Proposed Ordinance - 6/11/20241
Resolution No. __ of 2024
(Adopting the Final Budget for the Capital Projects Fund of the Local Building Authority of Salt
Lake City, Utah for Fiscal Year 2024-2025)
PREAMBLE
WHEREAS, the Salt Lake City Council has created the Local Building Authority of Salt
Lake City, Utah (the “Building Authority”), and has appointed Mary Beth Thompson as the
Budget Officer of the Building Authority (the “Budget Officer”); and
WHEREAS, the Budget Officer previously filed with the Board of Directors (the
“Board”) of the Building Authority a tentative budget for the capital projects fund of the
Building Authority (the Building Authority not having any operational expenses and therefore no
need for an operating budget); and
WHEREAS, on May 7th, 2024, the Board adopted the tentative budget by Resolution No.
1 of 2024; and
WHEREAS, the tentative budget adopted by the Board and all supporting schedules and
data was a public record in the office of the Secretary of the Building Authority, available for
public inspection at the Building Authority’s principal place of business during regular business
hours for a period of at least seven days before the adoption of the final budget and was
published, at least seven days before the adoption of the final budget in a public meeting, (a) on
the Utah Public Notice Website and (b) on the Building Authority’s official website or, if the
Building Authority does not maintain an official website, on the official website of Salt Lake
City Corporation; and
WHEREAS, following due notice of a public hearing given at least seven days before the
hearing (a) by publishing on the Utah Public Notice Website and by publishing on the Building
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Authority’s official website or, if the Building Authority did not maintain an official website, on
the official website of Salt Lake City Corporation, at its May 21st, 2024 and June 4th, 2024
meetings, the Board held a public hearing on the budget tentatively adopted, at which hearing
interested persons in attendance or connected remotely were given an opportunity to be heard on
the estimate of revenues and expenditures or any item in the tentative budget; and
NOW, THEREFORE, be it resolved by the Board of Directors of the Local Building
Authority of Salt Lake City, Utah, as follows:
1. The purpose of this resolution is to adopt a final budget for the capital projects
fund of the Building Authority for fiscal year 2024-2025. All conditions precedent to the
adoption of the final budget have been accomplished.
2. The budget attached hereto and made a part of this resolution shall be, and the
same hereby is adopted as, the final budget for the capital projects fund of the Building Authority
for the remainder of the fiscal year 2024-2025, in accordance with the Fiscal Procedures for
Special Districts Act, Utah Code Title 17B, Chapter 1, Part 6.
3. The Budget Officer is hereby authorized and directed to certify and file a copy of
said final budget in the office of the Secretary of the Building Authority, whose office is located
at 451 South State Street, Room 415, Salt Lake City, UT 84111, as required by Utah Code
Section 17B-1-615. Said final budget shall be available to the public for inspection during
regular business hours.
4. The Budget Officer is hereby authorized and directed to certify and file a copy of
said final budget with the State Auditor as required by Utah Code Section 17B-1-614 within 30
days after its adoption.
5. This Resolution shall take effect immediately upon its approval and adoption.
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Passed by the Board of Directors of the Local Building Authority of Salt Lake City, Utah,
this 11 th day of June, 2024.
______________________________
Victoria Petro, LBA President
ATTEST:
______________________________
Cindy Lou Trishman, LBA Secretary
TO: LBA Board Members
Item B1 MOTION SHEET
LOCAL BUILDING AUTHORITY of SALT LAKE CITY
tinyurl.com/SLCFY25
FROM: Ben Luedtke, Senior Analyst
DATE: June 11, 2024
RE: MOTION SHEET – Resolution: Budget for the Capital Projects Fund of the Local Building Authority for
Fiscal Year 2025
MOTION 1 – ADOPT
I move that the Board approve a resolution adopting the Final Budget for Fiscal Year 2025 of the Capital Projects
Fund of the Local Building Authority.
MOTION 2 – NOT ADOPT
I move that the Board not approve the resolution
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
TEL 801-535-7600 FAX 801-535-7651
FY2024
Adopted
Budget
Full Time
Equivalent
Changes from
FY2024
Budget
FY2025
Budget
Local Building Authority (FC66)
Revenue and Other Sources
FY2024 Beginning Balance 1,517,400
Change in Building Lease Revenue (336,600)
Change in Transfers from General Fund (4,675)
Change in Transfer from CIP Impact Fee
Appropriation of Cash 0
Total Revenues and Other Sources Budget (341,275)1,176,125
Expenses and Other Uses
FY2024 Beginning Balance 1,517,400
Change in Debt Service (341,275)
Change in Project Costs 0
Total Expenditures and Other Uses Budget (341,275)1,176,125
Budgeted revenues and other sources over
(under) expenditures and other uses 0 0
LBA KEY CHANGES
ISSUE