of the MAG or variable
amount. MAGs were set in each contract and increase a minimum of 3% each year. The lease receivable
is calculated using the contractual amounts for the space rental and minimum payments due for
percentage rent each year over the course of contract. The variable component is not used to calculate
the lease receivable.
For the year ended June 30, 2025, the lease receivable was reduced, and interest recognized of
$30,048,408 and $940,862, respectively. The deferred inflow was also reduced by $30,048,408. The
lease receivable was discounted to the net present value using the 30-year bond buyer index rate on July
1, 2021 (implementation date) of 2.53%.
The Airport received $9,917,172 of revenue from the variable component on top of the lease payments.
The Airport is currently in contract negotiations with certain car rental agencies on a new
agreement beginning late FY 2026.
Future minimum lease payments are as follows:
Principal Interest
2026 $ 20,771,879 $ 197,557
Other Property Leases
At implementation, the Airport entered into several agreements to lease space inside the airport
or property on airport grounds. These agreements include ground transportation booths, rooms for
communication equipment, the weather service building, space to operate the hardstand consortium, land
for the post office, land for the Delta MRT Center, land for the Delta Flight Operations Training Center,
and land for Boeing. The termination dates for these contracts range from May 2023 to May 2055,
including all options expected to be exercised. The lease receivable is calculated using the contractual
amounts for the space rental.
In FY 2024, the Airport entered into two new lease agreements adding $472,722 to the lease
receivable. These new agreements expire between April 2026 and November 2044.
In FY 2025, the Airport amended an agreement, adding $2,132,685 million to the lease
receivable. This amended agreement expires in September 2026.
For the year ended June 30, 2025, the lease receivable was reduced, and interest recognized of
$4,944,523 and $1,331,999, respectively. The deferred inflow was also reduced by $4,944,523. The
lease receivable was discounted to the net present value using the 30-year bond buyer index rate on the
date of lease commencement or implementation date of the standard.
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Future minimum lease payments are as follows:
Principal Interest
2026 $ 3,740,562 $ 1,255,392
2027 2,583,130 1,127,268
2028 2,366,526 1,045,240
2029 2,517,606 960,422
2030 2,726,070 869,263
2031-2035 10,454,677 2,946,431
2036-2040 2,199,705 2,096,727
2041-2045 2,491,342 1,677,250
2046-2050 3,100,638 1,158,484
2051-2055 4,404,851 443,020
$ 36,585,107 $ 13,579,497
GASB No. 87 Excluded Leases – Regulated
In accordance with GASB No. 87, the Airport does not recognize a lease receivable and a
deferred inflow of resources for regulated leases. Regulated leases are certain leases that are subject to
external laws, regulations, or legal rulings, e.g. the U.S. Department of Transportation and the Federal
Aviation Administration, regulated aviation leases between airports and air carriers and other
aeronautical users. Regulated leases include Airline Use Agreement Signatory Airlines, Cargo Facilities,
Corporate Hangars, Flight School and Skydiving, Fixed Based Operator, FAA Space Rental, Fuel
System, National Guard, and the Delta and Skywest Maintenance Hangars, as follows:
Airline Use Agreement Signatory Airlines
The rights, services and privileges, including the lease of preferentially-assigned gates, an airline
has in connection with the use of the airport and its facilities is addressed in the Airline Use Agreement
(AUA). By definition, the AUA is considered a regulated lease and does not recognize a receivable and
corresponded deferred inflow of resources. The Airport and certain airlines entered into the original ten
year AUA that became effective July 1, 2014 and expired on June 30, 2024. A new AUA was agreed
upon and began on July 1, 2024.
The Airport has entered into an AUA with seven (7) passenger airlines and recognized terminal,
cargo ramp, federal inspection services (FIS) facilities, and passenger boarding bridge lease revenue of
$186,608,777, $385,176, $3,282,345, and $2,203,755 respectively, for the year ended June 30, 2025. Due
to the variable nature of the revenues from year-to-year, expected future minimum payments are
indeterminable.
Cargo Facilities
The Airport has entered into month-to-month agreements with 7 companies for space in cargo
facilities located at the airport. Revenue from these companies was $1,462,042 for the year ended
June 30, 2025.
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The Airport has entered into agreements with 8 additional companies for space in cargo facilities.
The termination dates range from February 28, 2023 to November 8, 2045. Only one contract has
options to extend. They are on the third of 4 one-year extensions, all of which are anticipated to be used.
Revenue from these companies was $1,066,256 for the year ended June 30, 2025.
Future minimum lease payments are as follows:
2026 $ 639,249
2027 639,249
2028 639,903
2029 469,594
2030 239,615
2031-2035 1,070,360
2036-2040 1,070,360
2041-2045 944,032
2046 26,033
$ 5,738,395
Corporate Hangars
The Airport has entered into several agreements with companies for corporate hangars and the
associated ground rent. Termination dates for these contracts range from April 2023 to December 2054.
There are no extension options for corporate hangars. Revenue for FY 2025 from corporate hangars was
$968,362.
Future minimum lease payments are as follows:
2026 $ 504,385
2027 388,932
2028 311,284
2029 284,662
2030 278,815
2031-2035 1,339,746
2036-2040 1,483,648
2041-2045 1,216,889
2046-2050 636,126
2051-2055 369,237
$ 6,813,724
Flight School and Skydiving
The Airport has entered into one agreement for skydiving and five agreements with flight
schools and training. Termination dates for these contracts range from March 2023 to September 2025.
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Any options in the contracts are expected to be used. Revenue for FY2025 from flight schools and
skydiving was $244,501.
Future minimum lease payments are as follows:
2026 $ 115,932
$ 115,932
Fixed Based Operator
The Airport has entered into agreements with two fixed based operators to manage general
aviation. Termination dates for these contracts are June 2025 and September 2042. There are no
extension options for fixed based operators. Revenue for FY 2025 from fixed based operators was
$1,742,037.
Future minimum lease payments are as follows:
2026 $ 892,258
2027 892,258
2028 954,811
2029 963,787
2030 963,787
2031-2035 5,017,317
2036-2040 1,769,203
2041-2043 781,398
$ 12,234,819
FAA Space Rental
The Airport has entered into an agreement with the FAA for space for equipment. The lease
expires on September 30, 2028 and there are no options to extend. Revenue for FY 2025 from this lease
was $9,448.
Future minimum lease payments are as follows:
2026 $ 9,448
2027 9,448
2028 9,448
2029 2,362
$ 30,706
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Fuel System
The Airport has entered into an agreement with a company to lease and operate the fuel system.
The lease expires on December 31, 2040 with an option to extend 5 years. The option is expected to be
exercised. Revenue for FY 2025 from the fuel system lease was $4,742,715.
Future minimum lease payments are as follows:
2026 $ 3,620,444
2027 3,629,798
2028 3,639,432
2029 3,649,356
2030 3,659,577
2031-2035 18,462,264
2036-2040 18,767,916
2041 1,893,619
$ 57,322,406
National Guard
The Airport has entered into agreements with the Utah Air National Guard at Salt Lake City
International Airport and the Utah National Guard at South Valley Regional Airport. Termination dates
for these contracts are December 31, 2028 and December 31 2045, respectively. There are no extension
options. Revenue for FY 2025 from these contracts was $160,266.
Future minimum lease payments are as follows:
2026 $ 156,794
2027 156,794
2028 156,794
2029 121,547
2030 86,300
2031-2035 431,500
2036-2040 431,500
2041-2045 431,500
2046 43,150
$ 2,015,879
Delta and Skywest Maintenance Hangars
The Airport has entered into agreements with Delta and Skywest for their maintenance hangars
and associated ground rent. Delta’s agreement expired on May 31, 2023 and a new 10 year agreement
was entered into on June 1, 2023, expiring on May 31, 2033, with no option to extend. Skywest’s
agreement expires on November 18, 2027 with an option to extend 10 years. As of October 1, 2025, it is
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unknown if Skywest will exercise the option. Revenue for FY 2025 from the maintenance hangars was
$4,246,812.
Future minimum lease payments are as follows:
2026 $ 4,100,616
2027 4,144,298
2028 3,813,577
2029 2,771,016
2030 2,024,239
2031-2033 6,243,099
$ 23,096,845
GASB No. 87 Excluded Leases – Short-term
In accordance with GASB No. 87, the City does not recognize a lease receivable and a deferred
inflow of resources for short-term leases. Short-term leases are certain leases that, at the commencement
of the lease term, has a maximum possible term under the lease contract of 12 months (or less),
including any options to extend, regardless of their probability of being exercised. Month-to-month
leases are considered short-term.
Lessor Agreements - Utilities
The Utilities leases land to various parties. The estimated carrying value of the parcels or partial
parcels of land related to the lease agreements on June 30, 2025, was $512,288. For the year ended
June 30, 2025, the Utilities earned a total of $77,004 in lease revenue and $102,602 in lease interest
revenue, respectively.
As of June 30, 2025, the Utilities anticipate receiving the following amounts from Lessees in
satisfaction of amounts receivable as of that date:
Principal Interest
2026 $ 89,425 $ 100,071
2027 96,098 97,292
2028 84,171 94,611
2029 93,023 91,974
2030 102,386 89,063
2031-2035 662,548 391,018
2036-2040 823,745 278,207
2041-2045 671,351 166,048
2046-2050 608,328 62,975
2051 178,266 1,541
$ 3,409,341 $ 1,372,800
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Lessor Agreements - CRA
The CRA has accrued a receivable for three parking structure leases. The remaining receivable
for these leases was $24,484,972 for the year ended June 30, 2025. Deferred inflows related to these
leases were $22,577,914 as of June 30, 2025. Interest revenue recognized on these leases was $870,276
for the year ended June 30, 2025. Principal receipts of $407,529 were recognized during the fiscal year.
The interest rate on the leases is 3.5%. Final receipt is expected in fiscal year 2052.
As of June 30, 2025, the CRA anticipates the following payments on lease receivables:
Fiscal Year Ended June 30,Principal Interest
2026 $ 458,233 $ 855,085
2027 475,701 838,638
2028 492,737 821,602
2029 548,627 803,342
2030 568,274 783,695
2031-2035 3,368,404 3,586,401
2036-2040 4,111,453 2,925,157
2041-2045 5,247,658 2,110,204
2046-2050 6,644,083 1,070,652
2051-2052 2,569,802 81,469
Total $ 24,484,972 $ 13,876,245
Lessee Agreements
Salt Lake City leases several buildings in the city. The City is required to make annual principal
and interest payments and the leases expire at various dates from April 2027 to September 2041. The
leases carry interest rates ranging from 1.8% to 4.2%.
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Future minimum lease payments are as follows:
Principal Interest
2026 $ 869,397 $ 123,295
2027 905,866 97,271
2028 495,128 74,137
2029 523,306 56,786
2030 292,994 41,424
2031-2035 887,727 154,113
2036-2040 972,531 69,309
2041-2042 257,316 3,144
$ 5,204,265 $ 619,479
The Airport leases a building near the airport for ground transportation operations and
inspections. The lease began on December 1, 2007 and expired December 31, 2022. An amendment to
extend the agreement was signed in August 2022 for an additional 5 years, expiring on December 31,
2027. During FY 2025, the Airport paid principal on the lease and reduced the lease liability by $96,407,
recorded implied interest expense of $13,255, and recorded amortization expense of $100,835.
Future minimum lease payments are as follows:
Principal Interest
2026 $ 104,802 $ 9,246
2027 113,718 4,893
2028 59,769 699
$ 278,289 $ 14,838
Deferred Inflows and outflows of resources - Leases
In accordance with GASB No. 87, the Airport recognizes a lease receivable and a deferred
inflow of resources for leases the Airport categorizes as GASB No. 87 - Included. For these leases, the
Airport is reporting Deferred Inflows of $120,238,180 as of June 30, 2025, and reported deferred lease
revenue of $45,989,035.
These GASB No. 87 - Included leases for the year ended June 30, 2025 are summarized below:
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Beginning
Deferred
Inflows
Additional
Deferred
Inflows
Deferred
Revenue
Recognized
Ending
Deferred
Inflows
Concession Leases $ 73,043,946 $ 833,351 $ (10,996,104) $ 62,881,193
Rental Car Leases 50,820,288 —(30,048,408)20,771,880
Other Property Leases 39,396,944 2,132,685 (4,944,523)36,585,106
$ 163,261,178 $ 2,966,036 $ (45,989,035) $ 120,238,179
8. Subscription Assets
During FY 2023, the City implemented GASB Statement No. 96 – Subscription-Based IT
Arrangements. The City recognizes a right-to-use asset (subscription asset) at the commencement of the
subscription term, with certain exceptions for short-term contracts. The subscription asset is measured as
the sum of the following: (a) the amount of the initial measurement of the subscription liability, (b)
payment associated with the contract made to the vendor at the commencement of the subscription term,
and (c) capitalizable initial implementation costs.
The City recognizes a subscription asset at the commencement of the subscription term, with
certain exceptions for short-term contracts. The subscription asset is measured as the initial
measurement of the subscription liability plus the capitalizable initial implementation costs. A
subscription asset should be amortized in a systematic and rational manner over the shorter of the
subscription term or the useful life of the underlying IT Asset and the City uses the straight-line method
of amortization. For the year ended June 30, 2025, the City added one new subscription asset and
recognized amortization expense of $1,585,718. On June 30, 2025, the net subscription asset was
$7,812,393.
Beginning
Subscription
Asset Additions Deletions
Ending
Subscription
Asset
Subscription Asset $ 10,405,778 $ 1,370,910 $ — $ 11,776,688
Accumulated Amortization 2,378,577 1,585,718 —3,964,295
Net Subscription Asset $ 8,027,201 $ (214,808) $ — $ 7,812,393
The Airport recognized seven contracts as subscription-based IT arrangements. They include
contracts for map solutions in the SLCDA app and website, passenger boarding bridge maintenance
systems, a DBE database, an enterprise asset management system, flight data for Airport Operations,
and flight information for public viewing. All contracts but one have options to extend, and all are
intended to be used. Expiration dates (including anticipated options to extend) range from December
2024 to June 2030. Rates change based on terms in each contract and rate changes are considered in the
calculation of the subscription liability. There are no variable components related to any of the contracts.
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For the year ended June 30, 2025, the Airport added $206,067 to the subscription asset and
recognized amortization expense of $1,094,224. On June 30, 2025, the net subscription asset was
$663,901.
Beginning
Subscription
Asset Additions Deletions
Ending
Subscription
Asset
Subscription Asset $ 3,806,871 $ 206,067 $ — $ 4,012,939
Accumulated Amortization 2,254,814 1,094,224 —3,349,038
Net Subscription Asset $ 1,552,057 $ (888,157) $ — $ 663,901
The Utilities recognized three subscription-based information technology agreements (SBITAs)
including work order software, customer service software, and regulation compliance monitoring
software. The Utilities are required to make payments through fiscal year 2030 under the SBITAs. On
July 1, 2022 (implementation date), the Utilities recognized a subscription asset of $1,573,053.
For the year ended June 30, 2025, the Utilities did not add any subscription assets and recognized
amortization expense of $270,893. On June 30, 2025, the net subscription asset was $895,820.
Beginning
Subscription
Asset Additions Deletions
Ending
Subscription
Asset
Subscription Asset $ 1,573,053 $ — $ — $ 1,573,053
Accumulated Amortization 406,340 270,893 —677,233
Net Subscription Asset $ 1,166,713 $ (270,893) $ — $ 895,820
The Library has entered into multiple SBITA contracts for website license subscriptions, incident
reporting software, and project management software.
For the year ended June 30, 2025, the Library added $0 to the subscription asset and recognized
amortization expense of $160,651. On June 30, 2025, the net subscription asset was $195,722.
Beginning
Subscription
Asset Additions Deletions
Ending
Subscription
Asset
Subscription IT Assets $ 618,974 $ — $ — $ 618,974
Accumulated Amortization 262,601 160,651 —423,252
Net Subscription Asset $ 356,373 $ (160,651) $ — $ 195,722
9. Subscription Liabilities
In accordance with GASB No. 96, the City recognizes a subscription liability at the
commencement of the subscription term. The subscription liability is measured at the present value of
subscription payments expected to be made during the subscription term.
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Subscription liabilities represent the City’s obligation to make subscription payments arising
from the subscription contract. Subscription liabilities are recognized at the subscription commencement
date based on the present value of future subscription payments expected to be made during the
subscription term. The present value of subscription payments is discounted based on a borrowing rate
determined by the City.
All contracts with a recognized subscription asset also have a corresponding subscription liability
and the same contract terms apply.
Future minimum subscription payments are as follows:
Principal Interest
2026 $ 1,360,687 $ 272,783
2027 1,414,385 245,943
2028 1,500,705 187,014
2029 1,591,371 124,292
2030 1,395,302 58,184
$ 7,262,451 $ 888,216
The Airport subscription liability was discounted to the net present value using the 30-year bond
buyer index rate on July 1, 2022 (implementation date) of 3.82%. The Airport uses the 30-year bond
buyer index rate in its Airline Use Agreement to record the return on investment on the unamortized
portion of capitalized assets received from the signatory airlines. This applies to all assets with any
useful life. The Airport considered this rate to be the most appropriate for subscription-based contracts.
The other rate available to the Airport is our borrowing rate on bond issuances. Using that rate would
yield an immaterial difference from the bond buyer index rate.
Future minimum subscription payments are as follows:
Principal Interest
2026 $ 175,772 $ 20,359
2027 128,607 14,690
2028 105,150 9,988
2029 106,811 5,675
2030 81,918 1,518
$ 598,258 $ 52,230
The Utilities subscription liability was valued using discount rates between 2.9% and 3.8% based
on the Utilities’ incremental borrowing rate at the inception of each subscription agreement. The balance
of the subscription liabilities was $735,034 on June 30, 2025.
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June 30, 2025
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Beginning
Subscription
Liability Additions
Implied
Interest
Expense
Liability
Deduction
Annual
Subscription
Payment
Ending
Subscription
Liability
Subscription Liability $ 1,009,914 $ — $ 23,340 $ 274,880 $ 298,220 $ 735,034
Future minimum subscription payments are as follows:
Principal Interest
2026 $ 255,803 $ 15,172
2027 138,834 10,885
2028 132,548 6,457
2029 102,449 2,951
2030 105,400 —
$ 735,034 $ 35,465
The Library entered into multiple SBITA contracts, as mentioned in the SBITA Asset section.
The Library is required to make principal and interest payments through March 2027. The subscription
liability was valued using discount rates between 3.4% and 3.6% based on the Library’s incremental
borrowing rate at the inception of the subscriptions. The balance of the subscription liabilities was
$193,556 on June 30, 2025.
Beginning
Subscription
Liability Additions
Liability
Deduction
Ending
Subscription
Liability
Subscription Liability $ 349,889 $ — $ 156,333 $ 193,556
Future minimum subscription payments are as follows:
Principal Interest
2026 $ 140,874 $ 4,435
2027 52,682 662
$ 193,556 $ 5,097
10. Fund Balance
Non-spendable amounts represent the portion of fund balance that is not in a spendable form or
are contractually required to remain unspent. Receivables and prepaid items are classified as non-
spendable.
Restricted amounts represent that portion of fund balance or net position that is legally restricted
for the payment of debt service, operations and maintenance, renewal and replacement of property and
equipment. Debt service and funds restricted by state or federal agencies are included in this category.
The largest are impact fees and class C funds which are regulated by the state. Encumbrances, for
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homeless services, housing, transit and other social services, are used in the General Fund and are
included in this category and reflect ongoing contractual obligations that we consider to be legally
restricted for operations across all general fund departments.
Committed amounts represent the portion of fund balance that can only be used for specific
purposes that requires specific action by the highest decision making authority. The City Council is the
highest decision making authority and approves all budgets and uses of fund balances by ordinance in
official meetings designated to perform such duties.
Assigned amounts represent the portion of fund balance that are intended to be used for a
specific purpose but are not restricted or committed.
Unassigned amounts represent residual balances in the General Fund.
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The table below shows a detail of the fund balance categories.
Capital Nonmajor
General Projects Other Governmental
Fund Funds Improvement Funds Total
Fund Balances:
Nonspendable:
Taxes and loans receivable, and
prepaid items $ 15,024 $ — $ — $ — $ 15,024
Restricted for:
Class C Roads — 19,419,675 — — 19,419,675
Debt Service — — 18,175,458 — 18,175,458
Misc Capital Projects — 83,073,426 — — 83,073,426
Impact Fees — 47,721,805 — — 47,721,805
Grants — — — 5,957,838 5,957,838
Community Development — — — 130,239 130,239
Arts Council — — — 719,339 719,339
Emergency 911 — — — 886,211 886,211
Transportation — 26,581,939 — 5,384,736 31,966,675
DEA Metro Narcotic Task Force — — — 764,959 764,959
Capital City Revitalization — — — 5,277,144 5,277,144
Encumbrances 18,919,920 — — — 18,919,920
Total restricted 18,919,920 176,796,845 18,175,458 19,120,466 233,012,689
Committed:
Weed demolition and forfeiture — — — 751,093 751,093
Emergency 911 — — — 8,962,992 8,962,992
Debt Service — — — 201,065 201,065
Arts Council — — — 138,483 138,483
Total committed — — — 10,053,633 10,053,633
Assigned to:
Misc Capital Projects — 78,080,584 — — 78,080,584
Arts Council — — — 1,051,760 1,051,760
Downtown economic
development — — — 2,348,782 2,348,782
Street lighting special districts — — — 654,346 654,346
Weed demolition and forfeiture — — — 1,365,687 1,365,687
Donations — — — 1,724,637 1,724,637
DEA Metro Narcotic Task Force — — — 406,871 406,871
Total assigned — 78,080,584 — 7,552,083 85,632,667
Unassigned: 123,932,735 — — — 123,932,735
Total fund balances $ 142,867,679 $ 254,877,429 $ 18,175,458 $ 36,726,182 $ 452,646,748
11. General Fund Interfund Service Charges
The General Fund charges certain proprietary and special revenue funds, the Capital Projects
Fund and the Library component unit for various services. These transactions have been recorded as
revenue and expenses or expenditures to the funds as if they involved organizations external to the City,
which are generally eliminated for the government wide statements. The amounts of the charges to those
funds for the year ended June 30, 2025, are as shown in the table below:
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General Fund charges for:
Fire Police Engineering
Administrative protection protection and other
Enterprise funds:services services services services Total
Water Utility $ 1,299,649 $ — $ — $ — $ 1,299,649
Sewer Utility 925,446 — — — 925,446
Storm Water Utility 240,810 — — 118,000 358,810
Street Lighting 69,217 — — — 69,217
Airport 3,042,674 7,205,362 13,661,690 — 23,909,726
Refuse Collection 215,117 — — 18,527 233,644
Golf — — — 37,811 37,811
Community Reinvestment
Agency 1,360,363 — — 183,819 1,544,182
Internal service funds:
Fleet Management 582,258 — — — 582,258
Information Management 539,073 — — — 539,073
Governmental Immunity 77,824 — — — 77,824
Risk Management 573,868 — — — 573,868
Capital Projects Fund — — — 1,818,030 1,818,030
Total reporting entity $ 8,926,299 $ 7,205,362 $ 13,661,690 $ 2,176,187 $ 31,969,538
12. Transfers
Transfers were made to and from several funds during the course of the year ended June 30,
2025. The principal reason for transfers is to provide the receiving fund resources to carry out the
activities for which the receiving fund was created. The more significant examples are transfers from the
General Fund to the Capital Projects Fund, to Fleet Management for the purchase of governmental fund
vehicles, Other Improvement Fund for Debt Service and to Governmental Immunity to pay general
liability claims. Also, Community Reinvestment Agency to Debt Service Funds provide resources to
make scheduled principal and interest payments. The table below shows the detail of transfers.
Transfer in to:
Capital Other Nonmajor Nonmajor Internal
Transfers out
from:General Projects Improvements CRA Governmental Proprietary Service Total
General Fund $ — $ 25,393,031 $ 9,637,877 $ 22,251,505 $ — $ 2,104,615 $ 13,737,218 $ 73,124,246
Capital Projects 4,390,492 — — — — — — 4,390,492
Nonmajor
Governmental 5,358,132 10,300,000 — — — — — 15,658,132
Nonmajor
Proprietary — — 272,413 1,021,120 10,636,818 — — 11,930,351
Internal Service — — 291,272 — — — — 291,272
Total $ 9,748,624 $ 35,693,031 $ 10,201,562 $ 23,272,625 $ 10,636,818 $ 2,104,615 $ 13,737,218 $ 105,394,493
13. Risk Management
The City is self-insured for liability exposures, except take-home auto liability and liability
incurred at the Airport. The Airport carries commercial general liability insurance with a $500,000,000
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limit and $0 deductible. The Governmental Immunity Fund (an internal service fund) has been
established solely to pay liability claims other than those at the Airport along with certain related City
Attorney expenses. The City carries cyber and technology liability insurance with a $5,000,000 per
occurrence and aggregate limit with a $500,000 retention.
The City is insured for workers’ compensation with statutory limits as of August 1, 2024.
Further, the City is self-insured for unemployment risk. The Risk Management Fund (an internal
service fund) has been established to pay these claims along with health insurance premiums and certain
administrative expenses. During the past three fiscal years, there have been no settlements that exceeded
insurance coverage.
The City and Airport carry separate all risk property insurance policies, summarized below:
City: $500,000,000 aggregate limit with a $100,000 deductible, with the following exceptions:
the flood deductible is $250,000 except for three properties located outside the standard report zone,
which carry a $500,000 deductible; earth movement deductible is one percent (1%) per location subject
to $100,000 minimum and $5,000,000 maximum per location; the Leonardo building has a $10,000
deductible. Sub-limits apply as follows: (1) earth movement $125,000,000 limit; (2) flood $100,000,000
limit; (3) Mountain Dell Dam and appurtenant structures $60,000,000 aggregate limit with $30,000,000
sub-limit for all other dams; (4) fine art coverage $100,000,000 limit. The City is self-insured for
property loss above the limits and below the deductibles. The operating departments of the General Fund
or proprietary funds assume financial responsibility for risk retained by the City for property damage.
Airport: $1,000,000,000 with a $100,000 deductible. Sub-limits and deductible exceptions apply
as follows: (1) earth movement is $100,000,000 with a deductible of one percent (1%) of Total Insured
Values at the time of the loss at each covered location involved in the loss or damage, subject to a
minimum of $100,000 deductible and maximum of $5,000,000 and flood coverage is $150,000,000 sub-
limit with a deductible of $100,000 minimum, $5,000,000 maximum; (2) $1,000,000,000 windstorm or
hail five percent (5%) of Total Insured Values at the time of the loss at each covered location involved in
the loss or damage, subject to a minimum of $250,000 any one occurrence for all covered loss or
damage arising out of named storm (3) business interruption and extra expense coverage of
$200,000,000 with a $100,000 deductible. Terrorism, certified and non-certified acts, is not covered.
The Treasurer, Deputy Treasurer, and Director of Finance are each covered by public official
bonds in the amount of $10,000,000, with no deductible.
The City has a government crime policy that provides public employee dishonesty coverage (an
employee blanket bond) covering (1) employee theft with $1,000,000 limit and $20,000 deductible; (2)
computer fraud with $1,000,000 limit and $20,000 deductible; (3) funds transfer fraud with $1,000,000
limit and $20,000 deductible; (4) theft of money and securities with $50,000 limit and $2,500
deductible; (5) money orders and counterfeit paper currency with $50,000 limit and $2,500 deductible;
(6) forgery and alteration with $25,000 limit and $1,000 deductible.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
98
Changes in the estimated claims payable liability carried in the accrued liabilities of the Risk
Management Fund since July 1, 2022 are shown in the table below:
Current year
Beginning of claims and Balance at Estimated
fiscal year changes in Claim fiscal year due in one
liability estimates payments end year
2022-2023
Workers' compensation $ 3,442,668 $ 1,874,009 $ (1,828,252) $ 3,488,425
Unemployment compensation 133,191 (27,877) (86,684) 18,630
$ 3,575,859 $ 1,846,132 $ (1,914,936) $ 3,507,055
2023-2024
Workers' compensation $ 3,488,425 $ 1,345,995 $ (1,324,942) $ 3,509,478
Unemployment compensation 18,630 274,649 (258,982) 34,297
$ 3,507,055 $ 1,620,644 $ (1,583,924) $ 3,543,775
2024-2025
Workers' compensation $ 3,509,478 $ 2,624,902 $ (3,840,864) $ 2,293,516 $ 435,819
Unemployment compensation 34,297 43,289 (35,129) 42,457 35,129
$ 3,543,775 $ 2,668,191 $ (3,875,993) $ 2,335,973 $ 470,948
A liability is recorded for any claims or judgments when information available prior to issuance
of the financial statements indicates it is probable that a liability has been incurred at the date of the
financial statements and the amount of the loss can be reasonably estimated. Incurred but not reported
events, if any, are included in the statements.
14. Retirement Plans
Plan description: Eligible plan participants are provided with pensions through the Utah
Retirement Systems. The Utah Retirement Systems are comprised of the following pension trust funds:
• Public Employees Noncontributory Retirement System (Noncontributory System); Public
Employees Contributory Retirement System (Contributory System); Firefighters Retirement
System (Firefighters System); are multiple employer, cost-sharing, retirement systems.
• The Public Safety Employee Retirement System (Public Safety System) is a mixed agent and
cost-sharing, multiple-employer public employee retirement system.
• Tier 2 Public Employees Contributory Retirement System (Tier 2 Public Employees System);
and the Tier 2 Public Safety and Firefighter Contributory Retirement System (Tier 2 Public
Safety and Firefighters System) are multiple employer cost sharing public employees retirement
systems.
The Tier 2 Public Employees System became effective July 1, 2011. All eligible employees
beginning on or after July 1, 2011 who have no previous service credit with any of the Utah Retirement
Systems, are member of the Tier 2 Retirement System.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
99
The Utah Retirement Systems (Systems) are established and governed by the respective sections
of Title 49 of the Utah Code Annotated 1953, as amended. The Systems' defined benefit plans are
amended statutorily by the State Legislature. The Utah State Retirement Office Act in Title 49 provides
for the administration of the Systems under the direction of the Utah State Retirement Board, whose
members are appointed by the Governor. The Systems are fiduciary funds defined as pension (and other
employee benefit) trust funds. URS is a component unit of the State of Utah. Title 49 of the Utah Code
grants the authority to establish and amend the benefit terms. URS issues a publicly available financial
report that can be obtained by writing Utah Retirement Systems, 560 E. 200 S, Salt Lake City, Utah
84102 or visiting the website: www.urs.org/general/publications.
The liability for pension-related debt in the governmental activities is primarily liquidated by the
general fund with a minimal portion liquidated by the internal service funds (Fleet Management,
Information Management Services, Risk Management, and Governmental Immunity.)
Contributions made after the measurement date of December 31, 2024 of the net pension liability
but before June 30, 2025 will be recognized as a reduction of the net pension liability in the subsequent
fiscal period rather than the current fiscal period.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
100
Benefits provided: URS provides retirement, disability, and death benefits. Retirement benefits
are as follows:
System
Years of service
required and/or age
eligible for benefit
Benefit percent per
year of service COLA**
Noncontributory System Highest
3 years
30 years any age
2.0% per year all
years Up to 4%
25 years any age*
20 years age 60*
10 years age 62*
4 years age 65
Contributory System Highest
5 years
30 years any age 1.25% per year to
June 1975;
2.00% per year July
1975 to present
Up to 4%20 years age 60*
10 years age 62*
4 years age 65
Public Safety System Highest
3 years
20 years any age 2.5% per year up to
20 years; 2.0% per
year over 20 years
Up to 2.5% or 4%
depending on the
employer10 years age 60
4 years age 65
Firefighters System Highest
3 years
20 years any age 2.5% per year up to
20 years; 2.0% per
year over 20 years
Up to 4%10 years age 60
4 years age 65
Tier 2 Public Employees
System
Highest
5 years
35 years any age
1.5% per year all
years Up to 2.5%20 years age 60*
10 years age 62*
4 years age 65
Tier 2 Public Safety and
Firefighter system
Highest
5 years
25 years any age 1.5% per year to
June 30, 2020; 2.0%
per year July 1, 2020
to present
Up to 2.5%20 years age 60*
10 years age 62*
4 years age 65
*Actuarial reductions are applied
** All post-retirement cost-of-living adjustments are non-compounding and are based on the original benefit except for
Judges, which is a compounding benefit. The cost-of-living adjustments are also limited to the actual Consumer Price Index
(CPI) increase for the year, although unused CPI increases not met may be carried forward to subsequent years.
Contributions: As a condition of participation in the Systems, employers and/or employees are
required to contribute certain percentages of salary and wages as authorized by statute and specified by
the Utah State Retirement Board. Contributions are actuarially determined as an amount that, when
combined with employee contributions (where applicable) is expected to finance the costs of benefits
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
101
earned by employees during the year, with an additional amount to finance any unfunded actuarial
accrued liability. Contributions rates as of June 30, 2025 are as follows:
Utah Retirement Systems
Employee
Paid
Paid by
Employer for
Employee
Employer
Contribution
Rates
Employer Rate
for 401(k) Plan
Contributory System
11 - Local Governmental Division Tier 1 DB System N/A 6.00 % 12.96 %N/A
111- Local Governmental Division Tier 2 DB Hybrid N/A 0.70 % 16.95 %N/A
211- Local Governmental Division Tier 2 401(k) Option N/A N/A 6.95 % 10.00 %
Noncontributory System
15 - Local Governmental Division Tier 1 DB System N/A N/A 16.97 %N/A
111- Local Governmental Division Tier 2 DB Hybrid N/A 0.70 % 15.19 %N/A
211- Local Governmental Division Tier 2 401(k) Option N/A N/A 5.19 % 10.00 %
Public Safety Retirement System
44 - Salt Lake City 2.5% COLA Tier 1 DB System N/A N/A 46.71 %N/A
122 - Salt Lake City 2.5% COLA Tier 2 DB Hybrid N/A 4.73 % 38.28 %N/A
222- Salt Lake City 2.5% COLA Tier 2 401(k) Option N/A N/A 24.28 % 14.00 %
Firefighters System
32 - Other Division B Tier 1 DB System N/A 16.71 % 4.34 %N/A
132 - Other Division B Tier 2 DB Hybrid N/A 4.73 % 14.08 %N/A
232 - Other Division B Tier 2 - 401(k) Option N/A N/A 0.08 % 14.00 %
Tier 2 rates include a statutory required contribution to finance the unfunded actuarial accrued
liability of the Tier 1 plans.
For fiscal year ended June 30, 2025, the employer and employee contributions to the Systems
were as follows:
Employee Contributions
System Employer Contributions paid by Employer
Noncontributory System $ 13,131,129 $ —
Contributory System 179,304 83,012
Public Safety System 13,612,376 —
Firefighters System 907,081 3,492,395
Tier 2 Public Employees System 15,442,379 711,794
Tier 2 Public Safety and Firefighter 9,276,616 1,433,065
Tier 2 DC Only System 1,836,248 1,410
Tier 2 DC Public Safety and Firefighter System 1,352,700 1966
Total Contributions $ 55,737,833 $ 5,723,642
Contributions reported are the URS Board approved required contributions by System.
Contributions in the Tier 2 Systems are used to finance the unfunded liabilities in the Tier 1 Systems.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
102
Combined Pension Assets, Liabilities, Expense, and Deferred Outflows and Inflows of Resources
Relating to Pensions
At June 30, 2025, the City reported a net pension asset of $42,824,173 and a net pension liability
of $103,726,432.
Net
Pension
Asset
Net Pension
Liability
Proportionate
Share
December 31,
2024
Change
Increase/
(Decrease)
Noncontributory System $ — $ 31,618,676 9.97 % 9.82 % 0.16 %
Contributory System — 1,475,443 11.77 % 11.03 % 0.75 %
Public Safety System — 58,374,229 100.00 % 100.00 % — %
Firefighters System 42,824,173 — 25.17 % 25.08 % 0.08 %
Tier 2 Public Employees
System — 9,528,445 3.19 % 3.11 % 0.09 %
Tier 2 Public Safety and
Firefighter System — 2,729,639 6.04 % 5.93 % 0.11 %
Total Net Pension Asset/
Liability $ 42,824,173 $ 103,726,432
The net pension asset and liability was measured as of December 31, 2024, and the total pension
liability used to calculate the net pension asset and liability was determined by an actuarial valuation as
of January 1, 2024 and rolled forward using generally accepted actuarial procedures. The proportion of
the net pension asset and liability is equal to the ratio of the employer's actual contributions to the
Systems during the plan year over the total of all employer contributions to the System during the plan
year.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
103
For the year ended June 30, 2025, we recognized pension expense of $61,949,881. At June 30,
2025, we reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 35,227,116 $ 209,063
Changes in assumptions 7,345,476 43,847
Net difference between projected and actual earnings on pension plan
investments 21,406,424 —
Changes in proportion and differences between contributions and
proportionate share of contributions 2,315,030 425,564
Contributions subsequent to the measurement date 28,125,310 —
Total $ 94,419,356 $ 678,474
There is $28,125,310 reported as deferred outflows of resources related to pensions resulting from
contributions made by us prior to our fiscal year end, but subsequent to the measurement date of
December 31, 2024. These contributions will be recognized as a reduction of the net pension liability in
the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2025 $ 28,657,944
2026 37,786,058
2027 (7,393,018)
2028 (375,944)
2029 2,713,302
Thereafter 4,227,231
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
104
Noncontributory System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2025, the City recognized pension expense of $28,718,494. At
June 30, 2025, we reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 18,840,184 $ —
Changes in assumptions 2,615,447 —
Net difference between projected and actual earnings on pension plan
investments 9,524,051 —
Changes in proportion and differences between contributions and
proportionate share of contributions — 256,772
Contributions subsequent to the measurement date 6,530,076 —
Total $ 37,509,758 $ 256,772
There is $6,530,076 reported as deferred outflows of resources related to pensions resulting from
contributions made by us prior to our fiscal year end, but subsequent to the measurement date of
December 31, 2024. These contributions will be recognized as a reduction of the net pension liability in
the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2025 $ 17,937,139
2026 17,356,021
2027 (3,864,553)
2028 (705,697)
2029 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
105
Contributory System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2025, recognized pension expense of $379,124. At June 30, 2025,
we reported deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ — $ —
Changes in assumptions — —
Net difference between projected and actual earnings on pension plan
investments 792,174 —
Changes in proportion and differences between contributions and
proportionate share of contributions — —
Contributions subsequent to the measurement date 83,079 —
Total $ 875,253 $ —
There is $83,079 reported as deferred outflows of resources related to pensions resulting from
contributions made by us prior to our fiscal year end, but subsequent to the measurement date of
December 31, 2024. These contributions will be recognized as a reduction of the net pension liability in
the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred
inflows of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2025 $ (6,597)
2026 1,130,068
2027 (284,200)
2028 (47,097)
2029 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
106
Public Safety System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2025, recognized pension expense of $20,092,893. At June 30,
2025, we reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 4,838,851 $ —
Changes in assumptions — —
Net difference between projected and actual earnings on pension plan
investments 5,524,509 —
Changes in proportion and differences between contributions and
proportionate share of contributions — —
Contributions subsequent to the measurement date 6,749,235 —
Total $ 17,112,595 $ —
There is $6,749,235 reported as deferred outflows of resources related to pensions resulting from
contributions made by us prior to our fiscal year end, but subsequent to the measurement date of
December 31, 2024 . These contributions will be recognized as a reduction of the net pension liability in
the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2025 $ 5,199,662
2026 7,790,710
2027 (2,222,363)
2028 (404,649)
2029 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
107
Firefighters System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2025, recognized pension expense of $(1,587,452). At June 30,
2025, we reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 5,776,292 $ —
Changes in assumptions 16,820 —
Net difference between projected and actual earnings on pension plan
investments 4,779,750 —
Changes in proportion and differences between contributions and
proportionate share of contributions 614,691 12,166
Contributions subsequent to the measurement date 449,654 —
Total $ 11,637,207 $ 12,166
There is $449,654 reported as deferred outflows of resources related to pensions resulting from
contributions made by us prior to our fiscal year end, but subsequent to the measurement date of
December 31, 2024. These contributions will be recognized as a reduction of the net pension liability in
the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2025 $ 4,123,842
2026 9,336,688
2027 (1,926,795)
2028 (358,348)
2029 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
108
Tier 2 Public Employees System Pension Expense, and Deferred Outflows and Inflows of
Resources
For the year ended June 30, 2025, we recognized pension expense of $10,399,268. At June 30,
2025, we reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 4,119,225 $ 65,643
Changes in assumptions 3,182,378 983
Net difference between projected and actual earnings on pension plan
investments 609,013 —
Changes in proportion and differences between contributions and
proportionate share of contributions 1,430,753 116,146
Contributions subsequent to the measurement date 8,869,507 —
Total $ 18,210,876 $ 182,772
There is $8,869,507 reported as deferred outflows of resources related to pensions resulting from
contributions made by us prior to our fiscal year end, but subsequent to the measurement date of
December 31, 2024. These contributions will be recognized as a reduction of the net pension liability in
the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2025 $ 1,090,912
2026 1,689,132
2027 724,049
2028 891,968
2029 2,125,177
Thereafter 2,637,359
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
109
Tier 2 Public Safety and Firefighter Pension Expense, and Deferred Outflows and Inflows of
Resources
For the year ended June 30, 2025, recognized pension expense of $3,947,554. At June 30, 2025,
we reported deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 1,652,564 $ 143,420
Changes in assumptions 1,530,831 42,864
Net difference between projected and actual earnings on pension plan
investments 176,927 —
Changes in proportion and differences between contributions and
proportionate share of contributions 269,586 40,479
Contributions subsequent to the measurement date 5,443,760 —
Total $ 9,073,668 $ 226,763
There is $5,443,760 reported as deferred outflows of resources related to pensions resulting from
contributions made by us prior to our fiscal year end, but subsequent to the measurement date of
December 31, 2024 . These contributions will be recognized as a reduction of the net pension liability in
the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2025 $ 312,987
2026 483,438
2027 180,844
2028 247,879
2029 588,125
Thereafter 1,589,871
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
110
Actuarial assumptions: The total pension liability in the December 31, 2024 actuarial valuation
was determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Inflation 2.50 Percent
Salary increases 3.50 - 9.50 percent, average, including inflation
Investment rate of return 6.85 percent, net of pension plan investment expenses,
including inflation.
Mortality rates were adopted from an actuarial experience study dated January 1, 2023. The
retired mortality tables are developed using URS retiree experience and are based upon gender,
occupation, and age as appropriate with projected improvement using the ultimate rates from the
MP-2020 improvement scale using a base year of 2020. The mortality assumption for active members is
the PUB-2010 Employees Mortality Table for public employees, teachers, and public safety members,
respectively.
The actuarial assumptions used in the January 1, 2023, valuation were based on the results of an
actuarial experience study for the period ending December 31, 2022.
The long-term expected rate of return on pension plan investments was determined using a
building-block method, in which best-estimate ranges of expected future real rates of return (expected
returns, net of pension plan investment expense and inflation) are developed for each major asset class
and is applied consistently to each defined benefit pension plan. These ranges are combined to produce
the longterm expected rate of return by weighting the expected future real rates of return by the target
asset allocation percentage and by adding expected inflation. The target allocation and best estimates of
arithmetic real rates of return for each major asset class are summarized in the following table:
Expected Return Arithmetic Basis
Asset class
Target Asset
Allocation
Real Return
Arithmetic
Basis
Long-Term
Expected
Portfolio Real
Rate of Return
Equity securities 35.00 % 7.01 % 2.45 %
Debt securities 20.00 % 2.54 % 0.51 %
Real assets 18.00 % 5.45 % 0.98 %
Private equity 12.00 % 10.05 % 1.21 %
Absolute return 15.00 % 4.36 % 0.65 %
Cash and cash equivalents — % 0.49 % — %
Totals 100.00 % 5.80 %
Inflation 2.50 %
Expected arithmetic nominal return 8.30 %
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
111
The 6.85% assumed investment rate of return is comprised of an inflation rate of 2.50%, and a
real return of 4.35% that is net of investment expense.
Discount rate: The discount rate used to measure the total pension liability was 6.85%. The
projection of cash flows used to determine the discount rate assumed that employee contributions will be
made at the current contribution rate and that contributions from all participating employers will be
made a contractually required rates that are actuarially determined and certified by the URS Board.
Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to
make all projected future benefits payments of current active and inactive employees. Therefore, the
long-term expected rate of return on pension plan investments was applied to all periods of projected
benefit payments to determine the total pension liability. The discount rate does not use the Municipal
Bond Index Rate.
Sensitivity of the proportionate share of the net pension asset and liability to changes in the
discount rate: The following presents the proportionate share of the net pension liability/(asset)
calculated using the discount rate of 6.85%, as well as what the proportionate share of the net pension
liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.85%) or
1-percentage-point higher (7.85%) than the current rate:
1% Decrease Discount Rate 1% Increase
System 5.85%6.85%7.85%
Noncontributory System $ 133,721,057 $ 31,618,676 $ (54,012,174)
Contributory System 6,267,138 1,475,443 (2,620,889)
Public Safety System 124,193,745 58,374,229 4,220,900
Firefighters System 2,065,520 (42,824,173) (79,795,281)
Tier 2 Public Employees System 28,459,156 9,528,446 (5,197,776)
Tier 2 Public Safety and Firefighter 9,307,812 2,729,639 (2,529,713)
Total $ 304,014,428 $ 60,902,260 $ (139,934,933)
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
112
SALT LAKE CITY PUBLIC SAFETY FUND
Total pension liability 2023
Service Cost $ 6,237,397
Interest (on the Total Pension Liability) 30,208,783
Changes of benefit terms —
Difference between expected and actual experience 9,010,385
Changes of assumptions 5,258,516
Benefit payments, including refunds of employee
contributions (24,076,979)
Net change in total pension liability 26,638,102
Total pension liability – beginning 449,923,926
Total pension liability – ending $ 476,562,028
Plan fiduciary net position
Contributions – employer $ 18,340,163
Contributions – employee 5,171
Court Fees and Fire Insurance Tax —
Net investment income 35,455,715
Benefit payments, including refunds of employee
contributions (24,076,979)
Administrative Expense (138,168)
Other 292,902
Net change in plan fiduciary net position 29,878,806
Plan fiduciary net position – beginning 387,641,134
Plan fiduciary net position – ending $ 417,519,940
Net pension liability $ 33,341,444
Plan fiduciary net position as a percentage
of the total pension liability 0.88 %
Covered payroll $ 26,501,797
Net pension liability as a percentage
of covered payroll 2.2 %
Pension plan fiduciary net position: Detailed information about the pension plan’s fiduciary net
position is available in the separately issued URS financial report.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
113
15. Defined Contribution Savings Plans
The Defined Contribution Savings Plans are administered by the Utah Retirement System Board
and are generally supplemental plan to the basic retirement benefits of the Retirement Systems, but may
also be used as a primary retirement plan. These plans are voluntary tax-advantaged retirement savings
programs authorized under sections 401(k), 457(b) and 408 of the Internal Revenue Code.
The City participates in the following Defined Contribution Savings Plans with Utah Retirement
Systems:
• 401(k) Plan
• 457(b) Plan
• Roth IRA Plan
• Traditional IRA Plan
Employee and employer contributions to the Utah Retirement Defined Contribution Savings
Plans for fiscal year ended June 30, were as follows:
2025 2024 2023
401(k) Plan
Employer Contributions $ 4,872,629 $ 4,875,810 $ 3,745,934
Employee Contributions 6,171,926 5,571,685 4,764,333
457 Plan
Employer Contributions N/A N/A N/A
Employee Contributions 3,917,200 3,609,016 3,299,961
Roth IRA Plan
Employer Contributions N/A N/A N/A
Employee Contributions 2,160,902 1,849,353 1,656,148
Traditional IRA
Employer Contributions N/A N/A N/A
Employee Contributions 85,653 62,564 48,241
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
114
16. Other Post-employment Benefits
Plan Description
The Library provides post-employment health care benefits through a single employer defined
benefit plan. The benefits are provided through the Library to certain employees who have retired from
the System prior to July 1, 2018. The benefits, benefit levels, employee and employer contributions are
governed by Library policy and can be amended or terminated at any time. The Library determines
whether these benefits will be funded during the annual budget process. The plan is not accounted for as
a trust fund since an irrevocable trust has not been established to account for the plan. The plan does not
issue a separate report. The activity of the plan is reported in the Library’s general fund.
Funding Policy
The Library currently pays for post-employment benefits on a “pay-as-you-go” basis.
Actuarial Assumptions
The total OPEB liability was determined using the following actuarial assumptions, applied to all
periods included in the measurement, unless otherwise specified.
Measurement Date June 30, 2025
Actuarial Valuation Date June 30, 2024
Discount Rate 4.71 %
Prior year discount rate 3.97 %
The discount rate was based on the June 30, 2025, Fidelity Municipal AA 20-Year Yield.
Mortality rates for retirees/disabled employees were based on the PubG.H-2010 Healthy Retiree
Mortality Table, Generational with Projections Scale MP -2021 for males or females, as appropriate.
Inactive employees currently receiving benefit payments 16
Inactive employees entitled to but not yet receiving benefit payments —
Active employees —
Total 16
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
115
Changes in Total OPEB Liability
Balance at June 30, 2024 $ 171,858
Changes for the Year
Interest 6,440
Differences between expected and actual experience —
Change in assumptions/inputs (6,462)
Benefit Payments (19,200)
Net Changes (19,222)
Balance at June 30, 2025 $ 152,636
Sensitivity of the Total OPEB Liability
1% Decrease No Change 1% Increase
(3.71)%(4.71)%(5.71)%
Discount Rate $ 161,503 $ 152,636 $ 144,702
Healthcare Cost Trend Rates 142,731 152,636 163,563
OPEB Expense and Deferred Outflows and Deferred Inflows of Resources Related to OPEB
OPEB Expense (revenue)
Interest on liabilities $ 6,440
Difference between actual and expected experience —
Changes in Assumptions/Inputs (6,462)
Total OPEB expense (revenue)$ (22)
There are no deferred outflows or deferred inflows of resources at June 30, 2025.
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17. Commitments and Contingencies
Commitments for major construction, capital improvement and other projects at June 30, 2025
are shown below.
General Fund $ 18,919,920
Special-revenue funds 19,261,230
Capital Projects Fund 47,207,793
Enterprise funds 881,994,042
Internal service funds 11,341,550
Total $ 978,724,535
The City is lessee under a number of non-capitalized lease agreements, one of which is non-
cancellable, involving land, buildings and equipment. Rent expense during the fiscal year ended June 30,
2025 approximated $2,971,424 of which $1,528,934 was related to proprietary funds.
Future minimum rental payments are as follows:
General
Fund
2026 $ 312,558
2027 312,558
2028 312,558
2029 312,558
2030 312,558
2031-2034 1,250,232
Total $ 2,813,022
There are sundry claims or lawsuits that have been filed against the City or its employees
involving tort and civil rights matters. The City has evaluated those claims and based upon the advice of
counsel, has recorded an estimated claims payable liability in the Governmental Immunity Fund (an
internal service fund) to cover any expected losses.
Changes in the reported liability carried in the Governmental Immunity Fund since July 1,
resulted in the changes shown in the table below.
Current year
Beginning of claims and Balance at Estimated
fiscal year changes in Claim fiscal year due within
liability estimates payments end one year
2023-2024 $ 7,909,240 $ 5,108,721 $ (2,749,672) $ 10,268,289 $ 2,669,834
2024-2025 10,268,289 2,600,806 (1,805,457) 11,063,638 2,902,932
Federal Stimulus Grant Funds- In 2021 and 2022 the City received over $105 million of
federal grant money under the CARES Act, the American Rescue Plan Act and the Emergency Rent
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Assistance Plan to help combat the effects of the COVID 19 pandemic. This resulted in large cash
deposits. The corresponding expenditures were not complete as of June 30, 2025 which resulted in
presenting the unspent portion as Revenues collected in advance on the current financial statements. A
majority of the funds have been expended. It is anticipated that the remainder of the expenditures will
occur during the next fiscal year.
Water Right Purchase- In 2009, the City purchased water rights connected to Big Cottonwood
Canyon stream flows from one of its water exchange customers called Big Cottonwood Tanner Ditch
Irrigation Company in the amount of $22,764,010. Under this new agreement the City will continue to
provide culinary water to the customers of the Big Cottonwood Tanner Ditch Irrigation Company and
will provide them with water vouchers which will entitle them to a set amount of water at no charge in
return for their ownership in the water rights to the canyon stream. The City also agreed to upgrade the
water system to meet current water system standards and to take ownership of the system. The financial
statements show the increase in water rights and the value of the system purchased. Revenue collected in
advance includes the value of the water vouchers issued in the amount of $4,911,948 long term and
$1,022,595 in current liabilities.
Litigation- The Utilities are involved in legal proceedings, primarily related to property
damages and personal injury arising in the ordinary course of business. Based on the facts currently
available, management accrued liabilities totaling $3,265,389, which is the estimated amount of
litigation probable to have a negative outcome. Of this potential liability $2,991,092 is Water Fund
related, $269,297 is Sewer Fund related, and $5,000 is Stormwater fund related.
Of the $2,991,092 related to the Water Fund, $250,000 is related to a potential future
environmental remediation of soils contaminated with lead as a result of shooting range activities
operated by the Police Mutual Aid Association on property owned by the Water Fund. Multiple parties
could be responsible. The current estimated loss could vary depending on future decisions related to the
possible remediation, regulatory requirements, and cost-sharing by other responsible parties, if any. The
Utilities are currently investigating the extent of lead contamination and potential remediation
alternatives.
There are various claims pending against the Airport from third parties. In the opinion of legal
counsel for the Airport and Airport management, these are not likely to have a material adverse impact
on the Airport's financial statements.
Environmental Remediation- The Utilities are participating in two environmental remediation
sites.
The Utilities is the owner of many acres of property in Parley’s Canyon that are held for
watershed purposes. Located within this area was an active shooting range that was operated by the
Police Mutual Aid Association (“PMAA”) for the past 50 years. PMAA recently decided to stop
operating the shooting range and control of the property has been turned back to the Utilities. An
environmental assessment has been started to determine the extent of lead present at the site. The extent
and manner of clean-up of the lead is not yet known, but it is anticipated that impacted soils will be
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stabilized and removed for proper disposal. There are multiple potentially responsible parties who
operated and used the shooting range who may be required to share in the cost of the ultimate clean-up
of the site. Currently, the estimate of professional fees and basic efforts to clean-up the site is
$1,500,000. The clean-up costs are anticipated to be divided between the Water Enterprise Fund and Salt
Lake City’s General Fund, with the General Fund paying approximately 85% of the cost. This estimate
could change depending on future decisions related to the clean-up along with the value of contributions
toward the clean-up received from third parties. Salt Lake City is entering into a Voluntary Cleanup
Program through the Utah Department of Environmental Quality to conduct the remediation.
In 2003 the Utilities began an environmental remediation process on the Sewer’s Northwest Oil
Drain (NWOD) Canal under a US Environmental Protection Agency (US EPA) administrative order and
with a cost-sharing agreement between the Utilities, British Petroleum (BP), and Chevron. The two oil
companies contribute 2/3 of the project costs of the remediation, and the Utilities contribute 1/3.
Over the life of the process, as of June 30, 2025 the oil companies have contributed
approximately $21.8 million; the Utilities have capitalized as construction in progress a total of
$33,652,094 in remediation costs. The Utilities estimate that the remaining remediation activities will
be minimal.
In the normal course of operations, the City receives grant funds from various Federal Agencies.
The grant programs are subject to audit by agents of the granting authority, the purpose of which is to
ensure compliance with conditions precedent to the granting of funds. Any liability for reimbursement
that may arise as the result of audits of grant funds is not believed to be material.
CRA- As an Agency of the City, the CRA routinely enters into Taxing Entity Contracts (TEC)
and Tax Increment Reimbursement contracts (TIR). The Agency has no taxing authority, therefore
enters into TEC agreements to receive Tax Increment as revenue. For the Agency, Tax Increment is
deemed contributed revenues from the various taxing authorities participating in the various Project
Area TEC agreements. The Tax Increment received from the City is delineated in the Agency Financial
Statements as Transfers in from the City. Tax Increment revenue from all other taxing entities is
included non-operating revenues with Grants and Other Contributions.
To induce the private sector to participate in the redevelopment of the Project Area, the CRA will
often enter into TIR agreements which reimburse the private developer actual costs over a stated period
of time. These agreements return tax increment revenues annually to the developers. Currently, the
Agency is party to the following TIR agreements.
During the year ended June 30, 2013, the City issued $15,000,000 of Bond Anticipation Notes
(BANS) to begin construction on the Eccles Theater. These bonds were issued in expectation of the
issuance of the Tax Increment Bonds (as discussed in Note 7) and the Sales Tax Revenue Bonds issued
by the City (as discussed below). The City received the proceeds of the BANS and paid design and pre-
construction costs.
During the year ended June 30, 2014, the City issued Series 2013A Sales Tax Revenue Bonds in
the amount of $51,270,000 to aid in financing the construction of the Eccles Theater. With the proceeds
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of these bonds, the City paid off the BANS and the remaining net proceeds of $34,349,587 were
transferred to the Agency as a contribution from the City. Bond issuance costs and accrued interest of
$1,920,413 were recognized by the Agency as expense. In addition, upon issuance of the bonds, the
Agency used private donations of $2,596,649 and contributed $1,104,957 of its own funds into an
escrow account for capitalized interest on the bonds. In December 2019, the City completely refunded
the Series 2013A bonds by issuing Series 2019 taxable sales and excise tax revenue refunding bonds in
the amount of $58,540,000, saving the Agency over $11,000,000 in principal and interest payments. As
of June 30, 2025, anticipated cumulative payments remaining under the agreement were $72,673,800.
Anticipated payments are included in the table below.
The Agency will remit principal and interest payments semi-annually to the City per the debt
service schedules as a contribution to the City (expense). Total anticipated payments are as follows.
Year Ending June 30,Annual Obligation
2026 $ 2,186,443
2027 2,184,427
2028 2,186,796
2029 2,188,533
2030 2,184,624
2031-2035 36,366,262
2036-2038 25,376,715
Total $ 72,673,800
As discussed previously, proceeds from the Series 2013 Agency bonds and Series 2013A City
bonds provided financing for the construction of the Eccles Theater on Block 70 within the Central
Business District (CBD). The remaining non-refunded portion of the Agency's Series 2013 bonds were
paid in fiscal year 2023. The Series 2019 taxable tax increment revenue refunding bonds issued by the
Agency mature in 2031. The Series 2019 taxable sales and excise tax revenue refunding bonds (advance
refunding of Series 2013A) issued by the City are payable through fiscal year 2038. The annual debt
service will be funded by the incremental property taxes generated from the CBD Project area, Block 70
Community Development Area (CDA) and private donations. Annual principal and interest payments on
the bonds associated with the Theater are expected to require approximately 30% of tax increment
revenues generated from CBD and Block 70, beginning in fiscal year 2016. As of June 30, 2023, the
total principal and interest remaining to be paid on all bonds for the Eccles Theater project was
$124,179,688.
The Agency has pledged future tax increment revenues to repay the remaining Series 2019 Tax
Increment and Series 2019A Sales Tax Revenue Refunding bonds. Through inter-local agreements
entered into with the City and Salt Lake County (the County), CBD tax increment revenue that would
have been remitted to these agencies has been pledged to the Agency through tax year 2040. In
December 2011, the Agency entered into an agreement with the City in which the Agency will retain a
portion of the City's Taxing Entity Committee (TEC) allocation, in order to pay principal and interest on
the Theater bond obligations. Each year, beginning in tax year 2015 through 2040, the City will continue
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to receive from the Agency a dollar amount equal to the 2014 TEC allocation. The original inter-local
agreement specified that the Agency will retain 80% of the remaining TEC allocation. This inter-local
agreement was subsequently amended in May 2013 to provide that the Agency will retain up to 100% of
the remaining TEC allocation, as is necessary to fund debt service payments. The Agency is required to
reimburse the City for any portion of this additional TEC allocation that is utilized for debt service on
the Eccles Theater, with the balance accruing interest at the City's general fund rate. The Agency is
required to commit CBD tax increment in an amount equal to the City allocation under these
agreements. Similarly, in October 2012, the Agency entered into an interlocal agreement with the
County wherein the Agency is entitled to retain the County's portion of the CBD tax increment up to a
maximum of $43,000,000. The County will continue to receive from the Agency a dollar amount equal
to the 2014 TEC allocation each year beginning in tax year 2015 through 2040, and the Agency will
retain the remaining TEC allocation to fund debt service on the Eccles Theater project. During the fiscal
year ended June 30, 2025, the Agency transferred $8,739,132 in CBD incremental tax revenue to Block
70 for Eccles debt service per the agreements, and transferred an additional $2,171,617 in available
CBD tax increment revenue. In addition, the Agency entered into an inter-local agreement with the City
and the Salt Lake City School District (SLCSD) wherein the Agency is entitled to receive the City's and
SLCSD's portions of the tax increment from the Block 70 CDA for twenty-five years, beginning in the
tax year 2016, for the purpose of funding debt service on the Eccles Theater. The tax increment funds
are not limited to funding debt service, but will also be used to fund the creation of a cultural core and
for debt service on the Regent Street improvement bonds. In addition, in September 2012, the Agency
entered into an agreement with the County wherein the Agency is entitled to receive the County’s
portion of the Tax Increment from the Block 70 CDA for 25 years, beginning in tax year 2016, up to a
maximum of $7,000,000 for the purposes of funding debt service on the Eccles Theater. During the year
ended June 30, 2025, the Agency received an additional $1,493,794 in incremental property taxes under
these agreements. The Agency expended $8,237,153 to cover the principal and interest payments due
during the year.
During the year ended June 30, 2010, the Agency entered into a reimbursement agreement with
222 S. Main Investments, LLC, a developer of a project within the Agency’s Central Business District
Project Area. Under this agreement, the Agency is obligated to repay to the developers 85% of the tax
increment revenues received by the Agency from the respective project up to the lesser of: 1) total
developer costs less $127,300,000 or 2) $6,000,000, plus accrued interest of 5.9%, over the
reimbursement term, which expires in January 2031. These obligations are also subject to the developers
paying property taxes on a timely basis, the receipt of certificates of project completion, and annual
certificates of compliance with the other terms of the reimbursement agreement. For the year ended
June 30, 2025, the Agency recorded expenses of $543,672.
During the year ended June 30, 2017, the Agency and Larry H. Miller Arena Corporation (the
"Lessee"), entered into a Participation and Reimbursement Agreement for the renovation of the Delta
Center Arena at 301 West South Temple, as part of the Central Business District Neighborhood
Redevelopment Project Area Plan. This agreement outlines the Agency's commitment to partially
reimburse the Lessee for public area upgrades through tax increment financing, with a cap of
$15,946,396 for Tax Increment (TI) Reimbursement Payments and $6,753,604 for Grant
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Reimbursement Payments, ensuring the total reimbursement does not exceed $22,700,000. The
Reimbursement Term will expire December 31, 2040, with annual payments contingent on the Lessee's
compliance with specific conditions, including project completion, property tax payments, and
maintaining the Arena as the home venue for Utah Jazz NBA games. The Agency retains the right to
issue bonds secured by the tax increment, with the understanding that this will not absolve it of its
obligations under this agreement. The Agency's financial commitment, encompassing both TI and Grant
Reimbursement Payments, is firmly capped, and any shortfall in tax increment generation will not
extend the Agency's obligations beyond the agreed term. For the year ended June 30, 2025, the Agency
recorded expenses of $670,906, which consisted of $363,924 of TI Reimbursement Payments and
$306,982 of Grant Reimbursement Payments.
During the year ended June 30, 2019, the Agency entered into a reimbursement agreement with
Stadler US, Inc, a developer of a project located within the Agency’s Stadler Rail Project Area. Under
the agreement, the Agency is obligated to reimburse the developers, from the tax increment revenues
received from the respective projects, up to $9,610,721 over a twenty (20) year term, but not in excess of
the tax increment revenues received from the individual projects. These obligations are also subject to
the developers paying property taxes on a timely basis and the receipts of certificates of project
completion. For the years ended June 30, 2025, the Agency made reimbursements to Stadler totaling
$130,505.
During the year ended June 30, 2020, the Agency entered into a reimbursement agreement with
NWQ, LLC, a developer of a project located within the Agency’s Northwest Quadrant Project Area.
Under the agreement, the Agency is obligated to reimburse the developers, from the tax increment
revenues received from the respective projects, up to $28,000,000 over a nineteen (19) year term, but not
in excess of the tax increment revenues received from the individual projects. These obligations are also
subject to the developers paying property taxes on a timely basis and the receipts of certificates of
project completion. The total reimbursement paid for the year ended June 30, 2025 to NWQ LLC, was
$803,917.
During the year ended June 30, 2020, the Agency entered into a reimbursement agreement with
West Quarter Residential I, LLC, a developer of a project located within the Agency’s Block 67 Project
Area. Under the agreement, the Agency is obligated to reimburse the developers, from the tax increment
revenues received from the respective projects, up to $15,000,000 over a twenty (20) year term as a
pass-through from Salt Lake County for transportation funds from the State of Utah, but not in excess of
the tax increment revenues received from the individual projects. These obligations are also subject to
the developers paying property taxes on a timely basis and the receipts of certificates of project
completion. The first year of reimbursement was anticipated to be for the 2022 tax year. No payments
were made during the year ended June 30, 2025.
In March, 2008, the Agency and the State of Utah (State) entered into a lease agreement for the
rental by the State of 250 parking stalls in a parking structure owned by the Agency. The lease requires
monthly payments of $20 per stall, for a total of $5,000 per month. The lease term is 20 years. In
addition, the lease includes a provision for the repayment of a portion of the construction costs to be paid
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by the State of $350,000 over the term of the parking rental agreement. The repayment terms requires
interest of 3% and monthly payments of $2,077, in addition to the monthly rent payments. The balance
of the unpaid amount as of June 30, 2025, was $46,374, which has been recorded as a note receivable.
18. Related Party Transactions
To meet the water supply needs of Salt Lake City and Sandy through the year 2035, the
Metropolitan Water District Board, a related entity, completed a new treatment plant. The new treatment
plant is located at the Point of the Mountain in Draper City and includes a conveyance pipeline
connecting the new plant to the District’s Little Cottonwood Water Treatment Plant. The cost of the
treatment plant and conveyance system totaled over $300 million, and the Utilities’ share of the cost is
over $200 million. The 70 million gallon per day plant is funded by an assessment paid by the two cities.
Salt Lake City has 62.5 percent of the capacity and cost assessment in the new treatment plant. Below
are the future minimum payments due from the Water Utility through 2035:
Year Ending June 30,
2026 $ 7,021,892
2027 7,021,892
2028 7,021,892
2029 7,021,892
2030 7,021,892
2031-2035 31,598,514
Total $ 66,707,974
19. Joint Venture
The City is a member of a joint venture known as the City/County landfill in which the City and
Salt Lake County (through its Municipal Affairs Fund and the remainder of the County) each have fifty
percent interest. The joint venture was created to provide solid waste management and disposal services.
The City’s equity in the net resources of the landfill at June 30, 2025, was $27,740,023. This equity
interest is shown in the City’s Refuse Collection Fund (an enterprise fund).
The inter-local cooperation agreement created the joint venture and established the Salt Lake
Valley Solid Waste Management Council (the Council). The Council consists of five members: the
County’s Mayor, or a designee; the City's Mayor, or a designee; one elected official, or a designee
designated by the Salt Lake County Council of Governments, who is not an official or an employee of
the County or the City but whose municipality is served by the Facility; one member of the Salt Lake
Valley Board of Health or the Director of Health as designated by such Board, or a designee; and one
member with technical expertise in the field of solid waste management, said expert member to be
selected by the council members who represent the City, the County, and the Salt Lake Valley Board of
Health. The Council’s responsibilities are to recommend: (1) appointment or removal of Director; (2)
plan, establish and approve all construction projects for solid waste operations; and (3) determine best
use of facility; (4) establish public policy for all major operations or activities; (5) prepare an annual
operating budget that includes expenditures and the means of financing them.
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All actions by the Council are recommendations to the City Council and the County
Commission, which have equal power to review, ratify, modify, or veto any action submitted by the
Council.
The Council has developed a master plan designed to comply with environmental standards
established by the federal government and to meet accounting and financial reporting requirements
under GASB Statement No. 18, Accounting for Municipal Solid Waste Landfill Closure and Post-
closure Care Costs. In compliance with this standard, the Council has established user fees sufficient to
cover all operating costs, including post-closure costs that have been mandated by the federal
government. The estimated liability for closure and post closure care was established under the
requirement set by the State of Utah’s Department of Environmental Quality (DEQ) and is based on an
engineering study completed during November 2016. The estimate totals $11,886,158 at Salt Lake
County’s fiscal year end and is based on 34.6% of capacity currently filled. The Landfill will recognize
the remaining estimated cost of closure and post-closure care of approximately $29,955,197 as the
remaining capacity is filled. The total capacity was revised in 2016 to reflect increased allowable height,
slope and new technology. The landfill is expected to be filled to capacity in the year 2082. The
expenses in 2024 were $955,523. Actual ongoing costs may differ due to inflation, changes in
technology, or change in regulations.
In November 1996, the Environmental Protection Agency (EPA) issued final regulations
regarding financial assurance provisions for local government owners and operators of municipal solid
waste landfills. The regulations allow compliance with financial assurance requirements by meeting a
financial test or by alternate methods. The financial test method is available only to local governments
who can demonstrate that they are capable of meeting their financial obligations relating to their landfills
and is sometimes referred to as “self-insurance.” The alternate methods generally involve third-party
financial instruments such as trust funds, letters of credit, or insurance policies. The financial assurance
requirement is the estimated total current costs of closure and post-closure care of $41,841,355 at
December 31, 2024. Although the County and Salt Lake City satisfy the financial test coverage and
financial assurance requirements, thus not needing an alternate method, the Landfill has nonetheless set
aside resources to finance the estimated liability for landfill closure and post-closure costs. As of
December 31, 2024 the Landfill has reserved $11,886,158 of its pooled cash and investments.The
owners are required to submit documentation of financial assurance to the Utah Department of
Environmental Quality demonstrating that they meet the financial test at the close of each fiscal year. In
the event the owners no longer meet the requirements of the financial test, they shall, within 210 days
following the close of their fiscal years, obtain alternative financial assurance for total current costs of
landfill closure and post-closure care that exceed 43% of the owners’ total annual revenue.
For the fiscal year ended June 30, 2025, the City paid approximately $1,944,239 in user fees to
the landfill. Separately audited financial statements for the City/County landfill may be obtained from
the Executive Director or Fiscal Manager, Salt Lake Valley Solid Waste Management Facility, 6030
West California Avenue, Salt Lake City, Utah 84104.
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The City has 50% ownership interest in the Sugarhouse House Park Authority. Salt Lake County
owns the remaining 50% interest. The Sugar House Park Authority, created in 1957, maintains and
improves the land known as Sugarhouse Park which includes 116 acres of land with a historical cost of
$112,500. The City’s investment in the Sugar House Park Authority as of December 31, 2024 totaled
$1,596,369, which has been included in governmental activity investment in joint ventures in the
government-wide statement of net position. Of the total investment, $828,432 is related to capital assets.
The Sugar House Park Authority is governed by a Board of Trustees consisting of nine members.
The City and the County each appoint one member. The other seven members are appointed jointly by
the City and County Trustees. The City provides water to the park for a fee and the county is contracted
to provide maintenance services and provide for daily management, operation and maintenance of the
park. Separately audited statements may be obtained from the Sugar House Park Authority, 6332 S.
Airport Road, West Jordan, Utah, 84084.
20. Restatement
During the current year, management determined that certain grant revenues previously reported as
revenues collected in advance should have been recognized as revenue in the prior year, in accordance
with GASB Statement No. 33. This error caused grant revenues to be understated and revenues collected
in advance to be overstated in the prior year. Revenues collected in advance were recorded in prior years
when grant funds were received. Each year, revenue should be recognized to offset grant expenditures
that occurred during the year. In FY24, this step was not completed for several grants due to staff
constraints in connection with the implementation of a new financial operating system in FY24.
The adjustment affected the Grants Operating Fund.
An adjustment to the beginning net position of the Government-wide Statements was recorded as of July
1, 2024, as follows:
Governmental
Activities
Business-type
Activities Total
Net position, as reported $1,119,619,265 $2,917,618,232 $4,037,237,497
Adjustment 6,773,005 —6,773,005
Net position July 1, 2024, as restated 1,126,392,270 2,917,618,232 4,044,010,502
An adjustment to the beginning net position of the Governmental Funds Statements was recorded as of
July 1, 2024, as follows:
General Capital Projects
Other
Improvements
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Fund Balance, as reported $172,909,748 $293,367,673 $15,771,678 $25,223,469 $507,272,568
Adjustment ———6,773,005 $6,773,005
Fund Balance July 1, 2024, as restated 172,909,748 293,367,673 15,771,678 31,996,474 514,045,573
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An adjustment to the beginning fund balance of the Grant Operating Fund was recorded as of July 1,
2024, as follows:
Fund balance $1,407,080
Adjustment 6,773,005
Fund balance July 1, 2024, as restated 8,180,085
If these amounts had been properly recorded in the prior year, the following financial statement line items in the
Grants Operating Fund would have changed as follows:
June 30, 2024
as previously
reported
Error
correction
Balance sheet
Revenues collected in advance $20,768,949 $(6,773,005)$13,995,944
Fund balance, restricted 1,363,066 6,773,005 8,136,071
Total fund balance 1,407,080 6,773,005 8,180,085
Statement of revenue, expenditures and changes in fund balance
Intergovernmental revenue 13,813,180 6,773,005 20,586,185
Total revenues 13,952,410 6,773,005 20,725,415
Net change in fund balance (565,455)6,773,005 6,207,550
Fund balance June 30, 2024 1,407,080 6,773,005 8,180,085
If these amounts had been properly recorded in the prior year, the following financial statement line items in the
Government-wide Statements would have changed as follows:
June 30, 2024
as previously
reported
Error
correction
Balance sheet
Revenues collected in advance $20,768,949 $(6,773,005)$13,995,944
Net Position, restricted 253,287,997 6,773,005 260,061,002
Total Net Position 1,119,619,265 6,773,005 1,126,392,270
Statement of activities
Operating Grants and Contributions - Police 4,635,946 6,773,005 11,408,951
Total governmental activities - Operating Grants and Contributions 13,928,196 6,773,005 20,701,201
Change in Net Position 49,722,674 6,773,005 56,495,679
Net Position June 30, 2024 1,119,619,265 6,773,005 1,126,392,270
21. Recent Accounting Pronouncements
Newly Issued Accounting Pronouncements
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In July 2023, the GASB issued Implementation Guide No. 2023-01 which contains new
questions and answers that address application of GASB standards on leases, subscription-based
information technology arrangements, and accounting changes. The guide also includes amendments to
previously issued implementation guidance on leases. The City is evaluating the impact of this
statement, but does not expect it to have a material effect on the financial statements. The CIty is
evaluating the impact of this statement, but does not expect it to have a material effect ont he financial
statements.
In April 2024, the GASB issued Statement No. 103 Financial Reporting Model Improvements.
The statement improves management's discussion and analysis. The statement provides a description of
unusual or infrequent items. The statement presentation of the proprietary fund statement of revenues,
expenses, and changes in fund net position to distinguish between operating and nonoperating revenues
and expenses. The statement requires the presentation of each major component unit separately. The
statement requires the presentation of the budgetary comparison to present (1) variances between
original and final budget amounts and (2) variances between final budget and actual amounts. The
requirements of this statement are effective for reporting periods beginning after June 30, 2026. The City
is evaluating the impact of this statement, but does not expect it to have a material effect on the financial
statements.
In September 2024, the GASB issued Statement No. 104 Disclosure of Certain Capital Assets.
This statement requires certain type of capital assets to be disclosed separately in the capital assets note
disclosure required by Statement 34. A capital asset is a capital asset held for sale if (a) the government
has decided to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized
within one year of the financial statement date. Governments should consider relevant factors to evaluate
the likelihood of the capital asset being sold within the established time frame. This Statement requires
that capital assets held for sale be evaluated each reporting period. Governments should disclose (1) the
ending balance of capital assets held for sale, with separate disclosure for historical cost and
accumulated depreciation by major class of asset, and (2) the carrying amount of debt for which the
capital assets held for sale are pledged as collateral for each major class of asset. The requirements of
this statement are effective for reporting periods beginning after June 30, 2026. The City is evaluating
the impact of this statement, but does not expect it to have a material effect on the financial statements.
22. Subsequent Events
The following events occurred subsequent to June 30, 2025:
On December 9, 2025, Salt Lake City issued $50,000,000 of Public Utilities Revenue Bond
Anticipation Notes and, on December 10, 2025, $43,210,000 of Public Utilities Revenue Refunding
Bonds. The Bond Anticipation Notes will provide interim financing for Public Utilities capital
improvement projects, and the Refunding Bonds were issued to refund outstanding Public Utilities
revenue bonds.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
127
On July 17, 2025, the Airport issued $553,870,000 of Series 2025A (AMT), and $50,640,000 of
Series 2025B (Non-AMT) bonds. The proceeds of the bonds are being used to finance portions of The
New SLC.
After year-end, the Airport notified all concession tenants that MAGs would not be enforced
beginning in FY 2026 and resuming no earlier than one full year after completion of The New SLC. In
FY 2026, the Airport will reduce its lease receivable and deferred inflow for leases to account for the
change. Revenue received will be based on a percentage of gross sales and will be variable until new
MAGs are calculated.
Spirit Airlines left the Salt Lake market in early October 2025 and is no longer a signatory
airline.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2025
128
Required Supplementary Information
129
SALT LAKE CITY CORPORATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
Year ended June 30, 2025
Actual
(GAAP basis)
Adjustment
to budgetary
basis
(Note to RSI 1)
Actual on
budgetary
basis
(non-GAAP)
Budgeted Amounts
Original
Budget
Final
Budget Variance
Revenues:
General property taxes $ 139,533,212 $ — $ 139,533,212 $ 138,046,542 $ 138,046,542 $ 1,486,670
Sales, use and excise taxes 177,979,491 — 177,979,491 177,400,679 177,400,679 578,812
Franchise taxes 15,632,037 — 15,632,037 14,450,000 14,450,000 1,182,037
Licenses 22,299,456 — 22,299,456 20,179,072 20,179,072 2,120,384
Permits 21,380,154 — 21,380,154 18,810,172 18,810,172 2,569,982
Fines and forfeitures 3,143,492 — 3,143,492 2,935,035 2,945,035 198,457
Interest 13,154,752 — 13,154,752 8,000,000 8,000,000 5,154,752
Intergovernmental 6,865,782 — 6,865,782 5,954,017 5,954,017 911,765
Interfund service charges 31,969,538 — 31,969,538 32,128,467 32,128,467 (158,929)
Parking meter 2,790,111 — 2,790,111 2,701,331 2,701,331 88,780
Parking ticket 2,567,348 — 2,567,348 1,500,000 1,500,000 1,067,348
Charges for services 6,722,833 — 6,722,833 5,845,724 5,845,724 877,109
Rental and other income 1,330,967 — 1,330,967 1,040,389 1,040,389 290,578
Miscellaneous 4,227,398 — 4,227,398 3,298,277 4,301,344 (73,946)
Total revenues 449,596,571 — 449,596,571 432,289,705 433,302,772 16,293,799
Expenditures:
Current:
City Council 5,566,029 3,408 5,569,437 5,939,240 5,948,231 378,794
Mayor 6,268,200 593,990 6,862,190 7,366,395 7,208,213 346,023
City Attorney 11,736,245 273,885 12,010,130 12,881,528 13,394,535 1,384,405
Finance 12,213,691 303,169 12,516,860 12,963,889 13,323,957 807,097
Fire 55,823,595 1,768,516 57,592,111 54,549,008 56,946,721 (645,390)
Combined Emergency Services 10,679,338 475,717 11,155,055 11,610,306 12,057,868 902,813
Police 123,538,679 5,513,059 129,051,738 120,001,456 124,209,580 (4,842,158)
Community and Neighborhoods 35,131,218 5,317,838 40,449,056 34,846,348 43,886,574 3,437,518
Economic Development 4,312,810 99,969 4,412,779 4,809,183 5,066,461 653,681
Justice Court 5,701,821 111,201 5,813,022 5,958,110 6,168,110 355,088
Human Resource 4,860,981 94,113 4,955,094 5,059,723 5,065,723 110,629
Public Services 45,747,506 3,385,794 49,133,300 46,144,257 49,529,825 396,525
Public Lands 30,381,051 680,421 31,061,472 29,716,012 30,855,138 (206,334)
Nondepartmental 64,376,008 6,779,574 71,155,582 45,215,522 76,438,474 5,282,892
Total expenditures 416,337,172 25,400,654 441,737,826 397,060,977 450,099,410 8,361,583
Revenues over (under) expenditures 33,259,399 (25,400,654) 7,858,745 35,228,728 (16,796,638) 24,655,383
Other financing sources (uses):
Proceeds from sale of property 74,154 — 74,154 10,300 10,300 63,854
Transfers in 9,748,624 — 9,748,624 5,495,833 9,870,102 (121,478)
Transfers out (73,124,246) — (73,124,246) (83,343,383) (71,780,591) (1,343,655)
Total other financing sources (uses): (63,301,468) — (63,301,468) (77,837,250) (61,900,189) (1,401,279)
Net Change in Fund Balance (30,042,069) $ (25,400,654) $ (55,442,723) $ (42,608,522) $ (78,696,827) $ 23,254,104
Fund Balance July 1, 2024 172,909,748
Fund Balance June 30, 2025 $ 142,867,679
130
SALT LAKE CITY CORPORATION
SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
UTAH RETIREMENT SYSTEMS
As of the Year Ended December 31, 2024
Last 10 Fiscal Years
Noncontributory System 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Proportion of the net pension liability/
(asset) 9.97 % 9.82 % 9.70 % 9.91 % 9.93 % 10.01 % 10.09 % 10.16 % 10.50 % 10.40 %
Proportionate share of the net pension
liability/(asset)$ 31,618,676 $22,767,577 $ 16,621,860 $ (56,771,800) $ 5,095,905
Covered payroll 77,980,648 77,990,539 76,152,635 76,880,596 77,864,031 79,785,630 81,245,865 82,604,948 86,964,302 85,816,435
Proportionate share of the net pension
liability/(asset) as a percentage of its
covered payroll 40.55 % 29.19 % 21.83 % (73.84) % 6.54 % 47.29 % 91.49 % 53.89 % 77.30 % 68.60 %
Plan fiduciary net position as a
percentage of the total pension liability 96.02 % 96.90 % 97.50 % 108.70 % 99.20 % 93.70 % 87.00 % 91.90 % 87.30 % 87.80 %
Contributory Retirement System 2025 2024 2023 2022 2021 2019 2018 2017 2016 2015
Proportion of the net pension liability/
(asset) 11.77 % 11.03 % 10.76 % 10.43 % 10.43 % 10.93 % 12.05 % 13.90 % 14.20 % 9.50 %
Proportionate share of the net pension
liability/(asset)$ 1,475,443 $ 910,191 $ 1,106,542 $ (7,552,026) $ (1,869,545) $ 716,348 $ 4,889,920 $ 1,131,317 $ 4,650,788 $ 6,662,216
Covered payroll 1,460,604 1,483,630 1,509,950 1,532,256 1,720,735 1,958,697 2,255,421 2,821,107 3,401,048 4,038,849
Proportionate share of the net pension
liability/(asset)
as a percentage of its covered payroll 101.02 % 61.35 % 73.28 % (492.87) % (108.65) % 36.57 % 216.80 % 40.10 % 136.80 % 165.00 %
Plan fiduciary net position as a
percentage of the total pension liability 97.25 % 98.20 % 97.70 % 115.90 % 103.90 % 98.60 % 91.20 % 98.20 % 92.90 % 85.70 %
131
SALT LAKE CITY CORPORATION
SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
UTAH RETIREMENT SYSTEMS
As of the Year Ended December 31, 2024
Last 10 Fiscal Years
Public Safety System 2025 2024 2023 2022 2021 2019 2018 2017 2016 2015
Proportion of the net pension liability/(asset) 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %
Proportionate share of the net pension
liability/(asset)$58,374,229 $59,042,088 $62,282,792 $19,818,161 $59,354,942 $79,378,833 $103,028,051 $86,194,634 $91,688,895 $85,106,335
Covered payroll 30,125,807 29,961,872 28,012,449 27,379,781 28,690,327 29,303,158 29,710,645 29,999,431 31,087,336 28,581,857
Proportionate share of the net pension
liability/(asset) as a percentage of its covered
payroll 193.77 % 197.06 % 222.34 % 72.38 % 206.88 % 270.89 % 346.77 % 287.32 % 294.90 % 297.80 %
Plan fiduciary net position as a percentage of
the total pension liability 88.36 % 87.61 % 86.20 % 95.50 % 85.90 % 80.40 % 73.70 % 77.30 % 74.00 % 73.90 %
Firefighters System 2025 2024 2023 2022 2021 2019 2018 2017 2016 2015
Proportion of the net pension liability/(asset) 25.17 % 25.08 % 25.62 % 26.65 % 26.38 % 26.66 % 26.50 % 25.40 % 26.00 % 25.80 %
Proportionate share of the net pension
liability/(asset)$ (42,824,173) $ (42,605,189) $ (32,243,802) $ (72,083,739) $ (35,538,594) $ (16,662,414) $ 10,708,746 $ (5,697,589) $ 3,844,181 $ 4,382,293
Covered payroll 21,428,562 21,275,148 21,331,459 22,127,493 21,900,906
Proportionate share of the net pension
liability/(asset) as a percentage of its covered
payroll (199.85) % (200.26) % (151.16) % (325.77) % (162.27) % (76.03) % 49.40 % (26.82) % 17.11 % 20.20 %
Plan fiduciary net position as a percentage of
the total pension liability 112.66 % 113.31 % 110.30 % 122.90 % 112.00 % 105.80 % 96.10 % 102.30 % 98.40 % 98.10 %
132
SALT LAKE CITY CORPORATION
SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
UTAH RETIREMENT SYSTEMS
As of the Year Ended December 31, 2024
Last 10 Fiscal Years
Tier 2 Public Employees System 2025 2024 2023 2022 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability/
(asset) 3.19 % 25.08 % 25.62 % 26.65 % 26.38 % 26.66 % 26.50 % 25.40 % 26.00 % 25.80 %
Proportionate share of the net pension
liability/(asset)$9,528,445 $(42,605,189)$(32,243,802)$ (72,083,739) $ (35,538,594) $ 3,844,181 $ 4,382,293
Covered payroll $94,643,059 $21,275,148 $21,331,459 $ 22,127,493 $ 21,900,906
Proportionate share of the net pension
liability/(asset) as a percentage of its
covered payroll 10.07 % (200.26) % (151.16) % (325.77) % (162.27) % (76.03) % 49.40 % (26.82) % 17.11 % 20.20 %
Plan fiduciary net position as a
percentage of the total pension liability 87.44 % 113.31 % 110.30 % 122.90 % 112.00 % 105.80 % 96.10 % 102.30 % 98.40 % 98.10 %
Tier 2 Public Safety and Firefighter
System 2025 2024 2023 2022 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability/
(asset) 6.04 % 25.08 % 25.62 % 26.65 % 26.38 % 26.66 % 26.50 % 25.40 % 26.00 % 25.80 %
Proportionate share of the net pension
liability/(asset)$2,729,639 $ (72,083,739) $ (35,538,594) $ 3,844,181 $ 4,382,293
Covered payroll 27,548,449 21,275,148 21,331,459 22,127,493 21,900,906 21,916,972 21,677,933 21,246,778 22,462,865 21,718,863
Proportionate share of the net pension
liability/(asset) as a percentage of its
covered payroll 9.91 % (200.26) % (151.16) % (325.77) % (162.27) % (76.03) % 49.40 % (26.82) % 17.11 % 20.20 %
Plan fiduciary net position as a
percentage of the total pension liability 90.10 % 113.31 % 110.30 % 122.90 % 112.00 % 105.80 % 96.10 % 102.30 % 98.40 % 98.10 %
133
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2025
Last 10 Fiscal Years *
Noncontributory System 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions
Contributions in relation to
the contractually required
contribution
Contribution deficiency — — — — — — — — — —
Covered payroll
Contributions as a
percentage of covered
payroll ** 16.71 % 17.78 % 18.08 % 18.35 % 18.35 % 18.35 % 18.35 % 18.34 % 18.40 % 18.40 %
Contributory Retirement
System 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions $ 179,304 $ 203,835 $ 209,380 $ 220,194 $ 230,348 $ 269,579 $ 295,509 $ 385,624 $ 440,076 $ 521,065
Contributions in relation to
the contractually required
contribution (179,304) (203,835) (209,380) (220,194) (230,348) (269,579) (295,509) (385,624) (440,076) (521,065)
Contribution deficiency — — — — — — — — — —
Covered payroll 1,383,503 1,460,119 1,490,725 1,522,794 1,593,017 1,864,326 2,043,653 2,667,741 3,043,441 3,603,536
Contributions as a
percentage of covered
payroll ** 12.96 % 13.96 % 14.05 % 14.46 % 14.46 % 14.46 % 14.46 % 14.50 % 14.50 % 14.50 %
* Amounts presented were determined as of fiscal year July 1 - June 30.
** Contributions as a percentage of covered payroll may be different than the Board certified rate due to rounding or other administrative issues.
134
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2025
Last 10 Fiscal Years *
Public Safety System 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions
Contributions in relation to the
contractually required
contribution
Contribution deficiency — — — — — — — — — —
Covered payroll 29,966,177 30,328,086 28,351,640 27,876,833 27,456,348 29,318,067 29,492,416 30,940,836 30,315,192 28,977,940
Contributions as a percentage
of covered payroll ** 45.43 % 45.61 % 46.37 % 45.80 % 45.71 % 45.90 % 46.11 % 46.10 % 46.20 % 46.20 %
Firefighters System 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions $ 907,081 $ 1,324,570 $ 1,301,449 $ 1,534,954 $ 1,584,137 $ 1,594,213 $ 1,575,638 $ 1,492,942 $ 1,415,652 $ 1,478,858
Contributions in relation to the
contractually required
contribution (907,081) (1,324,570) (1,301,449) (1,534,954) (1,584,137) (1,594,213) (1,575,638) (1,492,942) (1,415,652) (1,478,858)
Contribution deficiency — — — — — — — — — —
Covered payroll 21,500,403 21,239,302 20,898,457 21,507,692 22,144,611 22,042,984 21,763,435 22,283,254 21,256,546 21,877,162
Contributions as a percentage
of covered payroll ** 4.22 % 6.24 % 6.23 % 7.14 % 7.15 % 7.23 % 7.24 % 6.70 % 6.70 % 6.80 %
* Amounts presented were determined as of fiscal year July 1 - June 30.
** Contributions as a percentage of covered payroll may be different than the Board certified rate due to rounding or other administrative issues.
135
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2025
Last 10 Fiscal Years *
Tier 2 Public Employee
System***2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions $ 9,282,036 $ 7,581,247 $ 6,812,120 $ 5,538,150 $ 4,540,799 $ 3,554,282 $ 2,862,396
Contributions in relation to the
contractually required
contribution (9,282,036) (7,581,247) (6,812,120) (5,538,150) (4,540,799) (3,554,282) (2,862,396)
Contribution deficiency — — — — — — — — — —
Covered payroll 87,821,141 71,143,338 57,760,755 47,983,204 43,501,516 35,640,144 30,052,109 23,838,638 19,200,283
Contributions as a percentage
of covered payroll ** 15.19 % 16.01 % 16.41 % 16.07 % 15.80 % 15.66 % 15.54 % 15.10 % 14.90 % 14.90 %
Tier 2 Public Safety and
Firefighter System***2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions $ 9,276,616 $ 7,553,233 $ 6,537,069 $ 5,165,630 $ 3,605,014 $ 3,079,494 $ 2,273,400 $ 1,700,143 $ 1,268,783 $ 958,067
Contributions in relation to the
contractually required
contribution (9,276,616) (7,553,233) (6,537,069) (5,165,630) (3,605,014) (3,079,494) (2,273,400) (1,700,143) (1,268,783) (958,067)
Contribution deficiency — — — — — — — — — —
Covered payroll 30,301,858 24,429,862 20,603,402 16,575,313 11,814,994 10,711,284 8,055,737 6,249,529 4,734,619 3,478,846
Contributions as a percentage
of covered payroll ** 30.61 % 30.92 % 31.73 % 31.16 % 30.51 % 28.75 % 28.22 % 27.20 % 26.80 % 27.50 %
* Amounts presented were determined as of fiscal year July 1 - June 30.
** Contributions as a percentage of covered payroll may be different than the Board certified rate due to rounding or other administrative issues.
*** Contributions in Tier 2 include an amortization rate to help fund the unfunded liabilities in the Tier 1 systems. Tier 2 systems were created effective July 1, 2011.
136
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2025
Last 10 Fiscal Years *
Tier 2 Public Employees DC
Only System***2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions $ 1,836,248 $ 1,766,967 $ 1,325,692 $ 1,164,900 $ 1,044,855 $ 839,449 $ 718,595 $ 612,119 $ 469,208 $ 350,234
Contributions in relation to the
contractually required
contribution (1,836,248) (1,766,967) (1,325,692) (1,164,900) (1,044,855) (839,449) (718,595) (612,119) (469,208) (350,234)
Contribution deficiency — — — — — — — — — —
Covered payroll 34,125,179 27,391,503 20,088,131 16,699,079 14,939,673 11,951,099 10,299,788 8,817,876 6,802,409 5,235,399
Contributions as a percentage
of covered payroll ** 5.38 % 6.45 % 6.60 % 6.98 % 6.99 % 7.02 % 6.98 % 6.94 % 6.90 % 6.70 %
Tier 2 Public Safety and
Firefighter DC Only
System***2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarial determined
contributions $ 1,352,700 $ 1,033,808 $ 698,569 $ 567,245 $ 453,281 $ 389,830 $ 358,354 $ 273,217 $ 167,364 $ 144,511
Contributions in relation to the
contractually required
contribution (1,352,700) (1,033,808) (698,569) (567,245) (453,281) (389,830) (358,354) (273,217) (167,364) (144,511)
Contribution deficiency — — — — — — — — — —
Covered payroll 6,796,313 5,213,995 3,540,475 2,872,082 2,327,822 2,025,004 1,826,747 1,357,040 892,166 738,510
Contributions as a percentage
of covered payroll ** 19.90 % 19.83 % 19.73 % 19.75 % 19.47 % 19.25 % 19.62 % 20.10 % 18.80 % 19.60 %
* Amounts presented were determined as of fiscal year July 1 - June 30.
** Contributions as a percentage of covered payroll may be different than the Board certified rate due to rounding or other administrative issues.
*** Contributions in Tier 2 include an amortization rate to help fund the unfunded liabilities in the Tier 1 systems. Tier 2 systems were created effective July 1, 2011.
137
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2025
Last 10 Fiscal Years *
SALT LAKE CITY PUBLIC SAFETY FUND
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarially Determined
Contribution
Contribution in relation to the
actuarially determined
contribution
Contribution deficiency (excess) — — — — — — — — —
Covered payroll
Contributions as a percentage of
covered payroll 2.0 % 2.2 % 63.5 % 57.4 % 54.7 % 54.1 % 52.1 % 49.43 % 53.86 % 49.33 %
* Amounts presented were determined as of fiscal year July 1 - June 30. The City is required to prospectively develop this table in future years to show 10 years of information.
138
SALT LAKE CITY CORPORATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
December 31, 2024
Last 10 Fiscal Years
Schedule of Changes in Net Pension Liability
Total pension liability 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Service Cost $ 7,599,829 $ 6,237,397 $ 6,140,012 $ 6,146,543 $ 6,566,784 $ 6,664,578 $ 6,763,108 $ 6,704,194 $ 6,316,421 $ 5,963,330
Interest (on the Total Pension
Liability) 32,001,292 30,208,783 29,255,041 28,604,572 27,597,013 26,741,309 25,880,971 24,936,718 23,099,095 23,023,003
Difference between expected
and actual experience 11,811,259 9,010,385 3,310,822 (769,824) 3,340,606 345,357 533,365 2,143,293 2,814,918 2,062,462
Changes of assumptions — 5,258,516 — 5,194,335 (242,821) — — 11,736,690 11,312,611 —
Benefit payments, including
refunds of employee contributions (26,379,595) (24,076,979) (24,649,742) (23,562,271) (21,546,165) (21,233,951) (20,264,462) (18,746,721) (17,682,059) (17,073,847)
Net change in total pension
liability 25,032,785 26,638,102 14,056,133 15,613,355 15,715,417 12,517,293 12,912,982 26,774,174 25,860,986 13,974,948
Total pension liability –
beginning 476,562,028 449,923,926 435,897,793 420,284,438 404,569,021 392,051,728 379,138,746 352,364,572 326,503,586 312,528,638
Total pension liability – ending $ 501,594,813 $ 352,364,572 $ 326,503,586
Plan fiduciary net position
Contributions – employer $ 19,565,204 $ 18,340,163 $ 16,505,799 $ 15,350,247 $ 15,608,224 $ 15,608,919 $ 15,294,371 $ 14,899,169 $ 15,260,367 $ 14,100,050
Contributions – employee 8,710 5,171 88,709 3,338 88,759 — — — 7,662 198
Net investment income 30,465,073 35,455,715 (21,787,130) 61,654,861 40,543,142 41,115,915 (1,074,920) 34,603,100 20,441,556 4,177,400
Benefit payments, including
refunds of employee contributions (26,379,595) (24,076,979) (24,649,742) (23,562,271) (21,546,165) (21,233,951) (20,264,462) (18,746,721) (17,682,059) (17,073,847)
Administrative Expense (142,881) (138,168) (134,148) (130,628) (129,919) (125,839) (134,501) (129,436) (118,082) (115,895)
Other 2,184,133 292,902 1,538,014 1,834,589 1,175,267 801,467 2,259,077 1,642,323 1,368,982 656,892
Net change in plan fiduciary
net position 25,700,644 29,878,806 (28,438,498) 55,150,136 35,739,308 36,166,511 (3,920,435) 32,268,435 19,278,426 1,744,798
Plan fiduciary net position –
beginning 417,519,940 387,641,134 416,079,632 360,929,496 325,190,188 289,023,677 292,944,112 260,675,677 241,397,251 239,652,453
Plan fiduciary net position –
ending $ 443,220,584 $ 260,675,677 $ 241,397,251
Net pension liability $ 58,374,229 $ 33,341,444 $ 62,282,792 $ 19,818,161 $ 59,354,942 $ 79,378,833 $ 86,194,634 $ 91,688,895 $ 85,106,335
Plan fiduciary net position as a
percentage of the total pension
liability 88.4 % 87.6 % 86.2 % 95.5 % 85.9 % 80.4 % 73.7 % 77.3 % 74.0 % 73.9 %
Covered-employee payroll 28,894,305 26,501,797 25,994,490 26,735,927 28,519,448 28,862,618 29,357,367 30,142,604 28,331,159 28,581,857
Net pension liability as a
percentage of covered payroll 202.0 % 222.8 % 239.6 % 74.1 % 208.1 % 275.0 % 350.9 % 286.0 % 323.6 % 297.8 %
Pension plan fiduciary net position: Detailed information about the pension plan’s fiduciary net position is available in the separately issued URS financial report.
139
SALT LAKE CITY CORPORATION
COMPONENT UNIT LIBRARY
SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS
June 30, 2025
Last 10 Fiscal Years *
Schedule of Changes in the Total OPEB Liability and Related Ratios
2025 2024 2023 2022 2021 2020 2019 2018
Interest $ 6,440 $ 6,558 $ 6,824 $ 4,455 $ 5,876 $ 7,958 $ 9,568 $ 10,234
Changes of benefit terms — — — — — — — —
Differences between expected and actual experience — 6,293 — (6,241) (1,113) (398) (764) 1,985
Changes in assumptions or other inputs (6,462) (1,143) (1,897) (24,306) 9,647 1,857 8,215 —
Benefit Payments (19,200) (19,500) (20,400) (21,600) (22,900) (24,750) (29,250) (31,950)
Net Change in Total OPEB liability (19,222) (7,792) (15,473) (47,692) (8,490) (15,333) (12,231) (19,731)
Total OPEB Liability - Beginning 171,858 179,650 195,123 242,815 251,305 266,638 278,868 298,599
Total OPEB Liability - Ending $ 152,636 $ 171,858 $ 179,650 $ 195,123 $ 242,815 $ 251,305 $ 266,637 $ 278,868
Covered Payroll $ — $ — $ — $ — $ — $ — $ — $ —
Total OPEB Liability as a percentage of covered
Payroll N/A N/A N/A N/A N/A N/A N/A N/A
Notes to Schedule:
Changes of Benefit Terms: None
Discount rates used in each period:4.71%3.97%3.86%3.69%1.92%2.45%3.13%3.62%
Changes of assumptions and other inputs reflects the effects of changes in the discount rate each period, as shown above.
* In accordance with paragraph 170.a of GASB Statement No. 75, employers will need to disclose a 10-year schedule of changes in the total OPEB
liability in their required supplementary information. However, until a full 10-year schedule is compiled, the Library will present information for those
years for which information is available.
140
Notes to Required Supplementary
Information
141
1. Budgetary-GAAP Reporting Reconciliation
The City Council can amend the budget to any extent, provided the budgeted expenditures do not
exceed revenues and appropriated fund balance. During the year ended June 30, 2025, General Fund
appropriations increased by a net $36,088,305. The first increase was for encumbrances totaling
$22,204,934. In the first budget amendment totaling $496,408, funding was allocated for FTEs in the
Attorney’s Department among other housekeeping items. In the second budget amendment, additional
funding was allocated for the COPS Hiring Program. Budget amendment #3 included $3,904,861 in
additional expense budget to account for several infrastructure related items. Budget amendment #4 did
not impact the general fund, and budget amendment #5 allocated additional funding for transportation/
bus passes, construction mitigation, the city’s animal service contract, and park security guards; among
other items. Other smaller budget amendment items throughout the year made up the difference.
The Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
include comparisons of the legally adopted budget (more fully described in Note 1 of the Notes to the
Financial Statements) with actual data on a budgetary basis for the General Fund and proprietary funds
that have a budgetary basis that differs from GAAP. Accounting principles applied for purposes of
developing data on a budgetary basis differ from those used to present financial statements in conformity
with GAAP. The difference in expenditures between GAAP and budgetary basis for the General Fund is
reconciled in the following table.
General Fund Expenditures
Actual on
reporting
basis
Plus
encumbrances
as of Change in
compensation
obligations
Actual on
budgetary
basisJune 30, 2025
City Council $ 5,566,029 $ 54,000 $ (50,592) $ 5,569,437
Mayor 6,268,200 443,679 150,311 6,862,190
City Attorney 11,736,245 203,301 70,584 12,010,130
Finance 12,213,691 155,145 148,024 12,516,860
Fire 55,823,595 — 1,768,516 57,592,111
Combined Emergency Services 10,679,338 362,543 113,174 11,155,055
Police 123,538,679 2,649,666 2,863,393 129,051,738
Community and Neighborhoods 35,131,218 4,783,555 534,283 40,449,056
Economic Development 4,312,810 175,183 (75,214) 4,412,779
Justice Courts 5,701,821 — 111,201 5,813,022
Human Resources 4,860,981 — 94,113 4,955,094
Public Services 45,747,506 2,901,689 484,105 49,133,300
Public Lands 30,381,051 411,585 268,836 31,061,472
Nondepartmental 64,376,008 6,779,574 — 71,155,582
Total expenditures 416,337,172 18,919,920 6,480,734 441,737,826
Transfers out 73,124,246 — — 73,124,246
Total $ 489,461,418 $ 18,919,920 $ 6,480,734 $ 514,862,072
SALT LAKE CITY CORPORATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2025
142
2. Post-employment Benefits other than pensions:
No assets are accumulated in a trust that meets the criteria in paragraph four of GASB Statement
75. The plan is not accounted for as a trust fund since an irrevocable trust has not been established to
account for the plan. The plan does not issue a separate report. The activity of the plan is reported in the
Library’s general fund.
3. Pension changes in Assumptions:
There were no changes in the actuarial assumptions or methods since the prior actuarial
valuation.
SALT LAKE CITY CORPORATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2025
143
This page intentionally left blank
144
Supplementary Information
145
Nonmajor Governmental Funds
Arts Council Fund - To account for activities of the Arts Council and the purchase or construction of
art in City owned facilities.
Downtown Economic Development Fund - To account for special assessments which are restricted for
downtown projects or improvements.
Community Development Operating Fund - To account for monies received by the City as grantee
participant in the Community Development Block Grant (CDBG) program, except for CDBG monies to
be used for capital improvements which are accounted for in the Capital Projects Fund.
Grants Operating Fund - To account for monies received by the City under the Home Program,
Emergency Medical Services, Emergency Shelter Grants, Housing Opportunities for Persons with Aids
Grants, Urban Area Security Initiative Grants, Metropolitan Medical Response System Grants, Local
Emergency Planning Committee Hazardous Materials Grants, Drug Free Communities Grants, Rocky
Mountain Drug Trafficking Grants, Justice Assistance Grants, Historic Preservation Grants, and other
studies and grants.
Capital City Revitalization Fund - to account for revenue generated from an additional sales tax levy.
These funds are earmarked to support key infrastructure projects within designated Capital City
Revitalization Zones. A portion of the revenue collected is allocated to the Public Infrastructure
Development Fund, which is responsible for servicing debt obligations related to major city assets.
Street Lighting Fund - To account for the operation of additional street lights, the cost of which is paid
by the City and by property owners who benefit from these improvements.
Demolition, Weed and Forfeiture Fund - To account for City mandated demolition, weed abatement
activities and certain police forfeiture activities.
Emergency 911 Dispatch Fund - To account for the City's portion of the County-wide emergency
dispatch system.
Salt Lake City Donation Fund - This fund was established to account for individual private and
intergovernmental contributions held in trust by the City for the Child Abduction Fund, Youth City
Programs, Imagination Celebration, Police and Fire Equipment Endowments, Environmental Issues
Fund, Police High School Scholarship Fund, Historic Preservation Fund, Mayor’s Sponsorship Fund,
and other contributions received to be held for a specific purpose.
Transportation Fund - In 2018 the State of Utah imposed a statewide 0.25% sales tax to be used for
transportation. The state legislature allowed the Cities to receive this funding directly in July 2019. In
the fiscal year ended June 30, 2020, the City created a separate governmental transportation fund to
collect and spend their portion of the sales to improve transportation within the City.
146
DEA Metro Narcotic Task Force Fund - The Drug Enforcement Administration Metropolitan
Narcotic Task Force (DEA Metro Narcotic Task Force) is dedicated to the reduction of illegal drug
trafficking. Financial resources are provided by federal grants and asset forfeitures.
Special Improvement Debt Service Fund - This fund is used to account for the cost of servicing the
debt created by financing the construction of public improvements deemed to benefit the properties
against which special assessments are levied.
147
SALT LAKE CITY CORPORATION
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2025
Special
Revenue
Funds
Special
Improvement
Debt Service
Fund
Total
Nonmajor
Governmental
Funds
ASSETS
Cash and cash equivalents
Unrestricted $ 50,249,239 $ 201,066 $ 50,450,305
Receivables:
Property tax receivable 2,635,833 — 2,635,833
Accounts receivable 15,545,978 76,711 15,622,689
Loan and other receivables 152,317 — 152,317
Due from for cash overdraft 372,847 — 372,847
Due from other governments 3,174,465 — 3,174,465
Other — 78,390 78,390
Total assets $ 72,130,679 $ 356,167 $ 72,486,846
LIABILITIES
Due to for cash overdraft $ 372,847 $ — $ 372,847
Accounts payable 25,418,793 — 25,418,793
Accrued liabilities 172,850 — 172,850
Current deposits and advance rentals 2,270,885 — 2,270,885
Other liabilities payable from restricted assets 3,942,828 155,102 4,097,930
Total liabilities 32,178,203 155,102 32,333,305
DEFERRED INFLOWS OF RESOURCES
Unavailable grant revenue 3,427,359 — 3,427,359
Total liabilities and deferred inflows of resources 35,605,562 155,102 35,760,664
FUND BALANCE
Restricted 19,120,466 — 19,120,466
Committed 9,852,568 201,065 10,053,633
Assigned 7,552,083 — 7,552,083
Total fund balance 36,525,117 201,065 36,726,182
Total liabilities and fund balance $ 72,130,679 $ 356,167 $ 72,486,846
148
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
Year ended June 30, 2025
Special
Revenue
Funds
Special
Improvement
Debt Service
Fund
Total
Nonmajor
Governmental
Funds
Revenues:
Sales, use, and excise taxes $ 41,792,139 $ — $ 41,792,139
Assessments 2,194,472 9,799 2,204,271
Fines and forfeitures 144,437 — 144,437
Interest 877,395 3,901 881,296
Intergovernmental 29,365,224 — 29,365,224
Charges for services 114,591 — 114,591
Contributions (cash contributions - Arts Council) 3,884,520 — 3,884,520
Rental and other income 4,890 — 4,890
Miscellaneous 588,357 — 588,357
Total revenues 78,966,025 13,700 78,979,725
Expenditures:
Finance 22,420,616 — 22,420,616
Fire 4,100 — 4,100
Police 197,996 — 197,996
Community and Neighborhoods 43,158,849 — 43,158,849
Economic Development 3,086,030 — 3,086,030
Public Services 13,740 — 13,740
Public Lands 347,371 — 347,371
Total expenditures 69,228,702 — 69,228,702
Revenues over expenditures 9,737,323 13,700 9,751,023
Other financing sources:
Transfers in 10,636,818 — 10,636,818
Transfers out (15,658,133) — (15,658,133)
Total other financing sources (5,021,315) — (5,021,315)
Net change in fund balances 4,716,008 13,700 4,729,708
Fund Balance July 1, 2024, as previously reported 25,036,104 187,365 25,223,469
Adjustment (Note 20)6,773,005 — 6,773,005
Fund Balance July 1, 2024, as restated 31,809,109 187,365 31,996,474
Fund Balance June 30, 2025 $ 36,525,117 $ 201,065 $ 36,726,182
149
SALT LAKE CITY CORPORATION
COMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
June 30, 2025
Arts
Council
Downtown
Economic
Development
Community
Development
Operating
Grants
Operating
Capital City
Revitalization
ASSETS
Cash and cash equivalents
Unrestricted $ 2,034,546 $ 2,348,782 $ — $ 7,327,650 $ 17,986,275
Receivables:
Property tax receivable — — — — —
Accounts receivable — 3,942,828 1,159,922 717,664 9,711,485
Loan and other receivables, net 152,317 — — — —
Due from for cash overdraft — — — 372,847 —
Due from other governments — — 562,501 2,611,964 —
Total assets $ 2,186,863 $ 6,291,610 $ 1,722,423 $ 11,030,125 $ 27,697,760
LIABILITIES
Due to for cash overdraft $ — $ — $ 372,847 $ — $ —
Accounts payable 102,924 — 1,219,337 1,646,435 22,420,616
Accrued liabilities 172,850 — — — —
Current deposits and advance rentals — — — — —
Total current
liabilities 275,774 — 1,592,184 1,646,435 22,420,616
Noncurrent liabilties:
— 3,942,828 — — —
Total liabilities 275,774 3,942,828 1,592,184 1,646,435 22,420,616
DEFERRED INFLOWS OF
RESOURCES
Unavailable grant revenue 1,507 — — 3,425,852 —
Total liabilities and deferred inflows
of resources 277,281 3,942,828 1,592,184 5,072,287 22,420,616
FUND BALANCE
Restricted 719,339 — 130,239 5,957,838 5,277,144
Committed 138,483 — — — —
Assigned 1,051,760 2,348,782 — — —
Total fund
balance 1,909,582 2,348,782 130,239 5,957,838 5,277,144
Total liabilities, deferred inflows of
resources, and fund balance $ 2,186,863 $ 6,291,610 $ 1,722,423 $ 11,030,125 $ 27,697,760
150
Street
Lighting
Demolition,
Weed and
Forfeiture
Emergency
911
Dispatch
Salt Lake City
Donation
Fund
Salt Lake City
Transportation
Fund
DEA Metro
Narcotic Task
Force
Nonmajor
Special
Revenue
Total
$ 654,346 $ 4,410,181 $ 8,962,992 $ 1,717,471 $ 3,635,114 $ 1,171,882 $ 50,249,239
— — 886,211 — 1,749,622 — 2,635,833
— 6,913 — 7,166 — — 15,545,978
— — — — — — 152,317
— — — — — — 372,847
— — — — — — 3,174,465
$ 654,346 $ 4,417,094 $ 9,849,203 $ 1,724,637 $ 5,384,736 $ 1,171,882 $ 72,130,679
$ — $ — $ — $ — $ — $ — $ 372,847
— 29,429 — — — 52 25,418,793
— — — — — — 172,850
— 2,270,885 — — — — 2,270,885
— 2,300,314 — — — 52 28,235,375
— — — — — — 3,942,828
— 2,300,314 — — — 52 32,178,203
— — — — — — 3,427,359
— 2,300,314 — — — 52 35,605,562
— — 886,211 — 5,384,736 764,959 19,120,466
— 751,093 8,962,992 — — — 9,852,568
654,346 1,365,687 — 1,724,637 — 406,871 7,552,083
654,346 2,116,780 9,849,203 1,724,637 5,384,736 1,171,830 36,525,117
$ 654,346 $ 4,417,094 $ 9,849,203 $ 1,724,637 $ 5,384,736 $ 1,171,882 $ 72,130,679
151
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUE EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
Year ended June 30, 2025
Arts
Council
Downtown
Economic
Development
Community
Development
Operating
Grants
Operating
Capital City
Revitalization
Revenues:
Sales, use, and excise taxes $ — $ — $ — $ — $ 27,697,760
Assessments — 2,194,472 — — —
Fines and forfeitures — — — — —
Interest 36,257 54,900 — 13,969 —
Intergovernmental — — 4,515,758 24,732,002 —
Charges for services 76,791 — — — —
Contributions (cash contributions) 3,884,520 — — — —
Rental and other income 4,890 — — — —
Miscellaneous 1,272 — — — —
Total revenues 4,003,730 2,249,372 4,515,758 24,745,971 27,697,760
Expenditures:
Finance — — — — 22,420,616
Fire — — — — —
Police — — — — —
Community and Neighborhoods — 1,584,121 11,055,019 30,237,717 —
Economic Development 3,086,030 — — — —
Public Services — — — — —
Public Lands — — — — —
Total expenditures 3,086,030 1,584,121 11,055,019 30,237,717 22,420,616
Revenues over (under)
expenditures 917,700 665,251 (6,539,261) (5,491,746) 5,277,144
Other financing sources (uses):
Transfers in — — 7,173,122 3,463,696 —
Transfers out — — (576,089) (194,197) —
Total other financing
sources (uses) — — 6,597,033 3,269,499 —
Net change in fund
balances 917,700 665,251 57,772 (2,222,247) 5,277,144
Fund Balance July 1, 2024, as
previously reported 991,882 1,683,531 72,467 1,407,080 —
Adjustment (Note 20) — — — 6,773,005 —
Fund Balance July 1, 2024, as
restated 991,882 1,683,531 72,467 8,180,085 —
Fund Balance June 30, 2025 $ 1,909,582 $ 2,348,782 $ 130,239 $ 5,957,838 $ 5,277,144
152
Street
Lighting
Demolition,
Weed and
Forfeiture
Emergency
911
Dispatch
Salt Lake City
Donation
Fund
Salt Lake City
Transportation
Fund
DEA Metro
Narcotic Task
Force
Nonmajor
Special
Revenue
Total
$ — $ — $ 5,065,387 $ — $ 9,028,992 $ — $ 41,792,139
——————2,194,472
—144,437 ————144,437
26,472 151,699 409,436 75,091 109,571 —877,395
—104,982 —12,482 ——29,365,224
———37,800 ——114,591
——————3,884,520
——————4,890
—116,390 —228,710 —241,985 588,357
26,472 517,508 5,474,823 354,083 9,138,563 241,985 78,966,025
——————22,420,616
———4,100 ——4,100
———49,850 —148,146 197,996
—183,087 —98,905 ——43,158,849
——————3,086,030
———13,740 ——13,740
———347,371 ——347,371
—183,087 —513,966 —148,146 69,228,702
26,472 334,421 5,474,823 (159,883)9,138,563 93,839 9,737,323
——————10,636,818
——(3,800,385)—(11,087,462)—(15,658,133)
— — (3,800,385) — (11,087,462) — (5,021,315)
26,472 334,421 1,674,438 (159,883) (1,948,899) 93,839 4,716,008
627,874 1,782,359 8,174,765 1,884,520 7,333,635 1,077,991 25,036,104
——————6,773,005
627,874 1,782,359 8,174,765 1,884,520 7,333,635 1,077,991 31,809,109
$ 654,346 $ 2,116,780 $ 9,849,203 $ 1,724,637 $ 5,384,736 $ 1,171,830 $ 36,525,117
153
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
ARTS COUNCIL
Year ended Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Interest $ 36,257 $ 30,000 $ 28,500 $ 7,757
Charges for services 76,791 84,200 74,644 2,147
Contributions 3,884,520 3,620,164 3,713,970 170,550
Rental and other income 4,890 3,000 5,000 (110)
Miscellaneous 1,272 — 1,000 272
Total revenues 4,003,730 3,737,364 3,823,114 180,616
Expenditures:
Arts Council 3,086,030 3,734,982 3,807,208 721,178
Total expenditures 3,086,030 3,734,982 3,807,208 721,178
Revenues over expenditures 917,700 $ 2,382 $ 15,906 $ 901,794
Net change in fund balance 917,700
Fund Balance July 1, 2024 991,882
Fund Balance June 30, 2025 $ 1,909,582
154
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DOWNTOWN ECONOMIC DEVELOPMENT
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Assessments $ 2,194,472 $ 1,700,000 $ 1,700,000 $ 494,472
Interest 54,900 — — 54,900
Total revenues 2,249,372 1,700,000 1,700,000 549,372
Expenditures:
Community and Economic
Development 1,584,121 1,700,000 1,700,000 115,879
Total expenditures 1,584,121 1,700,000 1,700,000 115,879
Revenues over expenditures 665,251 $ — $ — $ 665,251
Net change in fund balance 665,251
Fund Balance July 1, 2024 1,683,531
Fund Balance June 30, 2025 $ 2,348,782
155
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT OPERATING FUND
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Intergovernmental $ 4,515,758 $ 5,485,515 $ 10,360,994 $ (5,845,236)
Total revenues 4,515,758 5,485,515 10,360,994 (5,845,236)
Expenditures:
Community and Economic
Development 11,055,019 5,485,515 10,360,994 (694,025)
Total expenditures 11,055,019 5,485,515 10,360,994 (694,025)
Revenues under expenditures (6,539,261) — — (6,539,261)
Other financing sources (uses):
Transfers in 7,173,122 — 7,173,122 —
Transfers out (576,089) — — (576,089)
Total other financing sources: 6,597,033 $ — $ 7,173,122 $ (576,089)
Net change in fund balance 57,772
Fund Balance July 1, 2024 72,467
Fund Balance June 30, 2025 $ 130,239
156
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
GRANTS OPERATING FUND
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Interest $ 13,969 $ — $ — $ 13,969
Intergovernmental 24,732,002 6,644,210 57,482,787 (32,750,785)
Total revenues 24,745,971 6,644,210 57,482,787 (32,736,816)
Expenditures:
Community and Economic
Development 30,237,717 6,644,210 57,482,786 27,245,069
Total expenditures 30,237,717 6,644,210 57,482,786 27,245,069
Revenues under expenditures (5,491,746) — 1 (59,981,885)
Other financing uses:
Transfers in 3,463,696 — 3,463,696 —
Transfers out (194,197) — — (194,197)
Total other financing uses: 3,269,499 $ — $ 3,463,696 $ (194,197)
Net change in fund balance (2,222,247)
Fund Balance July 1, 2024, as previously reported 1,407,080
Adjustment (Note 20) 6,773,005
Fund Balance July 1, 2024, as restated 8,180,085
Fund Balance June 30, 2025 $ 5,957,838
157
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
CAPITAL CITY REVITALIZATION FUND
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Sales, use and excise taxes $ 27,697,760 $ — $ 25,982,860 $ 1,714,900
Total revenues 27,697,760 — 25,982,860 1,714,900
Expenditures:
Community and Economic
Development 22,420,616 — — (22,420,616)
Total expenditures 22,420,616 — — (22,420,616)
Revenues over expenditures 5,277,144 — 25,982,860 24,135,516
Net change in fund balance 5,277,144
Fund Balance July 1, 2024 —
Fund Balance June 30, 2025 $ 5,277,144
158
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
STREET LIGHTING
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Interest $ 26,472 $ — $ — $ 26,472
Total revenues 26,472 — — 26,472
Revenues over expenditures 26,472 $ — $ — $ 26,472
Net change in fund balance 26,472
Fund Balance July 1, 2024 627,874
Fund Balance June 30, 2025 $ 654,346
159
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DEMOLITION, WEED AND FORFEITURE
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Fines and forfeitures $ 144,437 $ — $ — $ 144,437
Interest 151,699 — — 151,699
Intergovernmental 104,982 — — 104,982
Miscellaneous 116,390 300,000 300,000 (183,610)
Total revenues 517,508 300,000 300,000 217,508
Expenditures:
Community and Economic
Development 183,087 400,000 400,000 216,913
Total expenditures 183,087 400,000 400,000 216,913
Revenues over expenditures 334,421 (100,000) (100,000) 434,421
Other financing sources:
Transfers in — 100,000 100,000 100,000
Total other financing sources: — $ 100,000 $ 100,000 $ 100,000
Net change in fund balance 334,421
Fund Balance July 1, 2024 1,782,359
Fund Balance June 30, 2025 $ 2,116,780
160
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
EMERGENCY 911 DISPATCH
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Sales, use and excise taxes $ 5,065,387 $ 3,925,000 $ 3,925,000 $ 1,140,387
Interest 409,436 — — 409,436
Total revenues 5,474,823 3,925,000 3,925,000 1,549,823
Expenditures:
Charges and Services — 113,200 113,200 113,200
Total expenditures — 113,200 113,200 113,200
Revenues over expenditures 5,474,823 3,811,800 3,811,800 1,663,023
Other financing uses:
Transfers out (3,800,385) (3,800,385) (3,800,385) —
Total other financing uses: (3,800,385) $ (3,800,385) $ (3,800,385) $ —
Net change in fund balance 1,674,438
Fund Balance July 1, 2024 8,174,765
Fund Balance June 30, 2025 $ 9,849,203
161
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SALT LAKE CITY DONATION FUND
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Interest $ 75,091 $ — $ — $ 75,091
Intergovernmental 12,482 — — 12,482
Charges for services 37,800 — — 37,800
Miscellaneous 228,710 500,000 4,763,674 (4,534,964)
Total revenues 354,083 500,000 4,763,674 (4,409,591)
Expenditures:
Community and Neighborhoods 98,905 — — (98,905)
Public Lands 347,371 — — (347,371)
Fire 4,100 — — (4,100)
Police 49,850 — — (49,850)
Sustainability 13,740 500,000 4,763,674 4,749,934
Total expenditures 513,967 500,000 4,763,674 4,249,707
Revenues under expenditures (159,883) — — (159,882)
Net change in fund balance (159,883)
Fund Balance July 1, 2024 1,884,520
Fund Balance June 30, 2025 $ 1,724,637
162
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SALT LAKE CITY TRANSPORTATION FUND
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Sales tax $ 9,028,992 $ 9,700,000 $ 9,700,000 $ (671,008)
Interest 109,571 — — 109,571
Total revenues 9,138,563 9,700,000 9,700,000 (561,437)
Total expenditures — — — —
Revenues over expenditures 9,138,563 9,700,000 9,700,000 (561,437)
Other financing uses:
Transfers out (11,087,462) (11,758,312) (12,187,462) (8,313,707)
Total other financing uses: (11,087,462) $ (11,758,312) $ (12,187,462) $ (8,313,707)
Net change in fund balance (1,948,899)
Fund Balance July 1, 2024 7,333,635
Fund Balance June 30, 2025 $ 5,384,736
163
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DEA METRO NARCOTIC TASK FORCE FUND
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Miscellaneous $ 241,985 $ 1,074,233 $ 1,074,233 $ (832,248)
Total revenues 241,985 1,074,233 1,074,233 (832,248)
Expenditures:
Police 148,146 1,074,252 1,074,252 (926,106)
Total expenditures 148,146 1,074,252 1,074,252 (926,106)
Revenues over (under) expenditures 93,839 $ (19) $ (19) $ 93,858
Net change in fund balance 93,839
Fund Balance July 1, 2024 1,077,991
Fund Balance June 30, 2025 $ 1,171,830
164
SALT LAKE CITY CORPORATION
COMBINING BALANCE SHEET
NONMAJOR DEBT SERVICE FUND
Year ended June 30, 2025
Special
Improvement
ASSETS
Cash and cash equivalents
Unrestricted $ 201,066
Receivables:
Accounts 76,711
Other 78,390
Total assets $ 356,167
LIABILITIES
Other liabilities $ 155,102
Total liabilities 155,102
FUND BALANCE
Committed 201,065
Total fund balance 201,065
Total liabilities and fund balance $ 356,167
165
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR DEBT SERVICE FUND
Year ended June 30, 2025
Special
Improvement
Revenues:
Assessments $ 9,799
Interest 3,901
Total revenues 13,700
Net change in fund balance 13,700
Fund Balance July 1, 2024 187,365
Fund Balance June 30, 2025 $ 201,065
166
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SPECIAL IMPROVEMENT FUND
Year ended June 30, 2025
Actual
(GAAP basis)
Budgeted Amounts
Original
Budget
Final
Budget Variance
Revenues:
Assessments $ 9,799 $ 3,000 $ 3,000 $ 6,799
Interest 3,901 — — 3,901
Total revenues 13,700 3,000 3,000 10,700
Expenditures:
Operating and maintenance — 1,200 1,200 1,200
Administrative Services — 1,800 1,800 1,800
Total expenditures — 3,000 3,000 3,000
Revenues over expenditures 13,700 $ — $ — $ 7,700
Net change in fund balance 13,700
Fund Balance July 1, 2024 187,365
Fund Balance June 30, 2025 $ 201,065
167
Major Governmental Funds
Budgetary Comparison Schedule
168
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
CAPITAL PROJECTS FUND
Year ended June 30, 2025
Actual
(GAAP basis)
Budgeted Amounts
Original
Budget
Final
Budget Variance
Revenues:
Sales, use and excise taxes $ — $ 10,200,000 $ — $ —
Permits 7,230,496 3,146,200 6,971,000 259,496
Interest 8,863,440 —10,483,609 (1,620,169)
Intergovernmental 12,869,325 5,905,300 19,768,602 (6,899,277)
Rental & other income 3,388 —20,000 (16,612)
Miscellaneous 1,118,307 20,000 4,400,000 (3,281,693)
Total revenues 30,084,956 19,271,500 41,643,211 (11,558,255)
Expenditures:
Capital improvements 99,877,739 37,417,543 339,372,718 239,494,979
Total expenditures 99,877,739 37,417,543 339,372,718 239,494,979
Revenues under expenditures (69,792,783)(18,146,043)(297,729,507)227,936,724
Other financing sources (uses):
Transfers in 35,693,031 18,301,343 33,805,858 1,887,173
Transfers out (4,390,492)(155,300)(4,060,161)(330,331)
Total other financing sources (uses):31,302,539 18,146,043 29,745,697 1,556,842
Net Change in Fund Balance (38,490,244)$ — $ (267,983,810) $ 229,493,566
Fund Balance July 1, 2024 293,367,673
Fund Balance June 30, 2025 $ 254,877,429
169
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
OTHER IMPROVEMENT FUND
Year ended June 30, 2025
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Property taxes $ 16,596,203 $ 15,398,389 $ 16,596,204 $ (1)
Sales, use and excise taxes 1,100,000 2,297,815 1,100,000 —
Intergovernmental 2,170,324 2,170,324 2,170,324 —
Interest 243,835 — — 243,835
Rental and other income 982,996 982,996 982,996 —
Miscellaneous 2,995,582 — — 2,995,582
Total revenues 24,088,940 20,849,524 20,849,524 3,239,416
Expenditures:
Debt service:
Principal 20,214,688 19,867,843 19,867,843 (346,845)
Interest 11,672,034 11,688,191 11,688,191 16,157
Total expenditures 31,886,722 31,556,034 31,556,034 (330,688)
Revenues under expenditures (7,797,782) (10,706,510) (10,706,510) 3,570,104
Other financing sources (uses):
Transfers in 10,201,562 10,201,562 10,201,562 —
Total other financing sources 10,201,562 10,201,562 10,201,562 —
Net change in fund balance 2,403,780
Fund Balance July 1, 2024 15,771,678
Fund Balance June 30, 2025 $ 18,175,458
170
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171
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF NET POSITION
NONMAJOR PROPRIETARY FUNDS
June 30, 2025
Street Lighting
Utility
ASSETS
Current assets:
Cash and cash equivalents
Unrestricted $ 4,800,496
Restricted 102,573
Receivables:
Accounts, less allowance for doubtful accounts of $6,279, $18,444, $489,000,
and $0 respectively, totaling $513,723. 478,121
Current portion of loans receivable —
Prepaid expenses 15,367
Inventory of supplies —
Total current assets 5,396,557
Property and equipment, at cost:
Land and water rights —
Infrastructure 15,673,951
Buildings —
Improvements other than buildings —
Machinery and equipment —
Construction in progress —
Accumulated depreciation (6,124,590)
Net property and equipment 9,549,361
Loans and other long-term receivables, less allowance for doubtful accounts of $0,
$0, $351,000, $0, respectively, totaling $351,000. —
Land and buildings held for resale —
Investment in joint venture —
Total noncurrent assets 9,549,361
Total assets 14,945,918
DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows - Pension 20,441
Total Deferred Outflows 20,441
Total assets and deferred outflows of resources $ 14,966,359
172
Refuse
Collection Housing & Loan Golf Total
$ 6,372,949 $ 23,609,772 $ 17,433,524 $ 52,216,741
2,795,988 — — 2,898,561
1,512,169 — 19,115 2,009,405
465,975 2,991,217 — 3,457,192
485 — — 15,852
— — 329,127 329,127
11,147,566 26,600,989 17,781,766 60,926,878
— — 5,831,658 5,831,658
— — — 15,673,951
— — 4,509,301 4,509,301
497,426 — 21,223,834 21,721,260
24,420,718 — 4,738,952 29,159,670
3,201,244 — — 3,201,244
(12,823,632) — (16,737,951) (35,686,173)
15,295,756 — 19,565,794 44,410,911
— 36,117,774 — 36,117,774
— 3,772,972 — 3,772,972
27,740,023 — — 27,740,023
43,035,779 39,890,746 19,565,794 112,041,680
54,183,345 66,491,735 37,347,560 172,968,558
1,135,200 — 710,816 1,866,457
1,135,200 — 710,816 1,866,457
$ 55,318,545 $ 66,491,735 $ 38,058,376 $ 174,835,015
173
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF NET POSITION
NONMAJOR PROPRIETARY FUNDS
June 30, 2025
Street Lighting
Utility
LIABILITIES
Current liabilities:
Accounts payable $ 522,148
Accrued liabilities —
Accrued interest 33,182
Current deposits and advance rentals 24,920
Current portion of long-term compensated absences 20,568
Current portion of long-term debt 113,900
Total current liabilities 714,718
Noncurrent liabilties:
Deposits, advance rentals and long-term accruals —
Other liabilities payable from restricted assets 21,932
Bonds, mortgages, and notes payable 1,803,774
Long-term compensated absences liability 12,755
Net pension liability 11,165
Total noncurrent liabilities 1,849,626
Total liabilities 2,564,344
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows - Pension 214
Total deferred inflows 214
NET POSITION
Invested in capital assets 7,578,958
Unrestricted 4,822,843
Total net position 12,401,801
Total liabilities, deferred inflows of resources and net position $ 14,966,359
174
Refuse
Collection Housing & Loan Golf Total
$ 486,184 $ 37,724 $ 1,397,850 $ 2,443,906
16,397 —191,792 208,189
———33,182
—628,034 —652,954
396,426 —397,514 814,508
324,074 —443,613 881,587
1,223,081 665,758 2,430,769 5,034,326
79,605 —950,133 1,029,738
———21,932
10,229,827 2,049,737 3,535,752 17,619,090
164,631 —185,656 363,042
834,559 —544,658 1,390,382
11,308,622 2,049,737 5,216,199 20,424,184
12,531,703 2,715,495 7,646,968 25,458,510
9,356 —5,597 15,167
9,356 —5,597 15,167
4,655,209 —14,436,612 26,670,779
38,122,276 63,776,240 15,969,199 122,690,558
42,777,485 63,776,240 30,405,811 149,361,337
$ 55,318,545 $ 66,491,735 $ 38,058,376 $ 174,835,015
175
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET
POSITION
NONMAJOR PROPRIETARY FUNDS
June 30, 2025
Street Lighting
Utility
Sales and charges for services $ 5,230,066
Contributions —
Rental and other 226
Total operating revenue 5,230,292
Personnel services 245,211
Operating and maintenance 3,385
Charges and services 4,283,213
Depreciation and amortization 749,744
Total operating expenses 5,281,553
Operating income/(loss) (51,261)
Interest income 201,648
Interest expense (67,906)
Equity in joint venture income —
Gain on disposition of property and equipment —
Total nonoperating revenues 133,742
Grants and other contributions 217,350
Total capital contributions 217,350
Income before transfers 299,831
Transfers in —
Transfers out —
Change in net position 299,831
Net Position July 1, 2024 12,101,970
Net Position June 30, 2025 $ 12,401,801
176
Refuse
Collection
Housing &
Loan Golf Total
$ 18,339,622 $ — $ 14,511,249 $ 38,080,937
— 13,359,647 — 13,359,647
124,370 1,126,007 54,959 1,305,562
18,463,992 14,485,654 14,566,208 52,746,146
7,308,834 — 5,557,157 13,111,202
106,293 4,886 1,777,755 1,892,319
8,639,464 924,765 3,869,345 17,716,787
2,220,863 — 896,482 3,867,089
18,275,454 929,651 12,100,739 36,587,397
188,538 13,556,003 2,465,469 16,158,749
293,661 1,903,090 622,832 3,021,231
(208,189) (74,660) (111,665) (462,420)
2,534,160 — — 2,534,160
1,054,950 — 2,265 1,057,215
3,674,582 1,828,430 513,432 6,150,186
— — — 217,350
— — — 217,350
3,863,120 15,384,433 2,978,901 22,526,285
— — 2,104,615 2,104,615
(272,413) (11,657,938) — (11,930,351)
3,590,707 3,726,495 5,083,516 12,700,549
39,186,778 60,049,745 25,322,295 136,660,788
$ 42,777,485 $ 63,776,240 $ 30,405,811 $ 149,361,337
177
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR PROPRIETARY FUNDS
June 30, 2025
Street Lighting
Utility
Cash Flows from Operating Activities
Receipts from customers and users $ 5,226,000
Payments to internal fund services (81,218)
Payments to suppliers (4,159,949)
Payments to employees (236,402)
Net cash provided by operating activities 748,431
Cash flows from noncapital and related financing activities:
Transfers in —
Transfers out —
Net cash provided by (used in) noncapital and related financing activities —
Cash flows from capital and related financing activities:
Proceeds from issuance of debt (net of discount and issuance costs) —
Proceeds from sale of equipment —
Payment on long-term obligations, net of capitalized interest (193,523)
Payments for purchase and construction, including capitalized interest (932,297)
Net cash used for capital and related financing activities (1,125,820)
Cash flows from investing activities:
Interest received on investments and loans 201,648
Net cash provided by investing activities 201,648
Net increase (decrease) in cash and cash equivalents (175,741)
Cash and cash equivalents at beginning of year 5,078,810
Cash and cash equivalents at end of year $ 4,903,069
Cash and cash equivalent components:
Unrestricted $ 4,800,496
Restricted - current 102,573
Restricted - noncurrent —
Cash and cash equivalents at end of year $ 4,903,069
Cash flows from operating activities -
Operating income (loss)$ (51,261)
Adjustments to reconcile operating income (loss) to net cash provided
by (used in) operating activities:
Depreciation and amortization 749,744
Increase (decrease) due to changes in:
Accounts receivable (25,761)
Prepaids —
Other current assets 2,740
Accounts payable 45,430
Deferred outflows —
Accrued liabilities affecting operating activities 4,855
Other liabilities 21,469
Pension liability 3,240
Deferred inflows (2,025)
Compensation liability —
Total adjustments 799,692
Net cash provided by operating activities $ 748,431
178
Refuse
Collection Housing & Loan Golf Total
$ 18,044,211 $ 3,966,168 $ 14,581,380 $ 41,817,759
— — — (81,218)
(9,030,590) (3,529,101) (5,677,929) (22,397,569)
(6,751,506) — (5,135,004) (12,122,912)
2,262,115 437,067 3,768,447 7,216,060
— 2,104,615 2,104,615
(272,413) (11,657,938) — (11,930,351)
(272,413) (11,657,938) 2,104,615 (9,825,736)
9,623,593 — — 9,623,593
1,084,778 — — 1,084,778
(2,362,426) (735,938) (532,697) (3,824,584)
(9,414,697) — (3,758,063) (14,105,057)
(1,068,752) (735,938) (4,290,760) (7,221,270)
293,661 1,903,090 622,832 3,021,231
293,661 1,903,090 622,832 3,021,231
1,214,612 (10,053,719) 2,205,134 (6,809,714)
7,954,325 33,663,491 15,228,390 61,925,016
9,168,937 23,609,772 17,433,524 55,115,302
$ 6,372,949 $ 23,609,772 $ 17,433,524 $ 52,216,741
2,795,988 — — 2,898,561
— — — —
$ 9,168,937 $ 23,609,772 $ 17,433,524 $ 55,115,302
$ 188,538 $ 13,556,003 $ 2,465,469 $ 16,158,749
2,220,863 — 896,482 3,867,089
(34,990) (12,131,426) 10,495 (12,181,682)
— — 40,300 40,300
(382,552) (1,080,536) (41,274) (1,501,622)
31,785 93,026 10,445 180,686
(316,618) — (143,446) (460,064)
— — 196,469 201,324
(2,239) — — 19,230
417,680 — 238,282 659,202
1,956 — 2,074 2,005
137,692 — 93,151 230,843
2,073,577 (13,118,936) 1,302,978 (8,942,689)
$ 2,262,115 $ 437,067 $ 3,768,447 $ 7,216,060
179
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
STREET LIGHTING UTILITY FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Operating revenue - sales and charges
for current services $ 5,230,066 $ 5,428,320 $ 5,051,294 $ 5,051,294 $ 377,026
Interest income 201,648 201,488 42,594 42,594 158,894
Contributions and nonoperating grants 217,350 — — — —
Transfers in 226 227 100 100 127
Proceeds from sale of bonds — — 20,000 20,000 (20,000)
Total revenues and other sources 5,649,290 5,630,035 5,113,988 5,113,988 516,047
Expenses and other uses:
Personnel services 245,211 239,141 447,469 447,469 208,328
Operating and maintenance 3,385 3,384 5,800 5,800 2,416
Charges and services 4,283,213 4,278,543 3,639,966 3,714,071 (564,472)
Depreciation and amortization 749,744 — — — —
Expenses before debt service and capital
outlay 5,281,553 4,521,068 4,093,235 4,167,340 (353,728)
Debt Service
Principal — 110,727 105,453 105,453 (5,274)
Interest 67,906 82,800 88,075 88,075 5,275
Infrastructure — 1,032,485 2,490,000 2,490,000 1,457,515
Total expenses and other uses 5,349,459 5,747,080 6,776,763 6,850,868 1,103,788
Change in net position $ 299,831 $ (117,045) $ (1,662,775) $ (1,736,880) $ 1,619,835
180
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
REFUSE COLLECTION FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Refuse collection fees $ 18,339,622 $ 19,029,868 $ 18,227,350 $ 18,227,350 $ 802,518
Fixed asset disposition proceeds — — 515,000 515,000 (515,000)
Gain on fixed asset disposition 1,054,950 588,975 — — 588,975
Rental and other 124,370 124,370 52,826 52,826 71,544
Proceeds from debt — — 2,646,567 2,646,567 (2,646,567)
Interest income 293,661 293,661 49,750 49,750 243,911
Equity in joint venture income 2,534,160 — — — —
Transfer in — — 1,170,900 1,170,900 (1,170,900)
Total revenues and other sources 22,346,763 20,036,874 22,662,393 22,662,393 (2,625,519)
Expenses and other uses:
Personnel services 7,308,834 7,068,125 7,137,658 7,212,658 144,533
Operating and maintenance 106,293 106,293 731,507 731,507 625,214
Charges and services 8,639,464 10,271,700 11,176,601 11,131,601 859,901
Depreciation 2,220,863 — — — —
Transfers out 272,413 272,413 275,000 275,000 2,587
Total expenses before debt service and
capital outlay 18,547,867 17,718,531 19,320,766 19,350,766 1,632,235
Debt service:
Principal — 2,154,237 2,863,727 2,863,727 709,490
Interest 208,189 208,189 91,832 91,832 (116,357)
Capital outlay - purchase of equipment — — 3,761,567 3,761,567 3,761,567
Total expenses and other uses 18,756,056 20,080,957 26,037,892 26,067,892 5,986,935
Change in net position $ 3,590,707 $ (44,083) $ (3,375,499) $ (3,405,499) $ 3,361,416
181
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
HOUSING LOANS FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Operating revenue - sales and charges for
current services $ 1,126,007 $ 3,833,770 $ 4,469,000 $ 11,463,737 $ (7,629,967)
Interest income 1,903,090 1,903,090 870,000 870,000 1,033,090
Contributions and non-operating grants 13,359,647 — — — —
Proceeds from debt — — 80,000 80,000 (80,000)
Total revenues and other sources 16,388,744 5,736,860 5,419,000 12,413,737 (6,676,877)
Expenses and other uses:
Charges and services 924,765 3,483,764 4,469,000 19,680,809 16,197,045
Operating and maintenance 4,886 4,886 — — (4,886)
Transfers out 11,657,938 10,636,818 — 10,636,818 —
Expenses before debt service
and capital outlay 12,587,589 14,125,468 4,469,000 30,317,627 16,192,159
Debt service:
Principal — 666,263 800,000 800,000 133,737
Interest 74,660 74,660 150,000 150,000 75,340
Total expenses and other uses 12,662,249 14,866,391 5,419,000 31,267,627 16,401,236
Change in net position $ 3,726,495 $ (9,129,531) $ — $ (18,853,890) $ 9,724,359
182
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
GOLF FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Charges for services $ 14,422,810 $ 14,422,810 $ 11,286,031 $ 11,286,031 $ 3,136,779
Equipment and facility rental 54,959 54,959 54,212 54,212 747
Interest income 622,832 622,832 165,000 165,000 457,832
Gain on sale of assets 2,265 — — — —
Other revenue 88,439 88,439 8,958 8,958 79,481
Transfers in 2,104,615 2,104,615 2,104,615 2,104,615 —
Total revenues and other sources 17,295,922 17,293,655 13,618,816 13,618,816 3,674,839
Expenses and other uses:
Personnel services 5,557,157 5,367,096 5,474,908 5,474,908 107,812
Operating and maintenance 1,777,755 1,819,029 1,890,618 1,890,618 71,589
Charges and services 3,869,345 7,629,674 4,194,258 4,194,258 (3,435,416)
Depreciation 896,482 — — — —
Total expenses before debt service
and capital outlay 12,100,739 14,815,799 11,559,784 11,559,784 (3,256,015)
Debt Service:
Principal — 421,032 413,761 413,761 (7,271)
Interest 111,665 111,665 114,452 114,452 2,787
Capital outlay-purchase of equipment — — 8,372,951 8,372,951 8,372,951
Total expenses and other uses 12,212,404 15,348,496 20,460,948 20,460,948 5,112,452
Change in net position $ 5,083,518 $ 1,945,159 $ (6,842,132) $ (6,842,132) $ 8,787,291
183
Major Enterprise Funds
Budgetary Comparison Schedule
184
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DEPARTMENT OF AIRPORTS FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Airfields $ 303,671,438 $ 284,483,168 $ 298,434,400 $ 298,434,400 $ (13,951,232)
Terminals 30,916,696 30,916,696 31,286,100 31,286,100 (369,404)
Landside 124,169,415 124,169,415 117,615,500 117,615,500 6,553,915
Lease Revenue 13,734,904 13,734,904 11,892,900 11,892,900 1,842,004
General aviation 4,658,534 4,658,534 4,269,600 4,269,600 388,934
State aviation tax 3,342,199 3,342,199 2,913,000 2,913,000 429,199
Other revenue 5,663,650 5,663,650 5,029,100 5,029,100 634,550
Equipment disposition proceeds 349,116 349,116 — — 349,116
Debt Proceeds — 200,000,000 — 400,000,000 (200,000,000)
Interest income 39,713,511 39,713,511 16,099,700 16,099,700 23,613,811
Passenger facility charges 52,473,375 52,473,375 — — 52,473,375
Customer facility charges 16,910,255 16,910,255 248,000 248,000 16,662,255
Contributions for aid in construction 57,221,451 57,221,451 97,515,600 97,515,600 (40,294,149)
Airline revenue sharing (19,188,270) (19,188,270) (20,187,800) (20,187,800) 999,530
Total revenues and other sources 633,636,274 814,448,004 565,116,100 965,116,100 (150,668,096)
Expenses and other uses:
Personnel services 87,109,605 87,109,605 76,520,700 76,520,700 (10,588,905)
Accrued compensated absences and other
post employment benefits (7,279,438) — — — —
Capitalized personal services (1,843,658) — — — —
Operating and maintenance 19,253,481 19,253,481 25,014,000 25,014,000 5,760,519
Charges and services 105,685,712 105,685,712 117,271,600 117,271,600 11,585,888
Depreciation and amortization 184,312,456 — — — —
Bond Issuance costs 261,324 — 2,800,000 2,800,000 2,800,000
Total expenses before capital outlay 387,499,482 212,048,798 221,606,300 221,606,300 9,557,502
Debt service:
Interest 145,880,753 166,322,806 167,123,000 167,123,000 800,194
Capital outlay:
Equipment — 20,034,768 19,000,600 19,000,600 (1,034,168)
Construction, including multi-year projects — 446,809,011 148,477,400 148,477,400 (298,331,611)
Total expenses and other uses 533,380,235 845,215,383 556,207,300 556,207,300 (289,008,083)
Change in net position $ 100,256,039 $ (30,767,379) $ 8,908,800 $ 408,908,800 $ (439,676,179)
185
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
WATER UTILITY FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Operating revenue - sales and charges for
current services $ 144,610,307 $ 151,823,120 $ 120,395,560 $ 120,395,560 $ 31,427,560
Equipment disposition proceeds —7,342 40,000 40,000 (32,658)
Gain on sale of assets 89,150 ——— —
Interest income 8,876,077 8,274,373 463,989 463,989 7,810,384
Bond Proceeds —100,465,352 100,558,000 100,558,000 (92,648)
Contributions and non-operating grants 24,276,139 15,432,481 38,770,000 40,996,195 (25,563,714)
Interfund service charge 4,639,512 4,639,512 4,638,504 4,638,504 1,008
Rental and other income 1,436,052 1,620,197 1,545,645 1,545,645 74,552
Impact fees 1,768,841 1,768,841 2,000,000 2,000,000 (231,159)
Total revenues and other sources 185,696,078 284,031,218 268,411,698 270,637,893 13,393,325
Expenses and other uses:
Personnel services 30,722,963 29,212,674 35,874,854 35,874,854 6,662,180
Operating and maintenance 6,588,588 6,712,480 6,910,162 6,929,134 216,654
Charges and services 44,877,009 42,800,152 57,935,635 64,637,877 21,837,725
Depreciation and amortization 13,299,624 ————
Expenses before debt service and capital
outlay 95,488,184 78,725,306 100,720,651 107,441,865 28,716,559
Debt service:
Principal —2,427,107 2,427,108 2,427,108 1
Interest 7,164,885 8,063,298 9,922,513 9,922,516 1,859,218
Capital outlay:
Land and water rights —416,770 ——(416,770)
Buildings —47,015,157 62,930,000 76,932,760 29,917,603
Infrastructure —22,260,144 22,388,000 45,356,855 23,096,711
Improvements other than buildings —5,689,124 4,550,000 9,920,441 4,231,317
Equipment —3,951,424 3,366,500 5,633,969 1,682,545
Total expenses and other uses 102,653,069 168,548,330 206,304,772 257,635,514 89,087,184
Change in net position $ 83,043,009 $ 115,482,888 $ 62,106,926 $ 13,002,379 $ 102,480,509
186
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SEWER UTILITY FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Operating revenue - sales and charges
for current services $ 90,756,749 $ 94,441,919 $ 87,915,632 $ 87,915,632 $ 6,526,287
Equipment disposition proceeds — 1,527 50,000 50,000 (48,473)
Gain on sale of assets 9,170 — — — —
Interest income 2,167,016 2,475,543 784,650 784,650 1,690,893
Impact fees 1,844,478 1,844,478 — — 1,844,478
Debt proceeds — 213,820,071 240,009,000 240,009,000 (26,188,929)
Contributions and non-operating grants 6,229,041 879,567 1,917,500 1,917,500 (1,037,933)
Rental and other income 1,716,881 1,368,796 1,082,002 1,082,002 286,794
Total revenues and other sources 102,723,335 314,831,901 331,758,784 331,758,784 (16,926,883)
Expenses and other uses:
Personnel services 14,858,009 14,309,568 16,658,001 16,658,001 2,348,433
Operating and maintenance 4,043,941 4,036,862 4,190,381 4,478,819 441,957
Charges and services 9,180,142 9,022,107 13,289,030 20,955,604 11,933,497
Depreciation and amortization 12,463,543 — — — —
Expenses before debt service and capital
outlay 40,545,635 27,368,537 34,137,412 42,092,424 14,723,887
Debt service:
Principal — 11,100,648 11,100,651 11,100,651 3
Interest 19,704,263 20,812,491 22,049,928 22,049,928 1,237,437
Capital outlay:
Infrastructure — 25,070,138 28,743,000 56,998,620 31,928,482
Buildings — 195,373,669 214,855,333 371,095,255 175,721,586
Improvements other than buildings — 26,931 — 229,098 202,167
Equipment —1,989,400 987,500 2,929,315 939,915
Total expenses and other uses 60,249,898 281,741,814 311,873,824 506,495,291 224,753,477
Change in net position $ 42,473,437 $ 33,090,087 $ 19,884,960 $ (174,736,507) $ 207,826,594
187
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
STORMWATER UTILITY FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Operating revenue - sales and charges for
current services $ 16,968,299 $ 17,613,531 $ 14,909,297 $ 14,909,297 $ 2,704,234
Gain on sale of assets 7,893 — — — —
Interest income 1,288,924 1,285,513 266,901 266,901 1,018,612
Impact fees 1,545,576 1,454,576 750,000 750,000 704,576
Legal Settlement 1,833,474 62,145 25,000 25,000 37,145
Contributions and non-operating grants 310,585 248,441 38,000 38,000 210,441
Transfers in ——2,000,000 2,000,000 (2,000,000)
Proceeds from sale of bonds ——5,028,000 5,028,000 (5,028,000)
Total revenues and other sources 21,954,751 20,664,206 23,017,198 23,017,198 (2,352,992)
Expenses and other uses:
Personnel services 4,964,695 4,731,931 5,736,782 5,736,782 1,004,851
Operating and maintenance 261,849 263,190 661,497 671,514 408,324
Charges and services 3,109,633 3,101,422 6,074,441 7,599,817 4,498,395
Depreciation and amortization 4,014,498 ————
Expenses before debt service and
capital outlay 12,350,675 8,096,543 12,472,720 14,008,113 5,911,570
Debt service:
Principal —897,351 897,352 897,352 1
Interest 469,148 569,022 776,024 776,024 207,002
Capital outlay:
Infrastructure —6,923,772 13,404,000 19,474,640 12,550,868
Buildings —5,827 80,000 200,049 194,222
Improvements other than buildings —208,139 100,000 1,584,036 1,375,897
Equipment —1,319,718 429,500 1,922,738 603,020
Total expenses and other uses 12,819,823 18,020,372 28,159,596 38,862,952 20,842,580
Change in net position $ 9,134,928 $ 2,643,834 $ (5,142,398) $ (15,845,754) $ 18,489,588
188
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
COMMUNITY REINVESTMENT AGENCY FUND
Year ended June 30, 2025
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Amended Variance
Revenues and other sources:
Operating income - rental and other $ 1,210,192 $ 1,140,891 $ 229,449 $ 229,451 $ 911,440
Contributions 30,896,673 30,896,673 54,968,959 54,999,532 (24,102,859)
Interest income loans receivable 561,637 630,938 200,220 229,771 401,167
Interest income leases receivable 870,276 870,276 1,290,184 1,290,184 (419,908)
Interest on Investments 6,381,833 6,381,833 3,210,658 8,095,329 (1,713,496)
Miscellaneous 2,672 5,963 — 36,300 (30,337)
Loan principal receipts — 2,939,383 561,600 2,561,600 377,783
Change in equity interest in joint
venture (605,620) — — — —
Fund balance — — 3,944,287 4,449,426 (4,449,426)
Transfers in 29,115,309 29,115,309 20,251,527 20,729,462 8,385,847
Total revenues and other sources 68,432,972 71,981,266 84,656,884 92,621,055 (20,639,789)
Expenses and other uses:
Personnel services 3,007,608 3,007,608 3,211,504 3,211,504 (203,896)
Fund balance — — 97,285 7,348,402 (7,348,402)
Operating and maintenance 2,129,030 2,129,030 1,538,792 2,290,177 (161,147)
Charges and services 13,960,855 13,960,855 24,019,334 23,826,499 (9,865,644)
Loans made to residents and
businesses 9,818,073 9,818,073 7,244,556 9,244,556 573,517
Depreciation and amortization 665,727 — — — —
Transfers out — — 19,661,527 20,139,462 (20,139,462)
Total expenses before debt service 29,581,293 28,915,566 55,772,998 66,060,600 (37,145,034)
Debt service:
Principal — 6,265,000 8,069,529 8,069,529 (1,804,529)
Interest and fiscal charges 1,691,135 1,691,135 1,575,139 1,575,139 115,996
Capital Outlays — — 19,239,218 18,857,107 (18,857,107)
Total expenses and other uses 31,272,428 36,871,701 84,656,884 94,562,375 (57,690,674)
Change in net position $ 37,160,544 $ 35,109,565 $ — $ (1,941,320) $ 37,050,885
189
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190
Internal Service Funds
Fleet Management Fund - This fund is used to account for the costs of the fleet management system
which provides vehicles for use by City departments, and which provides vehicle maintenance on a cost-
reimbursement basis.
Information Management Services Fund - This fund is used to account for the costs of providing data
processing services to City departments. Costs are recovered by charges to user departments.
Risk Management Fund - This fund is used to account for the costs of providing insurance for
employee health, accident, long-term disability, unemployment and worker's compensation. It also
accounts for costs of the City's property damage insurance.
Governmental Immunity Fund - This fund is used to account for payment of general liability claims
against the City.
Local Building Authority Fund - This fund is used to account for the acquisition and lease to the City
of purchased or constructed property and equipment. This fund accounts for the bonds which were
issued to purchase or construct the property and equipment and also accounts for the retirement of those
bonds.
191
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
June 30, 2025
Fleet
Management
Information Management
Services
ASSETS
Current assets:
Cash and cash equivalents
Unrestricted $ 20,358,220 $ 9,174,513
Restricted — —
Accounts receivable 449,177 —
Prepaid expenses — 2,323
Inventory of supplies 1,102,149 —
Total current assets 21,909,546 9,176,836
Noncurrent assets:
Property and equipment, at cost:
Land and water rights — —
Buildings 948,512 60,411
Machinery and equipment 101,207,592 8,543,827
Construction in progress 2,796,111 902,378
Accumulated depreciation (73,595,593) (7,968,050)
Net property and equipment 31,356,622 1,538,566
Total noncurrent assets 31,356,622 1,538,566
Total assets 53,266,168 10,715,402
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows - Pension 848,868 3,061,149
Total deferred outflows 848,868 3,061,149
Total assets and deferred outflows of resources $ 54,115,036 $ 13,776,551
LIABILITIES
Current liabilities:
Accounts payable $ 2,526,122 $ 1,429,893
Accrued liabilities 27,246 —
Current portion of long-term compensated absences 258,473 1,391,297
Current portion of long-term debt 1,840,639 —
Accrued interest, payable from unrestricted assets — —
Total current liabilities 4,652,480 2,821,190
Noncurrent liabilties:
Bonds, mortgages, and notes payable 1,211,837 —
Estimated claims liability — —
Long-term compensated absences liability 103,276 837,602
Net pension liability 617,412 2,367,638
Total noncurrent liabilities 1,932,525 3,205,240
Total liabilities 6,585,005 6,026,430
DEFERRED INFLOWS OF RESOURCES
Deferred inflows - Pension 291 23,842
Total deferred inflows 291 23,842
NET POSITION
Invested in capital assets 28,304,146 1,538,566
Unrestricted 19,225,594 6,187,713
Total net position 47,529,740 7,726,279
Total liabilities, deferred inflows of resources and net
position $ 54,115,036 $ 13,776,551
192
Risk
Management
Governmental
Immunity
Local Building
Authority Total
$ 7,081,098 $ 14,251,905 $ 64,382 $ 50,930,118
— — 5,797 5,797
— — — 449,177
380,350 — — 382,673
— — — 1,102,149
7,461,448 14,251,905 70,179 52,869,914
— — 1,069,180 1,069,180
— — 27,661,385 28,670,308
81,154 — — 109,832,573
— — — 3,698,489
(81,154) — (4,621,708) (86,266,505)
— — 24,108,857 57,004,045
— — 24,108,857 57,004,045
7,461,448 14,251,905 24,179,036 109,873,959
143,685 211,783 — 4,265,485
143,685 211,783 — 4,265,485
$ 7,605,133 $ 14,463,688 $ 24,179,036 $ 114,139,444
$ 202,121 $ 221,057 $ — $ 4,379,193
— — — 27,246
73,703 105,588 — 1,829,061
— — 655,000 2,495,639
— — 106,841 106,841
275,824 326,645 761,841 8,837,980
— — 11,298,165 12,510,002
2,327,813 11,063,638 — 13,391,451
59,918 72,527 — 1,073,323
96,698 145,844 — 3,227,592
2,484,429 11,282,009 11,298,165 30,202,368
2,760,253 11,608,654 12,060,006 39,040,348
1,290 1,862 — 27,285
1,290 1,862 — 27,285
— — — 29,842,712
4,843,590 2,853,172 12,119,030 45,229,099
4,843,590 2,853,172 12,119,030 75,071,811
$ 7,605,133 $ 14,463,688 $ 24,179,036 $ 114,139,444
193
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
Year ended June 30, 2025
Fleet
Management
Information
Management
Services
Sales and charges for services $ 17,167,526 $ 32,549,411
Rental and other 34,147 101,104
Total operating revenue 17,201,673 32,650,515
Personnel services 5,392,461 16,750,721
Operating and maintenance 8,509,717 1,748,866
Charges and services 5,601,689 16,996,215
Depreciation and amortization 7,248,985 678,417
Total operating expenses 26,752,852 36,174,219
Operating income (loss) (9,551,179) (3,523,704)
Interest income — —
Interest expense (155,463) (222,220)
Gain on disposition of property and equipment 498,463 31,940
Total nonoperating revenues (expenses) 343,000 (190,280)
Income before transfers (9,208,179) (3,713,984)
Transfers in 12,561,093 —
Transfers out (291,272) —
Change in net position 3,061,642 (3,713,984)
Net Position July 1, 2024 44,468,098 11,440,263
Net Position June 30, 2025 $ 47,529,740 $ 7,726,279
194
Risk
Management
Governmental
Immunity
Local
Building
Authority Total
$ 64,591,939 $ 4,000,896 $ — $ 118,309,772
— 300 — 135,551
64,591,939 4,001,196 — 118,445,323
1,407,616 2,247,408 — 25,798,206
44,565 4,425 — 10,307,573
61,697,547 2,334,654 — 86,630,105
— — 553,228 8,480,630
63,149,728 4,586,487 553,228 131,216,514
1,442,211 (585,291) (553,228) (12,771,191)
— — 2,809 2,809
— — (404,184) (781,867)
— — — 530,403
— — (401,375) (248,655)
1,442,211 (585,291) (954,603) (13,019,846)
— — 1,176,125 13,737,218
— — — (291,272)
1,442,211 (585,291) 221,522 426,100
3,401,379 3,438,463 11,897,508 74,645,711
$ 4,843,590 $ 2,853,172 $ 12,119,030 $ 75,071,811
195
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
Year ended June 30, 2025
Fleet
Management
Information
Management
Services
Cash Flows from Operating Activities
Receipts from internal fund services $ 16,752,495 $ 32,657,313
Payments to suppliers (12,281,545) (18,086,586)
Payments to employees (5,234,355) (15,819,450)
Net cash provided by (used in) operating activities (763,405) (1,248,723)
Cash flows from noncapital and related financing activities:
Transfers in 12,561,093 —
Transfers out (291,272) —
Net cash used in noncapital and related financing activities 12,269,821 —
Cash flows from capital and related financing activities:
Proceeds from sale of equipment 939,910 31,940
Payment on long-term obligations (2,671,176) —
Payments for purchase and construction (9,442,947) 48,218
Net cash provided by (used in) capital and related financing activities (11,174,213) 80,158
Cash flows from investing activities:
Interest received on investments and loans — —
Interest paid on investments and loans — (222,218)
Net cash provided by investing activities — (222,218)
Net increase (decrease) in cash and cash equivalents 332,203 (1,390,783)
Cash and cash equivalents at beginning of year 20,026,017 10,565,296
Cash and cash equivalents at end of year 20,358,220 9,174,513
Cash and cash equivalent components:
Unrestricted 20,358,220 9,174,513
Restricted — —
Cash and cash equivalents at end of year 20,358,220 9,174,513
Cash flows from operating activities
Operating income (loss) (9,551,179) (3,523,704)
Adjustments to reconcile operating loss to net cash provided
by (used in) operating activities:
Depreciation and amortization 7,248,985 678,417
Increase (decrease) due to changes in:
Accounts receivable (449,178) 6,799
Other current assets 96,568 170,518
Accounts payable 1,706,047 658,495
Deferred outflows (137,316) (814,179)
Accrued liabilities affecting operating activities (23,199) —
Other liabilities 27,246 —
Pension liability 248,252 1,098,426
Deferred inflows (5,517) 9,011
Compensation liability 75,886 467,494
Total adjustments 8,787,774 2,274,981
Net cash provided by (used in) operating activities $ (763,405) $ (1,248,723)
196
Risk
Management
Governmental
Immunity
Local Building
Authority Total
$ 64,591,939 $ 4,001,197 $ — $ 118,002,944
(61,944,077) (1,328,594) (2,801) (93,643,603)
(2,291,223) (2,107,857) — (25,452,885)
356,639 564,746 (2,801) (1,093,544)
— — 1,176,125 13,737,218
— — — (291,272)
— — 1,176,125 13,445,946
— — — 971,850
— — (1,174,724) (3,845,900)
— — (9,394,729)
— — (1,174,724) (12,268,779)
— — 2,808 2,808
— — — (222,218)
— — 2,808 (219,410)
356,639 564,746 1,408 (135,787)
6,724,459 13,687,159 68,771 51,071,702
7,081,098 14,251,905 70,179 50,935,915
7,081,098 14,251,905 64,382 50,930,118
— — 5,797 5,797
7,081,098 14,251,905 70,179 50,935,915
1,442,211 (585,291) (553,228) (12,771,191)
— — 553,228 8,480,630
— — — (442,379)
362,385 — — 629,471
(201,965) 226,483 (2,801) 2,386,259
(45,420) (13,079) — (1,009,994)
— — — (23,199)
(1,215,962) 795,349 — (393,367)
5,693 45,560 — 1,397,931
440 (18) — 3,916
9,258 95,742 — 648,380
(1,085,571) 1,150,037 550,427 11,677,648
$ 356,639 $ 564,746 $ (2,801) $ (1,093,544)
197
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
FLEET MANAGEMENT FUND
Year ended June 30, 2025
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary
basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Charges for services $ 17,167,526 $ 17,167,526 $ 19,292,645 $ 19,292,645 $ (2,125,119)
Other revenue 34,147 34,147 964,903 1,003,461 (969,314)
Proceeds from sale of equipment 498,463 509,800 346,750 346,750 163,050
Transfers in 12,561,093 12,561,093 5,657,993 12,561,093 —
Total revenues and other sources 30,261,229 30,272,566 26,262,291 33,203,949 (2,931,383)
Expenses and other uses:
Personnel services 5,392,461 5,204,370 4,831,395 4,856,577 (347,793)
Operating and maintenance 8,509,717 8,502,039 10,404,901 10,485,701 1,983,662
Charges and services 5,601,689 3,520,250 3,449,914 3,463,290 (56,960)
Depreciation 7,248,985 — — — —
Transfers out 291,272 291,272 2,061,893 2,061,893 1,770,621
Total expenses before debt service
and capital outlay 27,044,124 17,517,931 20,748,103 20,867,461 3,349,530
Debt service:
Principal — 2,515,713 — — (2,515,713)
Interest 155,463 151,416 — — (151,416)
Capital outlay — 10,569,292 7,199,562 28,501,979 17,932,687
Total expenses and other uses 27,199,587 30,754,352 27,947,665 49,369,440 18,615,088
Change in net position $ 3,061,642 $ (481,786) $ (1,685,374) $ (16,165,491) $ 15,683,705
198
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
INFORMATION MANAGEMENT FUND
Year ended June 30, 2025
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenue:
Charges for services $ 32,549,411 $ 32,549,411 $ 40,526,281 $ 40,545,851 $ (7,996,440)
Gain on sale of equipment 31,940 31,940 — — 31,940
Miscellaneous revenue 101,104 101,103 — 141,350 (40,247)
Total revenues and other sources 32,682,455 32,682,454 40,526,281 40,687,201 (8,004,747)
Expenses and other uses:
Personnel services 16,750,721 15,989,968 16,318,574 16,423,386 433,418
Operating and maintenance 1,748,866 1,748,866 3,244,366 3,385,716 1,636,850
Charges and services 16,996,215 16,947,997 20,586,542 20,586,542 3,638,545
Depreciation 678,417 — — — —
Total expenses before capital outlay 36,174,219 34,686,831 40,149,482 40,395,644 5,708,813
Debt Service:
Interest 222,218 222,218 — — (222,218)
Capital outlay — — 376,800 376,800 376,800
Total expenses and other uses 36,396,437 34,909,049 40,526,282 40,772,444 5,863,395
Change in net position $ (3,713,982) $ (2,226,595) $ (1) $ (85,243) $ (2,141,352)
199
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
RISK MANAGEMENT FUND
Year ended June 30, 2025
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Charges for services $ 64,591,939 $ 64,591,939 $ 64,949,109 $ 64,949,109 $ (357,170)
Miscellaneous — — 200,000 223,634 (223,634)
Total revenues and other sources 64,591,939 64,591,939 65,149,109 65,172,743 (580,804)
Expenses and other uses:
Personnel services 1,407,616 1,437,643 1,020,694 1,020,694 (416,949)
Operating and maintenance 44,565 44,565 1,450,836 1,450,836 1,406,271
Premiums and other charges for services 61,697,547 62,963,603 62,677,579 62,701,213 (262,390)
Total expenses and other uses 63,149,728 64,445,811 65,149,109 65,172,743 726,932
Change in net position $ 1,442,211 $ 146,128 $ — $ — $ 146,128
200
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
GOVERNMENTAL IMMUNITY FUND
Year ended June 30, 2025
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Property taxes $ 4,000,896 $ 4,000,896 $ 4,000,545 $ 4,000,545 $ 351
Miscellaneous 300 300 — — 300
Total revenues 4,001,196 4,001,196 4,000,545 4,000,545 651
Expenses:
Personnel services 2,247,408 2,119,203 2,082,591 2,082,591 (36,612)
Operating and maintenance 4,425 4,425 9,996 9,996 5,571
Claims, charges and services 2,334,654 1,539,305 1,802,176 2,252,176 712,871
Total expenses 4,586,487 3,662,933 3,894,763 4,344,763 681,830
Change in net position $ (585,291) $ 338,262 $ 105,782 $ (344,218) $ 682,481
201
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
LOCAL BUILDING AUTHORITY FUND
Year ended June 30, 2025
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Interest income $ 2,809 $ 2,808 $ — $ — $ 2,808
Transfers in 1,176,125 1,176,125 1,176,125 1,176,125 —
Total revenues and other sources 1,178,934 1,178,933 1,176,125 1,176,125 2,808
Expenses and other uses:
Depreciation and amortization 553,228 — — — —
Total expenses before debt service 553,228 — — — —
Debt service:
Principal — 630,000 630,000 630,000 —
Interest 404,184 544,725 546,125 546,125 1,400
Total expenses and other uses 957,412 1,174,725 1,176,125 1,176,125 1,400
Change in net position $ 221,522 $ 4,208 $ — $ — $ 4,208
202
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203
STATISTICAL SECTION
(unaudited)
This part of the Salt Lake City Corporation’s Annual Comprehensive Financial Report presents
detailed information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the City’s overall financial health.
CONTENTS
Financial Trends 205
These schedules contain trend information to help the reader understand how the
City’s financial performance and well-being have changed over time.
Revenue Capacity 214
These schedules contain information to help the reader assess the City’s most
significant local revenue source, the property tax.
Debt Capacity 218
These schedules present information to help the reader assess the affordability of the
City’s current levels of outstanding debt and the City’s ability to issue additional
debt in the future.
Demographic and Economic Information 223
This schedule offers demographic and economic indicators to help the reader
understand the environment within which the City’s financial activities take place.
Operating Information 224
These schedules contain service and infrastructure data to help the reader understand
how the information in the City’s financial report relates to the services the City
provides and the activities it performs.
204
SALT LAKE CITY CORPORATION
NET POSITION BY COMPONENT
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
2025 2024 * 2023 2022 2021 2020 2019 2018 2017 2016
Governmental Activities
Net Investment in capital assets $ 699,347 $ 536,578 $ 692,661 $ 639,083 $ 579,048 $ 563,203 $ 668,907 $ 642,013 $ 621,194 601,185
Restricted 176,797 260,061 194,727 101,247 102,077 83,296 58,630 57,371 45,981 61,065
Unrestricted 250,079 329,753 182,509 190,799 98,416 43,293 (86,548) (102,160) (79,375) (96,707)
Total governmental activities net position $ 1,126,223 $ 1,126,392 $ 1,069,897 $ 931,128 $ 779,542 $ 689,791 $ 640,990 $ 597,224 $ 587,800 $ 565,543
Business-type activities
Net investment in capital assets $ 2,297,487 $ 1,999,534 $ 2,168,322 $ 2,186,081 $ 2,186,042 $ 2,048,313 $ 1,902,167 $ 1,931,014 $ 1,523,569 $ 1,583,508
Restricted 558,075 236,819 375,410 449,725 308,680 350,691 441,593 290,422 529,457 260,356
Unrestricted 344,193 681,265 179,977 (19,978) 71,683 106,912 70,532 81,255 267,204 373,693
Total business-type activities net position $ 3,199,755 $ 2,917,618 $ 2,723,709 $ 2,615,828 $ 2,566,405 $ 2,505,916 $ 2,414,292 $ 2,302,690 $ 2,320,229 $ 2,217,557
Primary Government
Net investment in capital assets $ 2,996,834 $ 2,536,112 $ 2,860,983 $ 2,825,163 $ 2,765,090 $ 2,611,516 $ 2,571,075 $ 2,573,027 $ 2,144,762 $ 2,184,693
Restricted 734,872 496,880 570,136 550,972 410,758 433,987 500,223 347,792 575,438 321,422
Unrestricted 594,273 1,011,019 362,486 170,821 170,099 150,205 (16,017) (20,905) 187,829 276,986
Total primary government net position $ 4,325,978 $ 4,044,011 $ 3,793,605 $ 3,546,956 $ 3,345,947 $ 3,195,707 $ 3,055,282 $ 2,899,914 $ 2,908,029 $ 2,783,101
*As restated, see Note 20
205
SALT LAKE CITY CORPORATION
CHANGE IN NET POSITION
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
2025 2024*2023 2022 2021 2020 2019 2018 2017 2016
EXPENSES
Governmental Activities:
General Government $ 40,877 $ 8,173 $ 41,232 $ 17,266 $ 14,976 $ 9,477 $ 29,168 $ 10,220 $ 14,006 $ 6,740
City Council 5,922 5,880 4,333 3,785 3,646 4,116 3,941 3,554 3,565 3,126
Mayor 6,830 6,971 5,569 3,953 4,617 4,001 4,190 3,904 3,773 3,400
City Attorney 11,838 12,092 9,747 8,210 7,290 10,149 8,232 7,441 7,088 7,008
Finance 80,319 27,246 11,052 9,452 9,617 10,523 11,334 10,941 10,223 9,912
Justice Court 5,732 5,395 4,050 3,786 3,861 4,538 4,576 4,495 4,402 4,237
Human Resources 4,877 4,402 3,850 3,234 2,917 3,188 2,993 2,163 2,625 2,502
Fire 56,537 52,037 41,287 38,335 40,757 44,831 44,885 42,766 40,043 42,822
Combined Emergency Services (1) 10,814 10,466 8,600 7,424 6,360 8,293 8,201 7,448 7,121 7,143
Police 131,158 120,022 94,882 75,368 80,595 87,414 82,722 72,518 75,487 68,901
Community and Neighborhoods 91,602 82,584 64,180 62,242 59,715 43,507 36,751 36,059 37,492 36,799
Public Services 52,187 10,577 8,170 4,853 2,286 2,292 1,724 62,854 61,768 64,203
Public Lands (5) 37,834 39,304 — — — — — — — —
Transportation (4) — 51,201 78,920 66,913 62,996 65,007 — — — —
Economic Development (2) 10,004 — — — 367 389 63,852 1,677 1,261 —
Unallocated infrastructure depreciation 12,886 11,614 13,143 11,484 10,098 9,769 9,540 9,038 8,671 8,626
Interest on long-term debt 11,530 11,255 10,752 15,359 4,938 10,540 1,489 20,857 12,093 16,627
Total governmental activities expenses 570,948 459,221 399,767 331,663 315,035 318,031 313,598 295,935 289,618 282,046
Business-type activities:
Airport Authority $ 536,779 $ 492,514 $ 438,257 $ 404,480 $ 310,817 $ 252,664 $ 237,030 $ 198,267 $ 180,492 $ 152,432
Water 102,564 86,478 82,228 71,131 72,582 68,071 68,035 62,761 63,454 59,268
Sewer 60,241 52,802 48,158 33,455 31,851 27,533 25,523 22,857 21,964 20,232
Storm Water 12,812 12,088 11,020 9,543 9,311 7,935 8,395 8,012 7,515 7,860
Street Lighting (1) 5,349 4,883 5,055 4,359 4,394 3,603 2,739 2,641 2,827 2,130
Refuse 18,484 18,534 16,144 15,159 14,631 14,303 13,985 13,114 13,117 12,786
Golf 12,212 11,701 10,165 8,684 8,103 7,971 8,389 8,081 8,456 7,460
Housing and Loan 1,004 720 1,049 28,290 1,177 3,423 1,839 2,925 888 959
Community Reinvestment Agency 31,272 32,585 35,135 37,755 32,863 31,124 28,914 27,473 37,455 37,129
Total business-type activities expenses 780,718 712,306 647,211 612,856 485,729 416,628 394,848 346,131 336,168 300,255
Total primary government expenses $ 1,351,666 $ 1,171,527 $ 1,046,978 $ 944,519 $ 800,764 $ 734,659 $ 708,446 $ 642,066 $ 625,786 $ 582,301
REVENUES
Governmental Activities:
Charges for Services:
General Government $ — $ 22,404 $ 30,360 $ 30,826 $ 29,164 $ 23,760 $ 25,133 $ 15,105 $ 16,973 $ 18,574
City Council 594 496 429 422 418 418 437 483 472 198
Mayor 1,885 1,603 1,323 274 277 274 275 303 369 189
City Attorney 1,886 1,652 1,336 895 896 896 901 874 911 832
Finance 56,930 18,817 26,049 28,192 19,503 22,047 27,457 26,501 12,812 12,820
Justice Court 3,113 2,823 2,266 1,805 1,795 2,394 3,015 3,296 3,398 3,514
Human Resources 870 726 633 1,036 1,036 1,036 1,080 895 930 1,017
Fire 9,082 8,023 8,442 8,689 7,163 7,084 7,440 7,291 6,500 9,947
Combined Emergency Services (1) 679 460 712 816 478 1,038 657 601 468 485
Police 18,256 18,020 13,779 11,775 10,580 10,628 6,563 2,471 5,518 4,499
Community and Neighborhoods 29,154 27,058 1,146 1,204 2,133 2,025 1,797 4,154 28,385 21,630
Economic Development (2) 6,161 4,117 2,784 2,202 2,107 1,648 1,916 4,363 3,151 —
Public Services 15,805 21,796 15,527 13,428 8,825 9,828 9,735 9,741 12,205 11,645
Public Lands (5) 2,732 1,844 — — — — — — — —
Operating Grants and Contributions 15,274 20,701 64,853 53,077 31,019 8,079 10,394 — 2,076 4,969
Capital Grants and Contributions 4,554 3,801 32,331 29,545 19,273 24,174 12,800 16,422 13,919 15,772
Total governmental activities program revenues $ 166,974 $ 154,342 $ 201,972 $ 184,184 $ 134,667 $ 115,328 $ 109,599 $ 92,501 $ 108,086 $ 106,092
206
2025 2024*2023 2022 2021 2020 2019 2018 2017 2016
Business-type activities:
Charges for Services:
Airport Authority $ 539,471 $ 551,473 $ 441,741 $ 398,019 $ 197,347 $ 216,065 $ 248,598 $ 224,618 $ 216,241 $ 199,451
Water 149,877 125,647 101,968 81,725 87,003 83,899 78,023 75,940 75,115 67,388
Sewer 92,350 94,842 82,057 62,172 51,485 45,109 39,986 34,346 25,238 23,545
Storm Water 17,226 20,113 19,652 14,215 10,763 10,579 9,606 8,657 8,445 8,530
Street Lighting (1) 5,228 5,007 4,425 4,581 4,231 4,259 4,302 4,208 4,223 3,265
Refuse 18,084 20,741 18,725 15,804 11,686 11,380 12,295 12,387 15,176 12,363
Golf 14,419 15,267 13,556 12,295 10,035 7,034 7,044 7,040 6,734 7,475
Housing and Loan 14,486 2,995 2,935 5,459 1,091 1,132 595 2,433 1,025 846
Community Reinvestment Agency (3) 1,737 32,585 35,135 37,755 2,389 684 3,622 5,894 1,745 2,215
Capital grants and contributions (3) 131,676 144,707 35,135 37,755 140,062 73,193 44,767 45,083 57,828 53,162
Total business-type activities program revenues 984,554 1,013,377 755,329 669,781 516,092 453,335 448,838 420,608 411,770 378,240
Total primary government program revenues $ 1,151,528 $ 1,160,946 $ 957,301 $ 853,964 $ 650,759 $ 568,663 $ 558,437 $ 513,109 $ 519,856 $ 484,332
Net (expense)/revenue
Governmental activities $ (403,975) $ (304,879) $ (197,795) $ (147,479) $ (180,368) $ (202,704) $ (203,999) $ (203,434) $ (181,532) $ (175,954)
Business-type activities 204,443 79,297 108,118 56,925 30,363 36,708 53,991 74,476 75,603 77,985
Total primary government net expense $ (199,532) $ (232,355) $ (89,677) $ (90,554) $ (150,005) $ (165,996) $ (150,009) $ (128,957) $ (105,930) $ (97,969)
General Revenues and Other Changes in Net Position
Governmental activities:
Taxes:
Property taxes, levied for general purposes $ 156,129 $ 157,143 $ 146,170 $ 136,635 $ 136,635 $ 129,951 $ 122,282 $ 119,116 $ 118,782 $ 114,685
Franchise taxes 15,632 14,345 12,757 11,750 11,750 26,863 27,238 27,286 28,418 27,973
Sales tax 220,872 186,625 188,409 175,106 175,106 120,778 103,727 72,208 65,812 62,709
Investment earnings 23,619 28,641 18,237 (5,693) (5,693) 3,991 6,698 3,930 2,283 1,996
Transfers (13,447) (25,379) (29,009) (18,734) (18,734) (30,078) (12,168) (9,683) (11,506) (5,645)
Total governmental activities 402,805 361,375 336,564 299,065 299,065 251,505 247,778 212,858 203,789 201,718
Business-type activities:
Investment earnings $ 64,247 $ 89,234 $ 51,668 $ 13,947 $ 13,558 $ 24,838 $ 45,219 $ (101,698) $ 15,563 5,552
Transfers 13,447 25,379 29,009 18,734 18,734 30,078 12,168 9,683 11,506 5,645
Total business-type activities: 77,694 114,613 80,677 32,681 32,292 54,916 57,387 (92,016) 27,069 11,197
Total primary government $ 480,499 $ 475,987 $ 417,241 $ 331,746 $ 331,356 $ 306,421 $ 305,165 $ 120,842 $ 230,858 $ 212,915
Change in Net Position
Governmental activities $ (1,169) $ 56,496 $ 138,769 $ 151,586 $ 118,697 $ 48,802 $ 43,778 $ 9,424 $ 22,257 $ (1,169)
Business-type activities 282,137 193,909 107,881 89,606 62,655 91,624 111,378 (17,539) 107,881 282,137
Total primary government $ 280,968 $ 250,405 $ 246,650 $ 241,191 $ 181,351 $ 140,426 $ 155,156 $ (8,115) $ 124,929 $ 114,946
(1) Combined Emergency Services and Street Lighting were created as new departments in 2013.
(2) Economic Development was created as a new department in 2017.
(3) In 2014, the CRA reclassified Tax Increment revenues from Charges for Services to Contributions.
(4) Transportation was created as a new department in 2020.
(5) In 2024 Public Lands is being split out from Public Services
*As restated, see Note 20
207
SALT LAKE CITY CORPORATION
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2025 2024*2023 2022 2021 2020 2019 2018 2017 2016
General Fund
Non-spendable $ 15,024 $ 3,188,435 $ 2,484,423 $ 2,257,746 $ 2,212,414 $ 9,302,914 $ 12,550,163 $ 10,865,289 $ 11,427,654 $ 10,936,767
Restricted 18,919,920 22,204,934 21,157,932 20,423,209 12,139,443 — — — — —
Committed — — — — — — — — — —
Assigned — — — — — 9,899,196 15,891,696 8,731,775 7,298,041 7,098,940
Unassigned 123,932,735 147,516,381 178,933,386 137,442,727 101,934,113 70,040,066 51,372,150 36,507,205 31,945,300 23,056,190
Total General Fund $ 142,867,679 $ 172,909,750 $ 89,242,176 $ 79,814,009 $ 56,104,269 $ 50,670,995 $ 41,091,897
All other governmental funds
Non-spendable $ — $ 49,745 $ 148,087 $ 81,062 $ 69,352 $ 750 $ — $ — $ 7,937,221 $ 6,318,978
Restricted 214,092,769 243,492,957 223,070,434 125,867,645 95,566,196 72,276,994 72,903,342 70,144,335 50,575,884 66,829,911
Committed 10,053,633 8,222,371 6,190,152 4,782,191 3,666,892 2,733,500 2,305,531 1,490,604 807,045 498,933
Assigned 85,632,667 89,370,753 72,177,798 51,290,747 37,189,480 33,833,304 31,691,183 31,773,377 43,697,149 41,019,925
Unassigned — — — — — 410,203 — — — —
Total all other governmental funds $ 309,779,069 $ 341,135,826 $ 103,017,299 $ 114,667,747
*As restated, see Note 20
208
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209
SALT LAKE CITY CORPORATION
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2025 2024*2023 2022 2021 2020 2019 2018 2017 2016
Revenues:
General property taxes $ 156,129,415 $ 157,143,132 $ 146,170,152 $ 136,635,069 $ 130,832,830 $ 129,950,795 $ 122,282,030 $ 119,116,165 $ 118,781,679 $ 114,684,820
Sales, use and excise taxes $ 220,871,630 $ 186,624,691 $ 188,409,346 $ 175,106,499 $ 136,182,444 $ 120,778,266 $ 103,726,901 $ 72,208,200 $ 65,812,192 $ 62,709,499
Franchise taxes $ 15,632,037 $ 14,345,434 $ 12,756,615 $ 11,750,309 $ 23,952,168 $ 26,863,146 $ 27,238,435 $ 27,286,331 $ 28,418,423 $ 27,972,665
Licenses $ 22,299,456 $ 21,123,023 $ 17,599,344 $ 15,913,519 $ 11,418,021 $ 13,106,709 $ 16,448,180 $ 15,592,788 $ 15,194,896 $ 14,414,308
Permits $ 28,610,650 $ 26,896,804 $ 39,390,963 $ 45,405,284 $ 36,230,698 $ 32,203,164 $ 28,079,199 $ 17,690,139 $ 19,846,874 $ 16,553,089
Fines and forfeitures $ 3,287,929 $ 3,076,256 $ 2,375,561 $ 2,528,232 $ 2,034,542 $ 2,802,888 $ 3,429,044 $ 3,516,251 $ 3,524,067 $ 3,632,916
Assessments $ 2,204,271 $ 1,524,608 $ 1,581,962 $ 2,120,750 $ 2,382,919 $ 553,248 $ 2,221,543 $ 1,542,731 $ 1,520,023 $ 1,717,909
Interest $ 23,143,323 $ 28,313,128 $ 18,238,569 $ (5,741,746) $ 1,680,001 $ 3,918,928 $ 6,385,907 $ 3,481,352 $ 1,918,902 $ 1,725,498
Intergovernmental $ 51,270,655 $ 50,851,858 $ 83,847,654 $ 71,377,414 $ 43,194,915 $ 26,503,556 $ 23,641,518 $ 20,634,430 $ 28,912,864 $ 27,518,703
Interfund service charges $ 31,969,538 $ 27,065,875 $ 25,857,520 $ 21,717,361 $ 20,971,348 $ 20,574,064 $ 16,363,849 $ 11,413,982 $ 11,450,521 $ 11,051,279
Parking meter $ 2,790,111 $ 3,008,803 $ 2,616,329 $ 2,997,333 $ 1,915,888 $ 2,771,331 $ 3,509,898 $ 3,404,582 $ 3,463,592 $ 3,324,616
Parking ticket $ 2,567,348 $ 2,057,827 $ 1,180,128 $ 1,797,865 $ 1,701,881 $ 1,186,561 $ 1,824,561 $ 2,110,245 $ 3,204,769 $ 2,844,690
Charges for services $ 6,837,424 $ 1,864,197 $ 1,629,310 $ 1,379,562 $ 870,318 $ 1,207,120 $ 5,970,488 $ 6,666,381 $ 5,711,868 $ 5,150,765
Rental and other income $ 2,322,241 $ 6,750,237 $ 8,518,771 $ 7,087,172 $ 5,475,845 $ 5,208,006 $ 1,152,867 $ 1,047,047 $ 1,199,688 $ 887,017
Contributions $ 3,884,520 $ 2,447,836 $ 765,787 $ 2,541,067 $ 588,722 $ 354,168 $ 516,568 $ 1,009,291 $ 2,333,604 $ 2,083,791
Miscellaneous $ 8,929,644 $ 7,674,265 $ 16,545,569 $ 9,186,662 $ 3,576,443 $ 7,958,960 $ 5,790,115 $ 7,602,234 $ 8,986,498 $ 10,288,192
Total Revenues $ 582,750,192 $ 540,767,974 $ 567,483,580 $ 501,802,352 $ 423,008,983 $ 395,940,910 $ 368,581,103 $ 314,322,149 $ 320,280,460 $ 306,559,757
Expenditures:
City Council $ 5,566,029 $ 5,316,524 $ 4,725,621 $ 4,178,561 $ 3,910,937 $ 3,759,472 $ 3,573,889 $ 3,137,125 $ 3,201,795 $ 2,721,621
Mayor $ 6,268,200 $ 5,963,765 $ 5,120,100 $ 4,158,916 $ 3,495,653 $ 3,862,232 $ 3,121,458 $ 2,856,010 $ 2,752,337 $ 2,456,932
City Attorney $ 11,736,245 $ 10,515,213 $ 8,683,519 $ 7,195,428 $ 6,840,902 $ 6,788,279 $ 6,643,806 $ 5,896,933 $ 5,549,139 $ 5,442,492
Finance $ 34,634,307 $ 11,495,948 $ 10,039,270 $ 8,519,579 $ 7,872,632 $ 7,827,573 $ 7,596,941 $ 6,759,597 $ 6,658,550 $ 6,367,181
Fire $ 55,827,695 $ 50,642,204 $ 48,025,803 $ 45,671,210 $ 40,360,501 $ 42,336,507 $ 42,266,968 $ 39,165,845 $ 38,251,674 $ 38,203,990
Combined Emergency Services $ 10,679,338 $ 10,288,938 $ 10,109,426 $ 8,860,503 $ 7,697,181 $ 8,337,076 $ 8,066,766 $ 7,377,133 $ 6,916,570 $ 6,976,571
Police $ 123,736,675 $ 115,814,631 $ 103,468,103 $ 83,178,160 $ 80,751,205 $ 82,368,338 $ 74,956,306 $ 66,609,711 $ 64,158,367 $ 60,822,121
Community and Neighborhoods $ 78,290,067 $ 58,999,542 $ 55,729,459 $ 58,465,624 $ 49,828,864 $ 31,742,909 $ 30,346,901 $ 28,770,263 $ 28,489,773 $ 28,256,219
Economic Development $ 7,398,840 $ 6,555,014 $ 5,843,602 $ 4,783,862 $ 2,243,608 $ 1,985,238 $ 1,689,398 $ 1,650,691 $ 1,190,020 $ —
Justice Court $ 5,701,821 $ 5,351,866 $ 4,928,656 $ 4,642,516 $ 4,340,743 $ 4,428,065 $ 4,389,467 $ 4,276,010 $ 4,183,738 $ 4,024,112
Human Resources $ 4,860,981 $ 4,323,420 $ 3,722,452 $ 3,153,725 $ 2,576,008 $ 2,663,132 $ 2,614,565 $ 2,524,603 $ 2,330,599 $ 2,165,444
Public Services $ 45,761,246 $ 42,019,120 $ 64,167,797 $ 54,190,829 $ 45,952,402 $ 46,703,582 $ 45,880,531 $ 42,647,148 $ 42,053,566 $ 41,567,552
Public Lands (1)$ 30,728,422 $ 27,258,939 $ — $ — $ — $ — $ — $ — $ — $ —
Transportation $ — $ — $ — $ — $ 366,807 $ 273,914 $ — $ — $ — $ —
Arts Council (2)$ — $ — $ — $ — $ 1,699,285 $ 1,391,833 $ 1,570,622 $ 3,075,356 $ 3,449,071 $ 3,114,035
Nondepartmental $ 64,376,008 $ 53,352,259 $ 52,459,213 $ 43,892,793 $ 37,572,779 $ 35,162,898 $ 29,585,365 $ 27,602,288 $ 26,450,242 $ 27,761,151
Capital Improvement $ 99,877,739 $ 73,436,026 $ 47,211,498 $ 44,913,364 $ 32,643,280 $ 34,081,787 $ 25,425,953 $ 31,823,086 $ 32,506,631 $ 34,340,213
Debt service:
Principal $ 20,214,688 $ 21,100,171 $ 19,273,120 $ 19,856,897 $ 24,804,145 $ 31,991,991 $ 24,845,252 $ 23,745,487 $ 24,024,992 $ 45,471,871
Interest and other fiscal charges $ 11,672,034 $ 12,444,205 $ 27,203,980 $ 16,741,916 $ 7,859,429 $ 15,360,100 $ 9,721,047 $ 11,416,231 $ 11,194,490 $ 15,194,085
Total Expenditures 617,330,335 514,877,785 470,711,619 412,403,883 360,816,361 361,064,926 322,295,235 309,333,517 303,361,554 324,885,590
Revenues over (under) expenditures $ (34,580,143) $ 25,890,189 $ 96,771,961 $ 89,398,469 $ 62,192,622 $ 34,875,984 $ 46,285,868 $ 4,988,632 $ 16,918,906 $ (18,325,833)
210
2025 2024*2023 2022 2021 2020 2019 2018 2017 2016
Other financing sources (uses):
Issuance of debt $ — $ 24,765,000 $ 86,040,000 $ 29,171,734 $ 20,454,886 $ 20,200,935 $ 1,224,775 $ 15,572,310 $ 6,460,000 21,715,000
Payment to refunding bond escrow agent — — — — — (67,725,371) — — (6,431,321) —
Premiums from issuance of debt — 120,893 4,493 4,390,914 — 4,008,775 — — — 2,924,990
Contribution of assets — (1,352,747) — — — — — — — —
Proceeds from sale of property 74,154 108,427 62,801 131,398 454,518 419,105 298,758 1,389,903 660,985 3,532,698
Transfers in 66,280,035 80,340,718 100,767,090 58,980,768 41,478,118 36,721,177 32,409,795 39,995,991 38,069,111 37,894,700
Transfers out (93,172,871) (119,989,112) (143,250,893) (101,259,741) (70,299,015) (80,516,974) (53,017,799) (56,122,590) (57,749,028) (52,179,190)
Total other financing sources (uses) (26,818,682) (16,006,821) 43,623,491 (8,584,927) (7,911,493) (86,892,353) (19,084,471) 835,614 (18,990,253) 13,888,198
Net change in fund balances $ (61,398,825) $ 9,883,368 $ 80,813,542 $ 54,281,129 $ (52,016,369) $ 27,201,397 $ 5,824,246 $ (2,071,347) $ (4,437,635)
Debt service as a percentage of non-capital
expenditures 6.2 % 7.6 % 9.9 % 8.9 % 9.5 % 13.7 % 11.1 % 12.7 % 12.7 % 21.0 %
Debt service as a percentage of total
expenditures 5.2 % 6.5 % 11.0 % 10.0 % 9.1 % 13.1 % 10.7 % 11.4 % 11.6 % 18.7 %
(1) In 2024 Public Lands is being split out from Public Services
(2) Arts Council now reports with Economic Development.
*As restated, see Note 20
211
SALT LAKE CITY CORPORATION
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
Year
Real Property
Tax
Personal Property
Tax
Motor Vehicle
Property
Tax
Franchise
Tax
Sales
Tax Total
2025 $ 137,874 $ 13,442 $ 4,814 $ 15,632 $ 220,872 $ 392,633
2024 118,202 16,834 4,766 14,345 172,015 326,162
2023 112,416 11,822 4,563 12,757 172,197 313,756
2022 121,128 13,255 2,252 11,750 174,106 322,492
2021 115,093 11,607 4,133 23,952 136,182 290,967
2020 115,920 9,790 4,241 26,863 120,778 277,592
2019 90,172 10,441 4,326 27,238 99,404 231,581
2018 87,552 9,583 4,597 27,286 67,940 196,958
2017 105,927 8,272 4,583 28,418 65,812 213,012
2016 98,279 12,049 4,356 27,973 62,709 205,366
212
SALT LAKE CITY CORPORATION
BUSINESS TYPE ACTIVITIES REVENUES BY SOURCE
Department of Airports
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
Year
Landing
Fees
Terminal
Space
Rentals
Other
Airline
Revenues
Car
Rental
Auto
Parking
Facilities Terminal
Other
Revenues
Credit
Revenue
Sharing (1)
Total
Operating
Revenue
2025 $ 84,905 $ 205,797 $ 12,969 $ 41,542 $ 73,096 $ 64,609 $ 3,288 $ (19,188) $ 467,018
2024 59,818 97,945 11,765 39,723 68,596 61,032 3,076 (15,297) 326,658
2023 53,497 86,486 8,373 36,053 60,140 49,286 3,336 (13,844) 283,327
2022 45,158 83,480 8,182 35,378 48,813 48,015 3,485 (13,566) 258,945
2021 35,996 66,680 7,015 24,317 23,491 31,608 3,287 (7,710) 184,684
2020 35,638 34,645 7,031 25,372 27,974 37,634 3,129 (10,097) 161,326
2019 35,434 33,432 6,769 29,856 36,297 42,046 3,704 (14,077) 173,461
2018 32,742 31,028 6,799 29,181 35,323 39,041 4,441 (13,007) 165,548
2017 30,020 29,775 6,844 27,186 34,297 35,042 3,811 (12,169) 154,806
2016 27,023 28,500 6,931 22,142 33,409 30,859 3,110 (10,941) 141,033
Source: Salt Lake City Department of Airports Audited Financial Statements
(1) As of FY22, Credit Sharing Revenues have been broken out from Terminal Space Rentals.
213
SALT LAKE CITY CORPORATION
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
(amounts expressed in thousands)
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Taxable Value Real Property (1)$ 51,587,915 $ 46,392,896 $ 41,820,707 $ 34,035,020 $ 31,554,371 $ 28,457,992 $ 25,742,619 $ 23,166,703 $ 21,510,210 $ 19,620,931
Taxable Personal Property 5,344,931 4,697,369 3,652,857 3,446,042 3,212,675 3,079,769 2,655,599 2,497,760 2,422,498 2,132,244
Total Taxable value (2)$ 56,932,846 $ 51,090,264 $ 45,473,564 $ 37,481,062 $ 34,767,046 $ 31,537,761 $ 28,398,219 $ 25,664,463 $ 23,932,708 $ 21,753,175
Estimated actual value $ 74,738,377 $ 67,444,015 $ 61,263,585 $ 49,835,270 $ 45,901,482 $ 41,493,433 $ 37,255,666 $ 33,819,886 $ 31,386,040 $ 28,594,182
Ratio of total taxable value to
estimated actual value 76.2 % 75.8 % 74.2 % 75.2 % 75.7 % 76.0 % 76.2 % 75.9 % 76.3 % 76.1 %
Total Direct Tax Rate 0.004862 0.002755 0.003012 0.003424 0.003540 0.003878 0.003977 0.004286 0.004557 0.004862
Source: Utah State Tax Commission
(1) Centrally Assessed Values are included in Real Property Values.
(2) All taxable property is assessed and taxed on the basis of its fair market value. Utah law requires that the fair market value of property that is assessed by county assessors using a comparable sales or a
cost appraisal method exclude expenses related to property sales transactions. For tax purposes, the fair market value of primary property is reduced by 45% under present law. Does not include Fee-in-lieu.
214
SALT LAKE CITY CORPORATION
DIRECT AND OVERLAPPING PROPERTY TAX RATES
Last Ten Fiscal Years
(rates per $1 of assessed value)
Components of Direct Rate Overlapping Rates
Fiscal
Year
Discharge
of
Judgement
Interest
and
Sinking
Fund
General
Operations
Total
Direct Rate
Salt Lake City
Library
Salt Lake City
Schools
Salt Lake
County
Mosquito
Abatement
District
Central Utah
Water
Conservation
Metropolitan
Water
District
2025 0.000011 0.000328 0.002130 0.002469 0.000630 0.003767 0.001253 0.000163 0.000400 0.000327
2024 0.000003 0.000453 0.002299 0.002755 0.000646 0.003775 0.001297 0.000147 0.000400 0.000350
2023 0.000037 0.000519 0.002456 0.003012 0.000587 0.003964 0.001394 0.000159 0.000400 0.000200
2022 0.000014 0.000556 0.002854 0.003424 0.000652 0.004809 0.001777 0.000115 0.000400 0.000253
2021 0.000015 0.000583 0.002942 0.003540 0.000683 0.005047 0.001948 0.000122 0.000400 0.000265
2020 0.000025 0.000648 0.003205 0.003878 0.000745 0.005393 0.001933 0.000133 0.000400 0.000289
2019 0.000049 0.000692 0.003236 0.003977 0.000766 0.005500 0.002025 0.000141 0.000400 0.000302
2018 0.000032 0.000772 0.003482 0.004286 0.000834 0.005748 0.002238 0.000160 0.000400 0.000325
2017 0.000030 0.000910 0.003617 0.004557 0.000705 0.006180 0.002371 0.000171 0.000400 0.000349
2016 0.000012 0.000989 0.003861 0.004862 0.000749 0.006497 0.002531 0.000121 0.000405 0.000373
Source: Utah State Tax Commission
215
SALT LAKE CITY CORPORATION
PRINCIPAL PROPERTY TAX PAYERS
Current Year and Ten Years Ago
December 31, 2024 taxable valuation December 31, 2015 taxable value
Taxpayer
Taxable
Assessed
Value Rank
Percentage of
Total City
Taxable Assessed
Value
Taxable Assessed
Value Rank
Percentage of
Total City
Taxable Assessed
Value
LDS Church (Deseret Title, etc.) $ 1,537,052,988 1 3.00%$ 866,974,522 1 4.00%
Landmark LLC 972,019,763 2 1.90%
DELTA AIR LINES INC 566,239,290 3 1.10% 248,606,580 4 1.10%
PACIFICORP 495,868,984 4 1.00% 442,656,246 2 2.00%
XR Quadrant 267,470,000 5 0.50%
Grand America Hotel Company 266,723,800 6 0.50% 91,620,600 10
MPLD HUSKY LLC 262,500,000 7 0.50%
QUESTAR GAS 257,013,260 8 0.50% 136,557,237 8
Oakmont Properties 237,672,066 9 0.50%
ATP SLC LLC 216,997,980 10 0.40%
Boyer Block 57 Associates 358,193,800 3 1.60%
Wasatch Plaza 202,508,700 5
Skywest Airlines 181,381,535 6 0.80%
Century Link (formerly Qwest Corporation) 136,783,109 7 0.60%
KBSII 222 Main 135,588,000 9 0.6%
$ 5,079,558,131 $ 2,800,870,329
Total City Taxable Assessed Value $ 51,417,515,642 $ 21,753,175,000
Source: State of Utah and Salt Lake County
216
SALT LAKE CITY CORPORATION
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(amounts expressed in thousands)
Fiscal
Year
Ended
June 30,
Total Tax
Levy for
Fiscal Year (1)
Collected within the
Fiscal Year of the Levy
Collection in
Subsequent Years
Total Collections to Date
Amount
Percentage
of Levy Amount
Percentage
of Levy
2025 $ 136,759 $ 133,763 97.81 %$ 1,711 $ 135,474 99.06 %
2024 154,968 151,900 98.02 % 1,753 153,654 99.15 %
2023 144,867 141,598 97.74 % 2,804 144,402 99.68 %
2022 133,935 131,026 97.83 % 1,729 132,755 99.12 %
2021 124,272 121,630 97.87 % 1,817 123,446 99.34 %
2020 122,801 120,693 98.28 % 1,812 122,505 99.76 %
2019 113,989 111,402 97.73 % 2,466 113,867 99.89 %
2018 110,751 108,500 97.97 % 2,207 110,707 99.96 %
2017 110,331 107,585 97.51 % 2,736 110,322 99.99 %
2016 105,826 103,764 98.05 % 1,995 105,759 99.94 %
(1) Property taxes are assessed January 1 and due by November 30. Payments are not considered delinquent until after November 30.
217
SALT LAKE CITY CORPORATION
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
(amounts expressed in thousands except per capita amount)
Fiscal
Year
Ended
June 30,
Governmental Activities
General
Obligation
Bonds
Special
Assessment
Bonds
Revenue
Bonds
Gov't
Bank
Notes
Payable
Lease
Revenue
Bonds
ISF Bank
Notes
Payable
Lease
Liability
SBITA
Liability
Discounts /
Premiums
Total
Governmental
Activities
2025 $ 125,130,000 — 9,061,194 10,940,000 3,052,477 5,204,490 7,262,451 12,021,850 325,537,462
2024 $ 136,340,000 — 11,570,000 5,568,190 6,026,085 8,755,446 13,918,189 353,099,855
2023 $ 123,320,000 — 12,500,000 10,154,635 — — 15,796,746 341,879,350
2022 $ 114,105,000 — 13,710,000 13,208,161 — — 13,231,447 276,810,698
2021 $ 106,525,000 — 7,259,227 24,345,000 12,253,469 — — 11,256,588 266,949,284
2020 $ 102,045,000 — 8,263,371 25,465,000 15,247,377 — — 10,577,589 277,443,337
2019 $ 113,420,000 190,000 9,225,734 26,550,000 13,782,429 — — 8,873,645 291,076,808
2018 $ 127,100,000 373,000 9,513,210 27,340,000 12,485,463 — — 9,356,662 314,673,335
2017 $ 128,161,987 548,000 30,465,962 12,050,580 — — — 323,856,055
2016 $ 141,774,839 779,000 21,546,804 12,817,493 — — — 341,275,422
Fiscal
Year
Ended
June 30,
Business-type Activities
Total
Primary
Government
Debt
Debt as a
Percentage
of Personal
Income (1)
Per Capita
Debt (1)
Revenue
Bonds
Notes
Payable
Lease
Liability
SBITA
Liability
Discounts /
Premiums
Total
Business-
type
Activities
2025 $4,377,404,410 16,583,003 598,259 1,013,323 472,167,305 4,867,766,300 5,193,303,762 Unavailable 24,116.66
2024 $3,919,569,948 10,195,956 951,973 1,384,610 480,699,558 4,412,802,045 4,765,901,900 45.62%22,648.29
2023 $3,355,142,190 13,070,833 ——(27,637)3,368,185,386 3,710,064,736 38.59%18,128.21
2022 $3,390,437,999 12,749,288 ——(31,092)3,403,156,195 3,679,966,893 52.86%18,355.96
2021 $2,157,895,000 280,937,922 ——228,370,373 2,667,203,295 2,934,152,579 44.39%14,691.11
2020 $2,014,790,000 16,534,858 ——197,284,816 2,228,609,674 2,506,053,011 39.16%12,494.84
2019 $2,023,560,000 17,115,266 ——205,111,966 2,245,787,232 2,536,864,040 42.49%13,063.96
2018 $1,181,180,000 19,023,112 ——133,674,644 1,333,877,756 1,648,551,091 30.41%8,611.05
2017 $1,314,528,924 19,447,295 ———1,333,976,219 1,657,832,274 29.39%8,694.36
2016 $124,306,030 19,672,287 ———143,978,317 485,253,739 8.30%2,563.86
(1) - Demographic information is found on page 227.
218
SALT LAKE CITY CORPORATION
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
(amounts expressed in thousands, except per capita amount)
Fiscal Year Ended June 30,
General
Obligation
Bonds
Less: Amounts
Available In Debt
Service Fund Total
Percentage of
Estimated
Actual Taxable
Value of
Property
Per
Capita
2025 $ 125,130 $ 18,175 $ 106,955 0.14%$ 496
2024 136,340 15,772 120,568 0.18% 575
2023 123,320 13,449 109,871 0.18% 537
2022 114,105 4,943 109,162 0.22% 545
2021 102,045 5,252 96,793 0.21% 485
2020 102,045 5,252 96,793 0.23% 483
2019 113,420 19,162 94,258 0.25% 485
2018 127,100 17,401 109,699 0.32% 573
2017 128,163 1,829 126,334 0.40% 663
2016 141,775 18,175 139,800 0.49% 739
219
SALT LAKE CITY CORPORATION
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 2025
Total debt Applicable to City Debt ratios (1)
Percentage Amount
Total taxable
value of (2)
Total fair market
value of (2)
Per capita -
population of
$21,753,175,225 $28,594,182,234 215,548
Total governmental activities direct debt $ 358,294,360 100.00%$ 358,294,360 0.63%0.48%$1,662
Overlapping debt:
Salt Lake County (3)87,748,136 26.00% 22,814,515
Central Utah Water Conservancy District (4)105,507,820 16.91%17,841,372
Salt Lake City School District (4) 142,730,000 100% 142,730,000
Total Overlapping debt (5)$ 335,985,956 183,385,888
Total debt applicable to the City $ 541,680,248 0.95%0.72%$2,513
Source: Salt Lake City Department of Finance
(1) The State of Utah general obligation debt is not included in the debt ratios because the State of Utah currently levies no ad valorem tax for payment of general obligation bonds.
(2) Total taxable and fair market values exclude Fees in Lieu.
(3) Salt Lake County GO bonds per ACFR (12/31/23).
(4) Salt Lake City School District and Central Utah Water Conservancy District GO bonds per ACFR (6/30/24).
(5) Overlapping debt is calculated using all debt from Salt Lake City School District and debt from Salt Lake County allocated by geographical percentage.
220
SALT LAKE CITY CORPORATION
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
(amounts expressed in thousands)
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
General Purposes - 4%
Debt Limit $ 2,989,535 $ 2,697,761 $ 2,450,543 $ 1,993,411 $ 1,836,059 $ 1,659,737 $ 1,490,227 $ 1,352,795 $ 1,255,442 $ 1,143,767
Less: Total net debt applicable to limit (2) 106,955 120,568 109,871 109,162 96,793 96,793 94,258 109,699 126,334 139,800
Legal Debt Margin $ 2,882,580 $ 2,577,193 $ 2,340,672 $ 1,884,249 $ 1,739,266 $ 1,562,944 $ 1,395,969 $ 1,243,096 $ 1,129,108 $ 1,003,967
Total net debt applicable to the limit as a
percentage of debt limit 5.04 % 4.47 % 4.48 % 5.48 % 5.27 % 5.83 % 6.33 % 8.11 % 10.06 % 12.22 %
Water, sewer and lighting - 4%
Debt Limit $ 2,989,535 $ 2,697,761 $ 2,450,543 $ 1,993,411 $ 1,836,059 $ 1,659,737 $ 1,490,227 $ 1,352,795 $ 1,255,442 $ 1,143,767
Total net debt applicable to limit — — — — — — — — — —
Legal Debt Margin $ 2,989,535 $ 2,697,761 $ 2,450,543 $ 1,993,411 $ 1,836,059 $ 1,659,737 $ 1,490,227 $ 1,352,795 $ 1,255,442 $ 1,143,767
Total net debt applicable to the limit as a
percentage of debt limit — % — % — % — % — % — % — % — % — % — %
Total - 8% (1)
Debt Limit $ 5,979,070 $ 5,395,521 $ 4,901,087 $ 3,986,822 $ 3,672,119 $ 3,319,475 $ 2,980,453 $ 2,705,591 $ 2,510,883 $ 2,287,535
Total net debt applicable to limit 150,706 120,568 109,871 109,162 96,793 96,793 94,258 109,699 126,334 139,800
Legal Debt Margin $ 5,828,364 $ 5,274,953 $ 4,791,216 $ 3,877,660 $ 3,575,326 $ 3,222,682 $ 2,886,195 $ 2,595,892 $ 2,384,549 $ 2,147,735
Total net debt applicable to the limit as a
percentage of debt limit 2.52 % 2.23 % 2.24 % 2.74 % 2.64 % 2.92 % 3.16 % 4.05 % 5.03 % 6.11 %
(1) The general obligation bonded debt of the City is limited by statute to 8% of the "reasonable fair cash
value" of taxable property in the City. Of this amount, a maximum of 4% may be used for general purposes.
The remaining 4% and any unused portion of the 4% available for general purposes up to the maximum 8%
may be utilized for sewer and/or water purposes.
Legal Debt Margin Calculation for Fiscal Year 2025
Total estimated actual value
Debt limit (8% of total estimated actual value) 5,979,070
Debt applicable to limit:
(2) The total net debt applicable to limit is netted with Restricted Fund Balance of Debt Service Fund.General obligation bonds
Less: Amount set aside for repayment of general obligation debt 18,175
Total net debt applicable to limit 106,955
Legal debt margin $ 5,872,116
221
SALT LAKE CITY CORPORATION
PLEDGED-REVENUE COVERAGE
Last Ten Fiscal Years
(amounts expressed in thousands)
Revenue Bonds Special Improvement Bonds
Fiscal Year
Ended June 30,
Gross
Revenues (1)
Less:
Operating
Expenses (2)
Net Available
Revenues
Debt Service (5)
Coverage
Special
Improvement
Collections
Debt Service
Principal Interest Principal Interest Coverage
Revenue Bonds - Governmental
Activities
2025 $ 184,845 — 184,845 8,370 6,485 12.44 %$ — — — —
2024 $ 177,000 — 177,000 8,080 6,514 12.13 %$ 19 — — —
2023 $ 180,281 — 180,281 5,360 3,261 20.91 %$ 29 — — —
2022 $ 171,078 — 171,078 2,020 3,267 32.36 %$ 20 — — —
2021 $ 130,859 — 130,859 10,535 3,497 9.33 %$ 33 — — —
2020 $ 125,604 — 125,604 10,260 5,737 7.85 %$ 41 190 6 —
2019 $ 108,894 — 108,894 10,020 5,984 6.80 %$ 212 231 231 —
2018 $ 72,322 — 72,322 9,570 6,985 4.37 %$ 241 231 28 —
2017 $ 68,082 — 68,082 9,285 5,128 4.72 %$ 244 313 42 —
2016 $ 63,727 — 63,727 8,370 6,485 4.11 %$ 14 — — —
Fiscal Year
Ended June 30,
Gross
Revenues (3)
Less:
Operating
Expenses (4)
Net Available
Revenues
Debt Service
Principal Interest Coverage
Revenue Bonds - Business-type
activities
2025 $ 882,065 374,355 507,710 75,220 196,851 1.87 %
2024 $ 684,763 386,866 297,896 45,595 185,223 1.29 %
2023 $ 592,878 326,488 266,390 37,897 156,253 1.37 %
2022 $ 522,565 283,720 238,845 284,889 154,225 0.54 %
2021 $ 408,403 259,097 149,307 18,458 101,034 1.25 %
2020 $ 424,623 240,680 183,943 55,910 15,022 2.59 %
2019 $ 437,553 222,618 214,935 10,437 10,560 10.24 %
2018 $ 406,269 215,619 190,650 11,834 10,868 8.40 %
2017 $ 388,238 220,679 167,558 11,572 2,964 11.53 %
2016 $ 354,161 210,349 143,812 9,264 8,821 7.95 %
(1) Gross revenues includes sales, use and excise taxes, Class C Road funds and rental income from the Local Building Authority Fund.
(2) Excludes depreciation and amortization.
(3) Gross revenues include operating revenues, property tax increments, gains/(losses) on the sale of property and equipment, and passenger facility charges.
(4) Excludes depreciation and amortization.
(5) Principal payments are net of any defeased or refinanced amounts.
222
SALT LAKE CITY CORPORATION
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Fiscal Year Ended
June 30,
Population Estimate
(1)
Per Capita Personal
Income (1)
Total Personal
Income (amount
expressed in
thousands)
Number of residents
18 years and older (1)
High School
Graduates (2)
Average Daily School
Membership (2)
Unemployment Rate
(3)
2025 215,548 unavailable unavailable unavailable 1,571 18,958 3.7 %
2024 209,593 49,642 10,404,616 171,866 1,626 19,488 3.6 %
2023 204,657 46,972 9,613,149 167,819 1,520 19,317 2.7 %
2022 200,478 34,728 6,962,200 161,986 1,471 20,244 2.5 %
2021 199,188 33,095 6,592,127 159,379 1,614 2,072 3.2 %
2020 191,446 34,711 6,645,282 160,824 1,651 22,921 7.4 %
2019 190,679 32,954 6,283,636 153,512 1,505 23,336 2.7 %
2018 191,446 31,188 5,970,818 150,894 1,603 23,726 3.1 %
2017 190,679 28,428 5,420,623 149,552 1,499 24,211 3.3 %
2016 189,267 29,803 5,640,724 147,619 1,517 24,127 3.4 %
(1) U.S. Census Bureau, QuickFacts
(2) Salt Lake City School District
(3) United States Bureau of Labor Statistics, Local Area Unemployment Statistics, SLC at June 30.
223
SALT LAKE CITY CORPORATION
FULL-TIME EQUIVALENT CITY GOVERNMENT BY FUNCTIONS
Last Ten Fiscal Years
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
DEPARTMENT
General Fund
Attorney's Office 66.50 60.50 58.50 55.25 50.25 50.25 49.25 51.25 50.25 53.25
City Council 39.00 39.00 36.00 35.00 35.00 35.00 33.00 33.00 30.00 28.00
Communications Bureau 100.00 100.00 100.00 108.00 100.00 100.00 97.00 97.00 94.00 81.00
Community and Neighborhood 195.00 195.00 190.00 176.00 207.00 207.00 195.00 192.00 190.00 206.00
Economic Development 23.50 22.00 22.00 18.00 18.00 16.00 15.00 13.00 11.00 —
Finance 85.70 81.70 76.70 71.70 69.70 69.70 68.70 65.70 64.70 63.70
Fire 406.00 402.00 392.00 374.00 366.00 366.00 347.00 345.00 341.00 340.00
Human Resources 33.40 33.40 31.40 26.05 21.20 22.05 21.50 22.66 22.56 22.56
Justice Courts 43.00 42.00 42.00 42.00 44.00 44.00 44.00 44.00 44.00 44.00
Mayor's Office 35.00 34.00 32.00 30.00 23.00 24.00 23.00 23.00 21.00 21.00
Police 767.00 761.00 750.00 720.00 620.00 711.00 620.00 565.00 555.00 558.00
Public Lands 165.85 157.85 143.35 117.35 — — — — — —
Public Services (1) 276.00 273.00 261.00 249.00 332.35 341.35 332.35 306.75 298.75 294.40
General Fund Total 2,235.95 2,201.45 2,134.95 2,022.35 1,886.50 1,986.35 1,845.80 1,758.36 1,722.26 1,711.91
Enterprise Funds
Airport 664.30 639.30 619.30 610.80 610.80 563.80 570.80 564.80 555.30 555.30
Golf 34.15 34.15 33.65 33.65 34.65 34.65 34.65 33.65 34.65 40.65
Public Utilities 475.00 475.00 459.00 452.00 435.00 427.00 411.00 397.00 394.00 392.00
Community Reinvestment Agency 35.00 34.00 32.00 32.00 32.00 19.00 16.00 16.00 16.50 15.80
Sustainability 65.00 65.00 63.00 63.00 63.00 63.00 63.00 57.95 57.95 53.95
Enterprise Fund Total 1,273.45 1,247.45 1,206.95 1,191.45 1,175.45 1,107.45 1,095.45 1,069.40 1,058.40 1,057.70
Internal Service Funds
Information Management Services 101.00 100.00 92.00 84.00 69.00 71.00 71.00 71.00 70.00 70.00
Fleet Management 49.00 46.00 46.00 45.00 45.00 45.00 45.00 45.00 42.00 41.00
Government Immunity 9.00 10.00 9.00 9.00 8.50 8.50 8.50 6.50 6.50 6.50
Risk Management 8.70 7.70 7.40 7.75 6.10 6.25 6.25 5.64 5.74 5.74
Internal Service Fund Total 167.70 163.70 154.40 145.75 128.60 130.75 130.75 128.14 124.24 123.24
Funding Our Future
Special Revenue Fund Total — — — 3.00 3.00 3.00 — — — —
TOTAL POSITIONS 3,677.10 3,612.60 3,496.30 3,362.55 3,193.55 3,227.55 3,072.00 2,955.90 2,904.90 2,892.85
Source: Salt Lake City Mayor's Recommended Budget, Staffing Document Summary.
(1) Public Services was split in 2022, creating a Public Lands department.
224
SALT LAKE CITY CORPORATION
PRINCIPAL EMPLOYERS
Current Year and Ten Years Ago
December 31, 2024 December 31, 2015
Employer
Number of
Employees Rank
Percentage of all
Employees*
Number of
Employees Rank
Percentage of all
Employees*
UNIVERSITY HOSPITAL**7,000 9,999 1 0.78%1.12%7,000 9,999 1 1.24%1.77%
AMAZON SLC1 5,000 6,999 2 0.56%0.78%
SALT LAKE COUNTY 5,000 6,999 3 0.56%0.78%5,000 6,999 2 0.88%1.24%
DELTA AIRLINES 4,000 4,999 4 0.45%0.56%3,000 3,999 5 0.53%0.71%
ASSOCIATED REG & UNIV PATHOLO 3,000 3,999 5 0.34%0.45%
PRIMARY CHILDRENS MED CENTER 3,000 3,999 6 0.34%0.45%3,000 3,999 8 0.53%0.71%
FIDELITY BROKERAGE SERVICES LLC 2,000 2,999 7 0.22%0.34%
L3 TECHNOLOGIES, INC.2,000 2,999 8 0.22%0.34%3,000 3,999 7 0.53%0.71%
UNITED PARCEL SERVICE 2,000 2,999 9 0.22%0.34%2,000 2,999 9 0.35%0.53%
VA SALT LAKE CITY HEALTH CARE SYS 2,000 2,999 10 —%—%
UNIVERSITY OF UTAH **4,000 4,999 3 0.71%0.88%
C.R. ENGLAND, INC.3,000 3,999 4 0.53%0.71%
DISCOVER PRODUCTS INC.3,000 3,999 6 0.53%0.71%
VA HEALTH CARE SYSTEMS 2,000 2,999 10 0.35%0.53%
35,000 48,990 3.92%5.49%35,000 47,990 6.19%8.49%
892,918 565,279
Source: Utah Department of Workforce Services
https://jobs.utah.gov/jsp/firmfind/#/download
225
SALT LAKE CITY CORPORATION
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Function
Fire
Medical Calls 25,821 26,869 26,100 25,363 22,292 22,086 21,417 22,045 24,024 24,297
Fire Calls 11,087 9,557 8,923 8,978 7,884 7,132 6,891 6,776 6,406 5,777
Average dispatch time on medical emergencies 2:10 2:32 1:29 1:34 :53 :52 :53 :55 :46 2:32
Average time responding to life threatening emergencies 4:48 4:30 2:53 2:39 NA 4:54 3:49 4:00 4:00 4:30
Police (calendar year)
Median Priority 1 Response Time In Minutes (1)7:04 7:17 10:15 11:34 12:55 5:36 6:02 6:19 6:00 5:40
Community Development
Percent of business license inspections conducted
within 30 days 100%100%100%100%100%100 %100 %100 %100 %100 %
Number of building inspections conducted
per day 136 234 218 182 195 239 207 167 160 161
Percent of transportation service requests
completed within 10 working days 82%75%81%86%84%87 %92%82%80%84%
Public Services
Forestry - Number of trees pruned per month (average)438 310 353 281 292 442 266 278 392 244
Water
Total million gallons water delivered 24,172 21,492 22,845 21,196 25,127 24,423 23,954 25,438 24,491 25,991
Per capita delivered - gallons per day 182 155 166 157 191 186 184 198 193 207
Airport
Total enplaned passengers (in thousands)13,906 13,850 13,143 12,802 7,710 10,096 13,090 12,420 11,850 11,293
Cargo pounds (in thousands)305,323 332,408 359,431 404,492 424,521 399,971 407,899 380,286 367,050 350,906
Sewer
Total Plant Flow (million gallons)11,169 11,711 10,842 10,945 10,492 11,849 12,217 10,211 10,554 10,418
Total influent (TBOD) biochemical
oxygen demand (in thousand pounds)22,681 34,222 20,061 17,890 22,869 21,333 29,729 26,985 19,659 18,765
Housing & Loan
Rehab Loans 14 12 7 17 26 35 60 113 72 80
Rehab units 42 34 29 31 26 35 74 113 217 89
First Time Home Buyer projects 0 0 1 5 2 7 7 8 4 4
Storm Water Utility
Line Installation (Linear Feet)17,260 15,368 16,560 25,427 13,541 13,013 6,899 11,940 11,039 5,960
Refuse Collection
Recycling Contamination Rate in Curbside Cans 14.8%15.2%15.3%15.8%16%19.7%23.5%15%7%7%
Percentage of waste stream recycled 14%12.3%12.2%12.2%12.1%12.1%12..8%15%17%17.2%
Golf
Number of golf rounds (9 holes equivalent)546,848 498,010 425,698 441,087 455,556 374,139 350,550 355,655 343,670 365,671
Source: Internal department records
(1) The measurement basis for this metric has been changed to be more consistent with the reporting of other local agencies. Previously, the measurement reflected time from dispatch to arrival on-scene. Now the measurement
reflects time from initial call to arrival on-scene.
226
SALT LAKE CITY CORPORATION
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
Function 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Fire
Number of stations 14 14 14 14 14 14 14 14 14 14
Sworn fire fighters 370 361 361 347 345 338 329 324 328 328
Non-sworn civilian employees.30 31 31 27 23 18 18 17 13 13
Police protection:
Number of officers with power of arrest 630 612 604 604 589 589 589 508 457 447
Number of other police employees 150 149 146 124 117 122 122 120 108 111
Public Services
Recreation and culture:
Number of municipal parks (2)80 81 81 81 81 81 81 81 81 130
Number of municipal playgrounds 79 79 77 77 77 77 77 71 71 67
Number of municipal golf courses 7 7 7 7 7 7 7 7 7 7
Number of municipal swimming pools (1)5 5 5 5 5 5 5 5 5 5
Lane miles of city owned streets 1,903 1,877 1,893 1,888 1,873 1,863 1,854 1,840 1,850 1,849
Street Lighting
Number of Street Lights 16,405 15,982 15,883 15,851 15,690 15,677 15,668 15,615 15,565 15,533
Municipal water plants:
Number of service connections 88,388 88,180 92,034 91,990 92,374 94,013 92,026 91,802 91,545 91,467
City 56,250 56,435 56,258 56,147 55,958 55,772 55,656 55,577 55,435 55,435
County 32,138 31,745 35,776 35,843 36,416 38,241 36,370 36,225 36,110 36,058
Water supplied to conduits (gallons/year)
per thousand 28,565,659 27,846,937 27,442,799 26,023,720 31,027,510 29,331,670 32,840,422 26,231,120 24,490,890 25,990,768
Water shed managed (square miles)190 190 190 190 190 190 190 190 190 190
Number of fire hydrants 10,705 10,596 10,160 9,870 9,768 9,899 9,835 9,747 9,687 10,494
City 7,094 6,998 6,751 6,628 6,552 6,496 6,460 6,387 6,361 6,592
County 3,611 3,598 3,409 3,242 3,216 3,403 3,375 3,360 3,326 3,902
Sewer Utility
Number of sewer connections 50,665 50,584 50,515 50,394 50,310 50,235 50,119 50,019 49,924 49,917
Miles of sanitary sewer lines 686 684 679 679 677 667 656 655 655 654
Storm Water Utility:
Miles of storm water lines 364 360 364 359 356 351 351 348 345 343
Public Libraries 8 8 8 8 8 8 8 8 8 8
(1) City owns 5 but they are operated by Salt Lake County
(2) Beginning in FY17, the City no longer counts medians, greenways, off ramps or open space locations in the parks inventory.
Source: Internal department records
Miscellaneous Statistics - Most current information available
Date of Incorporation January 5, 1851
Form of government (adopted January 7, 1980)Council/Mayor
Area (square miles)110.34
Election data: (Presidential Election)
Registered (active voters), November 2016 106,504
Number of votes cast in 2016 local election 95,947
Percentage of registered voters voting 90.09%
227
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SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
02/03/2026
Date Sent to Council:
02/06/2026
From:
Department *
Finance
Employee Name:
Najarro, Andrea
E-mail
andrea.najarro@slc.gov
Department Director Signature
Director Signed Date
02/03/2026
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
02/06/2026
Subject:
Salt Lake City Single Audit & Compliance Report 2025
Additional Staff Contact:
Mary Beth Thompson - marybeth.thompson@slc.govRuss Sundquist - russell.sundquist@slc.govSuzanne Swanson - suzanne.swanson@slc.gov
Presenters/Staff Table
Mary Beth Thompson - marybeth.thompson@slc.govRuss Sundquist - russell.sundquist@slc.govSuzanne Swanson - suzanne.swanson@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Recommendation:
The Council will receive a briefing from the Administration and the external auditors, Eide Bailly.
Background/Discussion
See first attachment for Background/Discussion
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
This page has intentionally been left blank
eidebailly.com
Federal Awards Reports in Accordance with the Uniform
Guidance and State of Utah Compliance Report
June 30, 2025
Salt Lake City Corporation
Salt Lake City Corporation
Table of Contents
June 30, 2025
Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards ................................................................................................................................ 1
Independent Auditor’s Report on Compliance and Report on Internal Control over Compliance
as Required by the State Compliance Audit Guide .................................................................................................... 3
Independent Auditor’s Report on Compliance for Each Major Federal Program; Report on Internal
Control Over Compliance; and Report on the Schedule of Expenditures of Federal Awards Required
by the Uniform Guidance ........................................................................................................................................... 6
Schedule of Expenditures of Federal Awards ............................................................................................................ 9
Notes to the Schedule of Expenditures of Federal Awards ..................................................................................... 13
Schedule of Findings and Questioned Costs ............................................................................................................ 14
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1
Independent Auditor’s Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The Honorable Mayor and Members of the City Council
Salt Lake City Corporation
Salt Lake City, Utah
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States (Government auditing Standards), the financial
statements of the governmental activities, the business-type activities, the aggregate discretely
presented component units, each major fund, and the aggregate remaining fund information of Salt
Lake City Corporation, as of and for the year ended June 30, 2025, and the related notes to the financial
statements, which collectively comprise Salt Lake City Corporation’s basic financial statements and have
issued our report thereon dated December 31, 2025.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered Salt Lake City
Corporation’s internal control over financial reporting (internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the
financial statements, but not for the purpose of expressing an opinion on the effectiveness of Salt Lake
City Corporation’s internal control. Accordingly, we do not express an opinion on the effectiveness of
Salt Lake City Corporation’s internal control.
Our consideration of internal control was for the limited purpose described in the preceding paragraph
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that
have not been identified. However, as described in the accompanying Schedule of Findings and
Questioned Costs, we identified certain deficiencies in internal control that we consider to be material
weaknesses and significant deficiencies.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
2
misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a
timely basis. We consider the deficiency described in the accompanying Schedule of Findings and
Questioned Costs as item 2025-001 to be a material weakness.
A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance. We consider the deficiency described in the accompanying Schedule of Findings and
Questioned Costs as item 2025-002 to be a significant deficiency.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Salt Lake City Corporation’s financial
statements are free from material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have
a direct and material effect on the financial statements. However, providing an opinion on compliance
with those provisions was not an objective of our audit, and accordingly, we do not express such an
opinion. The results of our tests disclosed no instances of noncompliance or other matters that are
required to be reported under Government Auditing Standards.
Salt Lake City Corporation’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on Salt Lake City
Corporation’s responses to the findings identified in our audit and described in the accompanying
Schedule of Findings and Questioned Costs. Salt Lake City Corporation’s responses were not subjected to
the auditing procedures applied in the audit of the financial statements and, accordingly, we express no
opinion on them.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Salt
Lake City Corporation’s internal control or on compliance. This report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the Salt Lake City
Corporation’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
Salt Lake City, Utah
December 31, 2025
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3
Independent Auditor’s Report on Compliance and Report on Internal Control over
Compliance as Required by the State Compliance Audit Guide
To the Honorable Mayor and Members of the City Council
Salt Lake City Corporation
Salt Lake City, Utah
Report on Compliance
We have audited Salt Lake City Corporation’s compliance with the following applicable state compliance
requirements described in the State Compliance Audit Guide, issued by the Office of the State Auditor,
for the year ended June 30, 2025.
Budgetary Compliance
Fund Balance
Justice Court
Restricted Taxes and Other Related Restricted Revenue
Fraud Risk Assessment
Government Fees
Impact Fees
Utah Retirement Systems
Public Treasurer’s Bond
Opinion on Compliance
In our opinion, Salt Lake City Corporation complied, in all material respects, with the state compliance
requirements referred to above for the year ended June 30, 2025.
Basis for Opinion
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing
Standards); and the State Compliance Audit Guide (Guide), issued by the Office of the Utah State
Auditor. Our responsibilities under those standards and the State Compliance Audit Guide are further
described in the Auditor's Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of Salt Lake City Corporation and to meet our other ethical
responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our
audit does not provide a legal determination of Salt Lake City Corporation's compliance with the
compliance requirements referred to above.
4
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the
design, implementation, and maintenance of effective internal control over compliance with the
requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements
applicable to Salt Lake City Corporation’s government programs.
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on Salt Lake City Corporation's compliance based on our audit. Reasonable assurance is a high
level of assurance but is not absolute assurance and therefore is not a guarantee that an audit
conducted in accordance with GAAS, Government Auditing Standards, and the Guide will always
detect material noncompliance when it exists. The risk of not detecting material noncompliance
resulting from fraud is higher than for that resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance
with the compliance requirements referred to above is considered material if there is a substantial
likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about Salt Lake City Corporation's compliance with the
requirements of the government program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Guide, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and
design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding Salt Lake City Corporation’s compliance with
the compliance requirements referred to above and performing such other procedures as we
considered necessary in the circumstances.
Obtain an understanding of the Salt Lake City Corporation’s internal control over compliance
relevant to the audit in order to design audit procedures that are appropriate in the
circumstances and to test and report on internal control over compliance in accordance with
the State Compliance Audit Guide but not for the purpose of expressing an opinion on the
effectiveness of Salt Lake City’s internal control over compliance. Accordingly, no such
opinion is expressed.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and any significant deficiencies and material
weaknesses in internal control over compliance that we identified during the audit.
Report On Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their
assigned functions, to prevent or to detect and correct noncompliance with a state compliance
requirement on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a state compliance requirement will not be
5
prevented or detected and corrected on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a
state compliance requirement that is less severe than a material weakness in internal control over
compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the
Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify
all deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance. Given these limitations, during our audit we did not
identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal
control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
Purpose of this Report
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control and compliance and the results of that testing based on the requirements
of the Guide. Accordingly, this report is not suitable for any other purpose. However, pursuant to
Utah Code Title 63G, Chapter 2, this report is a matter of public record, and as such, its distribution is
not limited.
Salt Lake City, Utah
December 31, 2025
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6
Independent Auditor’s Report on Compliance for Each Major Federal Program;
Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures
of Federal Awards Required by the Uniform Guidance
The Honorable Mayor and Members of the City Council
Salt Lake City Corporation
Salt Lake City, Utah
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited Salt Lake City Corporation’s compliance with the types of compliance requirements
subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each
of Salt Lake City Corporation’s major federal programs for the year ended June 30, 2025. Salt Lake City
Corporation’s major federal programs are identified in the summary of auditor’s results section of the
accompanying Schedule of Findings and Questioned Costs.
In our opinion, Salt Lake City Corporation complied, in all material respects, with the compliance
requirements referred to above that could have a direct and material effect on each of its major federal
programs for the year ended June 30, 2025.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing
Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Our responsibilities under those standards and the Uniform Guidance are further described
in the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of Salt Lake City Corporation and to meet our other ethical
responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
compliance for each major federal program. Our audit does not provide a legal determination of Salt
Lake City Corporation’s compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements
of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to Salt
Lake City Corporation‘s federal programs.
7
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on Salt Lake City Corporation’s compliance based on our audit. Reasonable assurance is a high
level of assurance but is not absolute assurance and therefore is not a guarantee that an audit
conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will
always detect material noncompliance when it exists. The risk of not detecting material noncompliance
resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the
compliance requirements referred to above is considered material, if there is a substantial likelihood
that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the
report on compliance about Salt Lake City Corporation’s compliance with the requirements of each
major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform
Guidance, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and
design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding Salt Lake City Corporation’s compliance with the
compliance requirements referred to above and performing such other procedures as we
considered necessary in the circumstances.
Obtain an understanding of Salt Lake City Corporation’s internal control over compliance
relevant to the audit in order to design audit procedures that are appropriate in the
circumstances and to test and report on internal control over compliance in accordance with the
Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of Salt
Lake City Corporation’s internal control over compliance. Accordingly, no such opinion is
expressed.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and any significant deficiencies and material weaknesses in
internal control over compliance that we identified during the audit.
Report on Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their
assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance
requirement of a federal program on a timely basis. A material weakness in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such
that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A
significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies,
in internal control over compliance with a type of compliance requirement of a federal program that is
less severe than a material weakness in internal control over compliance, yet important enough to merit
attention by those charged with governance.
8
Our consideration of internal control over compliance was for the limited purpose described in the
Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all
deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance. Given these limitations, during our audit we did not
identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal
control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of
the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance
We have audited the financial statements of the governmental activities, the business-type activities,
the aggregately discretely presented component units, each major fund, and the aggregate remaining
fund information of Salt Lake City Corporation as of and for the year ended June 30, 2025, and the
related notes to the financial statements, which collectively comprise Salt Lake City Corporation’s basic
financial statements. We issued our report thereon dated December 31, 2025, which contained
unmodified opinions on those financial statements. Our audit was conducted for the purpose of forming
opinions on the financial statements that collectively comprise the basic financial statements. The
accompanying Schedule of Expenditures of Federal Awards is presented for purposes of additional
analysis as required by the Uniform Guidance and is not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves, and other additional procedures in accordance with
GAAS. In our opinion, the schedule of expenditures of federal awards is fairly stated in all material
respects in relation to the basic financial statements as a whole.
Salt Lake City, Utah
January 16, 2026, except for our report on the schedule of expenditures of federal awards, for which the
date is December 31, 2025
See Notes to Schedule of Expenditures of Federal Awards 9
Salt Lake City Corporation
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2025
Pass-through
Federal Financial Entity Amounts Passed-
Assistance Identifying Through to
Listing Number Expenditures Subrecipients
Department of Agriculture
Passed through Utah State Office of Education
Child and Adult Care Food Program 10.558 Not provided 31,057$ -$
Total Department of Agriculture 31,057 -
Department of Housing and Urban Development
CDBG - Entitlement Grants Cluster
Community Development Block Grants/Entitlement Grants 14.218 N/A 11,360,833 8,513,057
COVID-19 Community Development Grants/Entitlement Grants 14.218 N/A 270,274 270,274
Total CDBG - Entitlement Grants Cluster 11,631,107 8,783,331
Emergency Solutions Grant Program 14.231 N/A 258,159 258,159
Emergency Solutions Grant Program 14.231 N/A 43,346 20,950
Total Emergency Solutions Grant Program 301,505 279,109
HOME Investments Partnership Program 14.239 N/A 5,747,987 4,612,536
Housing Opportunities for Persons With HIV/AIDS 14.241 N/A 926,094 891,662
Lead Hazard Reduction Demonstration Grant Program 14.905 N/A 24,345 -
Total Department of Housing and Urban Development 18,631,038 14,566,638
Federal Grantor/Pass-Through
Grantor/Program or Cluster Title
See Notes to Schedule of Expenditures of Federal Awards 10
Salt Lake City Corporation
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2025
Pass-through
Federal Financial Entity Amounts Passed-
Assistance Identifying Through to
Listing Num er Expen itures Su recipients
Department of Justice
Passe t roug Uta State O ice or Victims o Crime
Crime Victim Assistance 16.575 23/24VOCA32 43,399$ -$
Crime Victim Assistance 16.575 N/A 129,923 -
Total Crime Victim Assistance Program 173,322 -
Public Safety Partnership and Community Policing Grants 16.710 N/A 522,422 -
Edward Byrne Memorial Justice Assistance Grant Program 16.738 N/A 371,499 72,452
Paul Coverdell Forensic Sciences Improvement Grant 16.742 N/A 9,383 -
Total Department of Justice 1,076,626 72,452
Department of Transportation
Airport Improvement Program 20.106 N/A 57,221,173 -
Total Department of Transportation 57,221,173 -
Department of Treasury
COVID-19 Emergency Rental Assistance 2 21.023 N/A 2,367,198 2,326,399
COVID-19 Coronavirus State and Local Fiscal Recovery Fund 21.027 N/A 10,171,351 -
Total Department of Treasury 12,538,549 2,326,399
Federal Grantor/Pass-Through
Grantor Program or C uster Tit e
See Notes to Schedule of Expenditures of Federal Awards 11
Salt Lake City Corporation
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2025
Pass-through
Federal Financial Entity Amounts Passed-
Assistance Identifying Through to
Listing Num er Expen itures Su recipients
Environmental Protection Agency
Climate Pollution Reduction Grants 66.046 N/A 319,060$ -$
Brownfields MARC Grants 66.818 N/A 72,184 -
Reduce, Reuse, Recycling Education and Outreach Grants 66.921 N/A 8,316 -
Water Infrastructure Finance and Innovation 66.958 N/A 127,470,393 -
Total Environmental Protection Agency 127,869,953 -
Department of Health and Human Services
477 Cluster
Passed through from Utah Department of Workforce Services
Temporary Assistance for Needy Families 93.558 23-DWS-0306 299,513 -
Temporary Assistance for Needy Families 93.558 24-DWS-0191 351,473 -
Temporary Assistance for Needy Families 93.558 24-DWS-0205 410,899 -
Total Temporary Assistance for Needy Families 1,061,885 -
Total 477 Cluster 1,061,885 -
Child Care and Development Block Grant Cluster 93.575 23-DWS-0251 379,289 -
Office of Refugee Resettlement 93.566 23-DWS-0350 107,725 -
Total Department of Health and Human Services 1,548,899 -
Federal Grantor/Pass-Through
Grantor Program or C uster Tit e
See Notes to Schedule of Expenditures of Federal Awards 12
Salt Lake City Corporation
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2025
Pass-through
Federal Financial Entity Amounts Passed-
Assistance Identifying Through to
Listing Number Expenditures Subrecipients
Executive Office of the President
High Intensity Drug Trafficking Areas Program 95.001 N/A 547,197 -
Total Executive Office of the President 547,197 -
Department of Homeland Security
Passed through Utah Department of Public Safety
Emergency Management Performance Grants 97.042 DEM-EMPG-2022-021 874 -
Emergency Management Performance Grants 97.042 DEM-EMPG-2024-019 18,000 -
Total Emergency Management Performance Grants 18,874 -
Passed through Utah Department of Public Safety
Pre-Disaster Mitigation 97.047 EMD-2019-PC-0006 731,180 -
Pre-Disaster Mitigation 97.047 PDMC-PJ-08-UT-2019-016 396,081 -
Total Pre-Disaster Mitigation 1,127,261 -
Total Department of Homeland Security 1,146,135 -
Total Federal Financial Assistance 220,610,627$ 16,965,489$
Federal Grantor/Pass-Through
Grantor/Program or Cluster Title
13
Salt Lake City Corporation
Notes to Schedule of Expenditures of Federal Awards
Year Ended June 30, 2025
Note 1 – Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of Salt Lake City Corporation under programs of the federal government for the year ended June 30, 2025. The
information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Because the schedule presents only a selected portion of the operations of Salt Lake City
Corporation, it is not intended to and does not present the financial position, changes in net position or fund
balance, or cash flows of Salt Lake City Corporation.
Note 2 – Summary of Significant Accounting Policies
Expenditures reported in the schedule are reported on the modified accrual basis of accounting, except for
subrecipient expenditures, which are recorded on the cash basis. When applicable, such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Note 3 – Indirect Cost Rate
Salt Lake City Corporation has not elected to use the 10% de minimis cost rate.
Note 4 – Loan Programs
Expenditures reported under the Water Infrastructure Finance and Innovation program in the schedule consist
of the beginning of the year outstanding loan balance plus advances made on the loan during the year. The
outstanding balance at June 30, 2025 was $127,470,393.
14
Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2025
Section I – Summary of Auditor’s Results
FINANCIAL STATEMENTS
Type of auditor's report issued Unmodified
Internal control over financial reporting:
Material weaknesses identified Yes
Significant deficiencies identified not considered
to be material weaknesses Yes
Noncompliance material to financial statements noted?No
FEDERAL AWARDS
Internal control over major program:
Material weaknesses identified No
Significant deficiencies identified not
considered to be material weaknesses None Re orted
Type of auditor's report issued on compliance
for major programs:Unmodified
Any audit findings disclosed that are required to be reported
in accordance with Uniform Guidance 2 CFR 200.516 No
Identification of major programs:
Federal Financial Assistance Listin
Home Investment Partnership Program 14.239
Water Infrastructure Finance and Innovation 66.958
Dollar threshold used to distinguish between type A
and type B programs $3,000,000
Auditee qualified as low-risk auditee?No
Name of Federal Program
15
Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2025
Section II – Financial Statement Findings
2025-001 Audit Adjustments
Material Weakness in Internal Control
Criteria: Salt Lake City Corporation and its management are responsible for the design,
implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement in accordance
with accounting principles generally accepted in the United States, whether due to fraud or
error.
Condition: During the audit we identified multiple audit adjustments, including a prior period
adjustment, that in the aggregate represent a material adjustment to the financial statements.
Audit adjustments were proposed that impacted accounts receivable, revenues, accounts
payable, capital assets, and various expenses.
Cause: Salt Lake City Corporation’s controls in place during the year ended June 30, 2025 did not
provide sufficient processes to ensure proper recording of the impacted accounts. Some
reconciliation processes were significantly delayed or modified during fiscal year 2025 due to a
change in the Salt Lake City Corporation’s financial reporting system during fiscal year 2024.
Effect: If the audit adjustments had not been made, the financial statements could have
material misstatements.
Recommendation: We recommend that management review the process and timing of
reconciliation of year end balances and make necessary changes to ensure all balances are
sufficiently reviewed and reconciled, and transactions are properly recorded.
Views of Responsible Officials: Management agrees with the finding.
16
Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2025
2025-002 Account Reconciliation – Fleet Capital Assets
Significant Deficiency in Internal Control
Criteria: Salt Lake City Corporation and its management are responsible for the design,
implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement in accordance
with accounting principles generally accepted in the United States, whether due to fraud or
error.
Condition: During the audit we identified that the City could not provide sufficient supporting
detail for the Fleet transfers and/or disposals of construction in progress.
Cause: The schedules for Fleet capital assets were not reconciled or reviewed by an appropriate
individual prior to the initial financial close or during the financial statement preparation process
to ensure completeness.
Effect: Without proper schedules and reconciliation over Fleet capital assets, management may
rely on significantly inaccurate data throughout the year, potentially impacting management
decisions.
Recommendation: We recommend that management review the internal control process for
recording, tracking, and reconciling of Fleet capital assets.
Views of Responsible Officials: Management agrees with the finding.
17
Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2025
Section III – State of Utah Compliance Findings
None
Section IV – Federal Award Findings and Questioned Costs
None
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SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
01/05/2026
Date Sent to Council:
01/06/2026
From:
Department *
Finance
Employee Name:
Najarro, Andrea
E-mail
andrea.najarro@slc.gov
Department Director Signature
Director Signed Date
01/05/2026
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
01/06/2026
Subject:
State of Utah Fraud Risk Assessment - FY26
Additional Staff Contact:
Mary Beth Thompason - marybeth.thompson@slc.govSuzanneSwanson - suzanne.swanson@slc.gov
Presenters/Staff Table
Mary Beth Thompason - marybeth.thompson@slc.govSuzanneSwanson - suzanne.swanson@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Recommendation:
We recommend the Council receive a brieng from the Administration on the FY26 State of Utah Fraud Risk Assessment.
Background/Discussion
Please see attachments
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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Fraud Risk Assessment FY26
Final Audit Report 2026-01-02
Created:2026-01-02
By:Andrea Najarro (andrea.najarro@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAEm9SFwLt15NHCVIxK9nxU0_hPh4V-AFU
Fraud Risk Assessment FY26" History
Document created by Andrea Najarro (andrea.najarro@slc.gov)
2026-01-02 - 5:28:12 PM GMT
Document emailed to jill.love@slc.gov for signature
2026-01-02 - 5:30:36 PM GMT
Email viewed by jill.love@slc.gov
2026-01-02 - 6:16:29 PM GMT
Signer jill.love@slc.gov entered name at signing as Jill Love
2026-01-02 - 6:30:49 PM GMT
Document e-signed by Jill Love (jill.love@slc.gov)
Signature Date: 2026-01-02 - 6:30:51 PM GMT - Time Source: server
Document emailed to Mary Beth Thompson (marybeth.thompson@slc.gov) for signature
2026-01-02 - 6:30:54 PM GMT
Email viewed by Mary Beth Thompson (marybeth.thompson@slc.gov)
2026-01-02 - 6:36:53 PM GMT
Document e-signed by Mary Beth Thompson (marybeth.thompson@slc.gov)
Signature Date: 2026-01-02 - 7:32:16 PM GMT - Time Source: server
Agreement completed.
2026-01-02 - 7:32:16 PM GMT
SALT LADE CITY CLOSED MEETING
SWORN STATEMENT
Pursuant to Utah Code Annotated?s„,-i)C�
Public Body Name:
)(Salt Lake City Council ❑ Community Reinvestment Agency
Meeting Date: &c4 3 , 2 o;,A
Presiding Member: Co a AC81
NO Recording Required Pursuant to UCA(6)(a):
❑ Local Building Authority
❑ §5?-4-2o-(1)(a) character, professional competence, physical or mental health of an individual
?�-2-1:2�'0(i)(f) discussion regarding deployment of security personnel, devices, or systems
A quorum of the City Council or Board of Directors were present at the meeting and voted by at least a
two-thirds vote, as detailed in the minutes of the open meeting, to close a portion of the meeting to
discuss matters under Utah Code Annotated r� ?.-_4--20L .The content of the closed portion of the
meeting was restricted to a discussion of those matter(s) and a recording and or detailed minutes
were not made pursuant to UCA ,_ 2- -20 (6)(a).
I hereby swear and affirm under penalty of perjury that the above information is true and correct to
the best of my knowledge and the sole purpose for closing the meeting without a recording was to
discuss the purposes described under _ .:- ,-.; _o; (1)(a) or (i)(f).
v
Presiding Member Signature
313 J z &
Date of Signature