Transmittal - 1/8/2024ERIN MENDENHALL MARY BETH THOMPSON
Mayor Chief Financial Officer
CITY COUNCIL TRANSMITTAL
Date Received:
Rachel Otto, Chief of Staff Date sent to Council:
TO: Salt Lake City Council DATE: January 5, 2024
Darin Mano, Chair
FROM: Mary Beth Thompson, Chief Information Officer
SUBJECT: Annual Comprehensive Financial Report FY 2023
STAFF CONTACT: Mary Beth Thompson and Russ Sundquist
DOCUMENT TYPE: Informative Item
RECOMMENDATION: Review the Annual Comprehensive Financial Report as part of the City’s
financial audit presentation.
BUDGET IMPACT: N/A
BACKGROUND/DISCUSSION: The financial statements for the year ending June 30, 2023, have
been prepared by the Salt Lake City Department of Finance and have been audited by Eide Bailly,
LLP an independent firm of Certified Public Accountants. The accuracy of the presented data and
the completeness, and fairness of the presentations, including all disclosures, are the
responsibility of the management of the City; while the goal of the independent audit is to provide
reasonable assurance that the financial statement will be free from material misstatement.
PUBLIC PROCESS: N/A
EXHIBITS: Annual Comprehensive Financial Report packet
DEPARTMENT OF FINANCE
451 South State Street
SALT LAKE CITY, UTAH 84111
TEL 801-535-6403
rachel otto (Jan 8, 2024 09:56 MST)01/08/2024
01/08/2024
SALT LAKE CITY CORPORATION
SALT LAKE CITY, UTAH
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2023
With
INDEPENDENT AUDITOR’S REPORT
Prepared by
Department of Finance
Mary Beth Thompson, Chief Financial Officer
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INTRODUCTORY SECTION:
Title Page .......................................................................................................................................................................................i
Table of Contents ...........................................................................................................................................................................ii
Transmittal Letter ..........................................................................................................................................................................v
Organizational Structure ................................................................................................................................................................xii
Certificate of Achievement ............................................................................................................................................................xiii
FINANCIAL SECTION:
Independent Auditor’s Report .............................................................................................................................................................2
Management’s Discussion and Analysis .............................................................................................................................................6
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position .......................................................................................................................................................19
Statement of Activities ............................................................................................................................................................21
Governmental Fund Financial Statements
Balance Sheet ..........................................................................................................................................................................24
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position .................................................25
Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................................................26
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of
Activities ........................................................................................................................................................................27
Proprietary Fund Financial Statements
Statement of Net Position .......................................................................................................................................................29
Reconciliation of Proprietary Fund Statement of Net Position to the Primary Government Business-type Statement of
Net Position ....................................................................................................................................................................33
Statement of Revenues, Expenses, and Changes in Fund Net Position ..................................................................................35
Reconciliation of Proprietary Fund changes in Net Position to the Primary Government Business-type Changes in Net
Position ...........................................................................................................................................................................37
Statement of Cash Flows .........................................................................................................................................................39
Fiduciary Fund Financial Statements
Statement of Fiduciary Net Position .......................................................................................................................................44
Statement of Changes in Fiduciary Net Position ....................................................................................................................45
Notes to the Financial Statements ..................................................................................................................................................
Note 1. Summary of Significant Accounting Policies .................................................................................................47
Note 2. Cash, Cash Equivalents and Investments ........................................................................................................59
Note 3. Loans Receivable ............................................................................................................................................63
Note 4. Restricted Assets .............................................................................................................................................64
Note 5. Capital Assets ..................................................................................................................................................65
Note 6. Long-term Obligations ....................................................................................................................................68
Note 7. Leases ..............................................................................................................................................................81
Note 8. Subscription Asset ...........................................................................................................................................92
Note 9. Subscription Liability ......................................................................................................................................93
Note 10. Fund Equity ...................................................................................................................................................95
Note 11. General Fund Interfund Service Charges ......................................................................................................96
Note 12. Transfers ..........................................................................................................................................................97
Note 13. Risk Management ............................................................................................................................................98
Note 14. Pension Plans ...................................................................................................................................................100
Note 15. Deferred Compensation Plans .........................................................................................................................116
Note 16. Other Post-employment Benefits ....................................................................................................................117
TABLE OF CONTENTS Pages
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Note 17. Commitments and Contingencies ....................................................................................................................119
Note 18. Related Party Transactions ..............................................................................................................................127
Note 19. Joint Venture ...................................................................................................................................................127
Note 20. Recent Accounting Pronouncements ..............................................................................................................129
Note 21. Subsequent Events ...........................................................................................................................................130
Required Supplementary Information
Budgetary Comparison Schedule – General Fund .........................................................................................................................132
Schedule of the Proportionate Share of the Net Pension Liability ................................................................................................133
Schedule of Contributions - Last Ten Fiscal Years .......................................................................................................................136
Schedule of Changes in Net Pension Liability - Last Ten Fiscal Years ........................................................................................140
Schedule of Changes in Total OPEB Liability - Library - Last Ten Fiscal Years ........................................................................142
Notes to Required Supplementary Information
Budgetary - GAAP Reporting Reconciliation ...............................................................................................................................144
Post Employment Benefits other than Pensions ............................................................................................................................145
Supplementary Information – Combining Statements and Individual Fund Statements and Schedules
Governmental Funds
Nonmajor Governmental Funds
Combining Balance Sheet .................................................................................................................................................150
Combining Statement of Revenues, Expenditures and Changes in Fund Balance ...........................................................151
Combining Balance Sheet – Nonmajor Special Revenue Funds ......................................................................................152
Combining Statement of Revenues, Expenditures and Changes in Fund Balance – Nonmajor Special Revenue Funds .154
Budgetary Comparison Schedules
Arts Council .................................................................................................................................................................156
Downtown Economic Development ...........................................................................................................................157
Community Development Operating Fund ..................................................................................................................158
Grants Operating Fund ................................................................................................................................................159
Street Lighting ............................................................................................................................................................160
Demolition, Weed and Forfeiture ................................................................................................................................161
Emergency 911 Dispatch .............................................................................................................................................162
Salt Lake City Donation Fund .....................................................................................................................................163
Salt Lake City Transportation Fund .............................................................................................................................164
Combining Balance Sheet – Nonmajor Debt Service Funds .............................................................................................166
Combining Statement of Revenues, Expenditures and Changes in Fund Balance ...........................................................167
Budgetary Comparison Schedules Special Improvement Fund ........................................................................................168
Major Governmental Funds
Budgetary Comparison Schedules
Capital Projects Fund ...................................................................................................................................................170
Other Improvement Fund .............................................................................................................................................171
Enterprise Funds
Nonmajor Proprietary Funds
Combining Statement of Net Position .........................................................................................................................174
Combining Statement of Revenues, Expenses and Changes in Fund Net Position .....................................................178
Combining Statement of Cash Flows ..........................................................................................................................180
Budgetary Comparison Schedules
Street Lighting .......................................................................................................................................................182
Refuse Collection Fund ........................................................................................................................................183
Housing and Loan Fund .......................................................................................................................................184
Golf Fund ..............................................................................................................................................................185
TABLE OF CONTENTS Pages
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Major Proprietary Funds
Budgetary Comparison Schedules
Supplementary Information – Combining Statements and Individual Fund Statements And Schedules (continued)
Department of Airports .........................................................................................................................................187
Water Utility Fund ................................................................................................................................................188
Sewer Utility Fund ................................................................................................................................................189
Stormwater Utility Fund .......................................................................................................................................190
Redevelopment Agency Fund ..............................................................................................................................191
Internal Service Funds
Combining Statement of Net Position .........................................................................................................................194
Combining Statement of Revenues, Expenses and Changes in Fund Net Position .....................................................196
Combining Statement of Cash Flows ..........................................................................................................................198
Budgetary Comparison Schedules
Fleet Management Fund ........................................................................................................................................200
Information Management Services Fund ..............................................................................................................201
Risk Management Fund ........................................................................................................................................202
Governmental Immunity Fund ..............................................................................................................................203
Local Building Authority Fund .............................................................................................................................204
STATISTICAL SECTION: (unaudited)
Net Position by component – Last Ten Fiscal Years ....................................................................................................................207
Change in Net Position – Last Ten Fiscal Years ..........................................................................................................................208
Fund Balance of Governmental Funds – Last Ten Fiscal Years ...................................................................................................210
Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ..............................................................................212
Governmental Activities Tax Revenues by Source – Last Ten Fiscal Years ................................................................................214
Business Type Activities Revenues by Source - Last Ten Fiscal Years .......................................................................................215
Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years ...................................................................216
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years ...........................................................................................217
Principal Property Tax Payers - Current Year and Ten Years Ago ...............................................................................................218
Property Tax Levies and Collections – Last Ten Fiscal Years ......................................................................................................219
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years .......................................................................................................220
Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years .........................................................................................221
Computation of Direct and Overlapping Bonded Debt ................................................................................................................222
Legal Debt Margin Information – Last Ten Fiscal Years ..............................................................................................................223
Pledged-Revenue Coverage – Last Ten Fiscal Years ....................................................................................................................224
Demographic and Economic Statistics - Last Ten Fiscal Years ....................................................................................................225
Full-time Equivalent City Government by Functions – Last Ten Fiscal Years .............................................................................226
Principal Employers - Current Year and Ten Years Ago ..............................................................................................................227
Operating Indicators by Function - Last Ten Fiscal Years ............................................................................................................228
Capital Asset Statistics by Function - Last Ten Fiscal Years ........................................................................................................229
TABLE OF CONTENTS Pages
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DEPARTMENT OF FINANCE
December 29, 2023
The Honorable Mayor and Members of the City Council
Salt Lake City Corporation
Overview
The Annual Comprehensive Financial Report of Salt Lake City Corporation (“the City”) for the fiscal year ended
June 30, 2023, is submitted herewith.
These financial statements have been 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). The accuracy of the presented data and the completeness and fairness of
the presentations, including all disclosures, are the responsibility of the management of the City.
We believe the data, as presented, is accurate in all material respects and is presented in a manner that fairly sets
forth the following aspects of the City: (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. In order to
provide a reasonable basis for making these representations, the management of Salt Lake City has established a
comprehensive internal control framework that is designed both to protect the government’s assets from loss,
theft, or misuse and to compile sufficient reliable information for the preparation of the Salt Lake City
Corporation’s financial statements in conformity with GAAP. Because the cost of internal controls should not
outweigh their benefits, Salt Lake City Corporation’s comprehensive framework of internal controls has been
designed to provide reasonable, rather than absolute assurance that the financial statements will be free from
material misstatement. As management, we assert that to the best of our knowledge and belief, this report is
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 goal of the independent audit is to provide
reasonable assurance that the financial statements of Salt Lake City Corporation for the fiscal year ended June 30,
2023 are free of material misstatements. This independent audit involved examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used, and
significant estimates made by management.
Additionally, Eide Bailly, LLP audited the compliance requirements of the City’s federal grant programs for the
year ended June 30, 2023 as part of the federally mandated “Single Audit” designed to meet the special needs of
federal grantor agencies. That report is available under a separate cover.
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
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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
Salt Lake City lies between the Wasatch Mountains and the Great Salt Lake at an altitude of 4,200 feet.
Permanent settlement of the City began on July 24, 1847, when Brigham Young with a party of 148 Mormon
pioneers entered the Salt Lake Valley after a 1,500-mile trek westward. Salt Lake City was incorporated on
January 6, 1851 and soon became a major center for trade and commerce with the wagon trains carrying settlers
and miners westward. Within a few years of the pioneers' arrival, other communities were settled throughout the
Salt Lake Valley. Due to continuous economic and population growth, most of these cities in the valley survived
and prospered and have grown into a single large metropolitan area of over 1,250,000 people according to the
most recent population estimates. Salt Lake City is the commercial center of this metropolis and the most
populous municipality in the state with a population over 202,000.
Salt Lake City is also the center of the scenic intermountain west. Within a day's drive of the City, travelers can
visit 70% of the officially designated national parks and monuments of America. The Wasatch Mountains, east of
the City, are well known for their ski resorts, which are within a 45-minute drive from downtown Salt Lake City.
During the 2022-23 ski season, Utah's resorts set a record for the number of combined visits at more than 7.1
million. The majority of these out-of-state skiers come to these resorts each year. The scenic Wasatch Front
provided an excellent backdrop as the City hosted the 2002 Winter Olympics. The City will again be
demonstrating its unparalleled hospitality, fantastic accommodations and access to its incredible recreational
opportunities when it hosts the 2034 Winter Olympics. Salt Lake City also plays host to visitors who come to the
area to enjoy a number of other outdoor recreational opportunities within a short drive from the City.
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, over 5 million visitors see the famous Salt Lake Temple, Tabernacle, and
visitor centers each year. The church is currently undertaking an extensive reconstruction of Temple Square and
the surrounding areas. Completion is expected in 2025.
The Salt Palace Convention Center (located in downtown Salt Lake City) plays host to many different activities.
This facility has a 45,000 square foot ballroom, over half a million square feet of exhibit space, and a total of
164,000 square feet of meeting space. This convention space provides its users with the most up-to-date
technological capabilities available. It is wired with miles of wire and fiber optic cable for up-to-date computer
and communications, including satellite uplink capability and includes a wireless network. The downtown area
has close to 30 hotels where travelers and convention-goers can stay, with dozens more in close proximity to the
City. A 26 story convention center hotel featuring over 700 rooms, and approximately 62,000 square feet of
meeting space opened in October of 2022.
Salt Lake City rose to the challenge COVID 19 posed beginning in 2020, as well as other setbacks such as a 5.7
magnitude earthquake and some civil unrest, and is now enjoying a continually improving economy, further
growth, numerous cultural opportunities and an exciting night life.
EDUCATIONAL OPPORTUNITIES
Several universities and colleges are located in or near Salt Lake City. One of the strengths of the downtown
economy is its young, highly educated workforce.
The University of Utah is located on the east bench of Salt Lake City. This university was founded in 1850 and is
the oldest mainland university west of the Missouri River. Over 33,000 full and part-time students are enrolled.
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The Utah Museum of Fine Arts and the Utah Museum of Natural History are located on the University of Utah
campus. The University also includes a highly-ranked medical school and teaching hospital.
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. Utah State University
and Weber State University have campuses to the north and Brigham Young University and Utah Valley
University are to the South. With educational opportunities so abundant, the Salt Lake area is plentiful with
young, educated talent ready and able to join the workforce.
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.
The Delta Center Arena, located three blocks directly west of Temple Square, is the home of the Utah Jazz of the
National Basketball Association. There have also been efforts by Salt Lake City based organizations to entice a
Major League Baseball team to make the City its home. Smith's Ballpark, just south of downtown, is the current
home field of the Salt Lake Bees, a minor league baseball team.
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).
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COMMERCE, INDUSTRY, TRANSPORTATION AND FACTORS AFFECTING FINANCIAL
CONDITION
According to CBRE Location Intelligence, in 2020 there were over 2.5 million people – 27% of them in the 18-
to-34 age demographic – live within 50 miles of downtown Salt Lake City, with a 9% projected growth rate over
the next five years. Even during the pandemic it was apparent that housing construction was on the rise.
The number of cranes above the city scape and the number of apartment complexes and new single
family homes being built within the city and outlying areas proves this assessment to be correct.
Salt Lake City is the population hub of Utah which, in the 2020 census, was listed as the fastest-growing state in
the country. Since 2015, the state has gained nearly half a million people and that growth doesn’t seem to be
slowing. The state’s population now stands at appropriately 3.45 million people.
Salt Lake City is a major transportation crossroads in the intermountain west. Three major railroads, nine major
airlines, two bus lines and many truck lines serve the area. The city is located at the convergence of four major
highways and two interstate highway systems. The Salt Lake International Airport is a major intermountain air
transportation hub and a principal hub and reservation center for Delta Air Lines. The Salt Lake International
Airport has recently undergone a major terminal redevelopment program, substantially opened in 2020, with the
final phases slated to be completed by 2024. This redevelopment effort is allowing the Airport to better cater to
business as well as leisure travelers.
The Utah Transit Authority operates an outstanding commuter bus, light rail, and heavy commuter rail system in
Salt Lake City and throughout neighboring counties. The Frontrunner commuter rail system extends for nearly
ninety miles from the Ogden area in the north to the Provo area in the south. Frontrunner provides an efficient
and swift means of transportation all along the Wasatch Front with trains reaching 79 mph along their route.
In recent years, over 1,000 new hotel rooms have been completed, are currently under construction or are planned,
including a new convention center hotel located adjacent to the Salt Palace Convention Center.
The City continues to receive accolades in the form of awards and recognition. The Milken Institute has ranked
the City #4 on the list of Best-Performing Large Cities. As the economic hub of the State of Utah, the City
deserves recognition when the state is ranked in areas such as #1 Best State for GDP Growth (Forbes), #1 Best
State Economy (WalletHub), Best Economy (U.S. New & World Report) and Best Economic Outlook (Rich
States Poor States). Other recent accolades include State Farm and BestPlaces’ rank of #1 on their list of Most
Fiscally Fit Cities. The City was also ranked #1 on the Forbes list of Cities Poised to Become Tomorrow’s Tech
Meccas.
The City provides a full range of municipal services including police, fire, recreational activities including six
municipal golf courses, libraries, water, sewer, storm water, airports, public improvements, highways and streets,
planning and zoning, and general administrative services.
The modern economy of Salt Lake City is rich in service-oriented businesses and continues to be recognized by
economists and employers across the nation as the “Crossroads of the West” with major industries in government,
trade, transportation, utilities, professional, business services and a growing alternative energy component.
With Interstate 15 and Interstate 80 as major corridors for freight traffic, combined with numerous regional
distribution centers, transportation is a significant portion of the employment base for the Salt Lake Valley. The
Salt Lake City International Airport is also an important facet of this transportation corridor. As mentioned above,
the burgeoning travel and transportation needs of the City and surrounding markets has necessitated the
redevelopment of the Airport. The Airport Terminal Redevelopment Program has opened after many years of
construction, with the new terminal being fully operational. The project, well in excess of $2 billion, has
generated nearly 24,000 jobs and over $1 billion in wages since it began.
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Salt Lake City’s growing business prowess is further demonstrated by the increasing number of tech startups and
business incubators. The Google Fiber fiber optic network is well under way and 1 gigabit speeds are now being
offered to residents and businesses in the downtown area of the city.
In addition to being a prime location for industrial development, Salt Lake City has a unique location and
effective transportation infrastructure to help it stand out as a hub for the global distribution industry. A surge in
demand for freight volume has attracted companies such as FedEx, DHS and UPS to open distribution centers that
provide hundreds of jobs for Salt Lake City residents. Salt Lake City also acts as a full-service 'customs port-city'
to the 1,600 trucking companies that utilize Utah's transportation network. Salt Lake City International Airport is
2.5 hours from half the nation's population and offers direct flights to both Europe and Asia.
The COVID-19 pandemic had a significant impact on the economy of the city as well as the state. The city has
now recovered, and much of the City's business, retail and industry have returned to normalcy. Nonfarm
employment is anticipated to reach pre-pandemic levels soon. In recent years it has been demonstrated how
different Utah, and Salt Lake City, is from the rest of the U.S. economy right now. The Economic Coincident
Indicator Index, which takes several measures – unemployment, job growth, compensation, and manufacturing
hours worked, and groups them into one indicator, has shown that while the entire U.S. dropped by 5.2%, and
every single state, except Utah, also showing a decrease, Utah is showed an increase of 5.9%. “We are on an
island, a different place,” says Natalie Gochnour, Associate Dean of the University of Utah Eccles School of
Business.
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 unemployment rate is now estimated to be 2.7% , considerably lower than the national average
unemployment rate. Salt Lake City's unemployment rate is approximately the same as the State of Utah.
While the pandemic had an impact on jobs in the State and the City, in terms of job change over time, the city has
done better than the national average. At Utah’s lowest point following the beginning of the pandemic, it stood at
the same level that the remainder of the U.S. is at today. Over the ensuing months, Utah has seen over 5%
increase in job growth above the low point of the pandemic.
TAXABLE SALES ACTIVITY
Despite the impact of the pandemic on overall economy, sales taxes in the City performed extremely well during
FY 2023 and is budgeted to increase by over $16 million in FY 2024, including the ½ percent funding for
Funding Our Futures.
SUMMARY OUTLOOK
Salt Lake City endured the effects of the COVID-19 pandemic and the attendant national economic downturn.
There remains hope on the horizon amid evidence that there will be continued and significant investment in the
downtown core, continued improvements in job growth, and that the city will remain vibrant with a very
optimistic outlook.
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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
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 2023, total general fund revenue budget increased by 15.36%. The increase is primarily
associated with anticipated sales tax revenue and infusions of funding from the federal government’s American
Rescue Plan Act of 2021 (ARPA).
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, 2023, the City Council passed
several supplementary appropriations.
AWARDS AND ACKNOWLEDGMENTS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to Salt Lake City Corporation for its Annual Comprehensive
Financial Report for the fiscal year ended June 30, 2022. The City has now received this or an equivalent award
for close to 30 years.
In order to be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently
organized Annual Comprehensive Financial Report, the contents of which conform to program standards. Such
reports must satisfy both Generally Accepted Accounting Principles and applicable legal requirements.
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A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to
conform to Certificate of Achievement Program requirements and we are submitting it to the GFOA to determine
its eligibility for another certificate.
The preparation of this report on a timely basis could not have been accomplished without the efficient and
dedicated services of the staff of the Department of Finance. We appreciate Eide Bailly, LLP, Certified Public
Accountants, for the assistance and guidance they have given us. We also thank the members of the City Council
and the Mayor for their interest and support in planning and conducting the financial operations of the City in a
responsible and progressive manner.
Sincerely,
Mary Beth Thompson
Chief Financial Officer
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Financial Section
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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 discretely presented component units, each major fund, and the aggregate remaining fund
information of the Salt Lake City Corporation (the City), as of and for the year ended June 30, 2023, 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
discretely presented component units, each major fund, and the aggregate remaining fund information
of the Salt Lake City Corporation, as of June 30, 2023, 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.
Adoption of New Accounting Standard
As discussed in Note 1 to the financial statements, the City has adopted the provisions of Government
Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology
Arrangements (SBITAs), for the year ended June 30, 2023. As a result of implementing the standard
there was no effect on governmental activities, business-type activities, or proprietary funds beginning
net position. Our opinions are not modified with respect to this matter.
3
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.
4
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 are 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.
5
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 29,
2023, 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, and 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.
Salt Lake City, Utah
December 29, 2023
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, 2023. 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 $3,793,605,361 (net position). Of this
amount, $362,485,730 is unrestricted net position.
Net position increased by $246,649,819. This included an increase in net position of
$138,768,910 in the governmental activities and an increase of $107,880,909 in the business-type
activities.
The City's governmental funds reported a combined ending fund balance of $504,162,212, an
increase of $162,016,885 compared to the prior years' ending amount. Of the combined total fund
balance, $251,111,184 is available for spending at the discretion of the City (unassigned and assigned).
The unassigned fund balance of the General Fund at June 30, 2023, which totaled $178,933,386,
is 43 percent of the General Fund total revenues for the year and 71 percent of governmental assigned
and unassigned fund balance. The General Fund has $2,484,423 of non-spendable fund balance.
The City issued new bonded debt in fiscal year 2023. 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
SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
6
the change occurs, regardless of when the cash transaction takes place. One example is the next debt
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) and the Utah
Performing Arts Center Agency (UPACA). These two entities (both component units) are financially
accountable to the City and are presented separately from the primary government itself. Two other
entities, the Redevelopment Agency of Salt Lake City (RDA) 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.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
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 RDA. 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 Redevelopment 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.
SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
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
2023 2022*2023 2022*2023 2022*
Current and other assets $ 766,273 $ 632,873 $ 735,841 $ 954,126 $ 1,502,113 $ 1,586,998
Capital Assets 877,091 851,184 5,399,425 4,911,284 6,276,516 5,762,468
Non-current assets 33,205 112,811 897,978 1,156,872 931,183 1,269,683
Total assets 1,676,569 1,596,867 7,033,244 7,022,282 8,709,813 8,619,149
Deferred outflow of resources 59,839 42,726 19,670 15,876 79,509 58,602
Current and other liabilities 103,848 89,395 252,835 265,191 356,682 354,587
Long-term liabilities 435,068 355,304 3,836,814 3,874,835 4,271,881 4,230,139
Total liabilities 538,915 444,699 4,089,648 4,140,027 4,628,564 4,584,726
Deferred inflow of resources 127,596 263,766 239,557 282,303 367,153 546,070
Net position:
Invested in capital assets, net 692,661 639,083 2,168,322 2,186,081 2,860,983 2,825,164
Restricted 194,727 101,247 375,410 449,725 570,136 550,973
Unrestricted 182,509 190,799 179,977 (19,978) 362,486 170,821
Total net position $ 1,069,897 $ 931,129 $ 2,723,710 $ 2,615,829 $ 3,793,606 $ 3,546,956
*The assets, deferred outflow of resources, liabilities and deferred inflow of resources have not
been restated to show the effects of GASB 96 for comparative purposes.
Net Position percentage -
Current Fiscal Year
Invested in
capital assets,
net 75%
Restricted 15%
Unrestricted 10%
The largest component of the City’s net
position is its investment in capital assets. 75
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, 15 percent, is assets that are subject to external restrictions on
how they may be expended (debt reserve funds or unexpended debt proceeds).
SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
9
Salt Lake City Corporation's Changes in Net Position (in thousands)
Governmental
Activities
Business-type
Activities Total
2023 2022 2023 2022 2023 2022
Revenues
Program revenues
Charges for Services $ 104,788 $ 101,562 $ 567,371 $ 490,603 $ 672,159 $ 592,165
Operating grants and contributions 64,853 53,077 — — 64,853 53,077
Capital grants and contributions 32,331 29,545 105,643 113,960 137,974 143,505
General revenues
Property taxes 146,170 136,635 — — 146,170 136,635
Other taxes 201,166 186,857 — — 201,166 186,857
Investment Earnings 18,237 (5,693) 51,668 13,947 69,905 8,254
Total revenues 567,545 501,982 724,682 618,510 1,292,227 1,120,493
Expenses
General Government 41,232 17,266 — — 41,232 17,266
Council 4,333 3,785 — — 4,333 3,785
Mayor 5,569 3,953 — — 5,569 3,953
City Attorney 9,747 8,210 — — 9,747 8,210
Finance 11,052 9,452 — — 11,052 9,452
Fire 41,287 38,335 — — 41,287 38,335
Combined Emergency Services 8,600 7,424 — — 8,600 7,424
Human Resources 3,850 3,234 — — 3,850 3,234
Justice Courts 4,050 3,786 — — 4,050 3,786
Police 94,882 75,368 — — 94,882 75,368
Economic Development 8,170 4,853 — — 8,170 4,853
Community and Neighborhoods 64,180 62,242 — — 64,180 62,242
Public Services 78,920 66,913 — — 78,920 66,913
Infrastructure depreciation 13,143 11,484 — — 13,143 11,484
Interest on long-term debt 10,752 15,359 — — 10,752 15,359
Department of Airports — — 437,993 404,480 437,993 404,480
Water — — 82,228 71,131 82,228 71,131
Sewer — — 48,158 33,455 48,158 33,455
Storm Water Utility — — 11,020 9,543 11,020 9,543
Street lighting Utility — — 5,055 4,359 5,055 4,359
Refuse Collection — — 15,871 14,882 15,871 14,882
Golf — — 10,165 8,682 10,165 8,682
Housing and Loan — — 807 3,535 807 3,535
Redevelopment Agency 32,469 — 34,513 37,755 66,982 37,755
Total expenses 399,767 331,663 645,810 587,823 1,078,044 919,484
Change in net position before transfers 167,778 170,320 78,872 30,688 246,651 201,008
Transfers (29,009) (18,734) 29,009 18,734 — —
Change in net position 138,769 151,586 107,881 49,422 246,651 201,008
Net position, beginning 931,128 779,542 2,615,828 2,566,405 3,546,956 3,345,947
Net position, ending $ 1,069,897 $ 931,128 $ 2,723,709 $ 2,615,828 $ 3,793,605 $ 3,546,956
SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
10
Governmental Activities net position increased by $138,768,910 for the year ended June 30,
2023, which is 56 percent of the total increase in net position for the City as a whole. Property and sales
tax revenue increased due to a strong economic recovery coming out of the pandemic. Several
Congressional Legislative responses (like the CARES Act) gave substantial support to the local
economy. Expenses increased by $68,104,297. 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
0
10
20
30
40
50
60
70
80
90
100
110
120
130
Governmental
Revenues by Source
Charges for Services 18.5%
Operating grants and contributions 11.4%
Capital grants and contributions 5.7%
Property taxes 25.8%
Other taxes 35.4%
Other 3.2%
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MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
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Business-type activities net position increased $107,880,909 or 44 percent of the total increase to
net position. A healthy economy benefited all entities increasing revenue and expenditures. Airport,
Water and Sewer Utilities continue to invest heavily in capital assets. During FY 2021, the Airport
completed and opened Phase I of the TRP and NCP. 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
Business Type
Revenues by Source
Charges for
Services: 84.3%
Capital grants
and
contributions:
15.7%
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MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
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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, 2023.
For the period ended June 30, 2023, the City’s governmental funds reported a combined fund
balance amount of $504,162,212, an increase of $162,016,885 compared to the prior fiscal year. Of the
total balance at year-end, $178,933,386 is Unassigned and $72,177,798 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 $6,190,152. The majority of the
restricted funds of $244,228,366 are for capital projects. The Non-spendable funds of $2,632,510 are
receivables and prepaid items.
The General Fund is the main operating fund for the City. At June 30, 2023, the General Fund’s
unassigned fund balance was $178,933,386 while total fund balance equaled $202,575,741. 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 42 percent of total
expenditures and transfers while total fund balance equaled 47 percent.
The fund balance for the City’s General Fund increased by $42,452,059. Higher property values
resulted in higher property taxes collect and an increase in economic activity resulted in higher sales tax
in 2023. There was also a rebound in licensing and permits as economic activity begins to normalize.
There were revenue decreases in innkeepers tax and airport parking tax that were impacted by travel
restrictions due to the COVID-19 pandemic. Charges for services revenue decreased in the areas of field
reservations and program fees, also due to the COVID-19 pandemic restrictions.
The Capital Projects Fund has a total fund balance of $257,580,265 at June 30, 2023, 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 revenue means is due to the
funding of new projects through new grants, impact fees and bonding. The net increase in fund balance
for the year amounted to $112,579,385.
The Other Improvements Fund has a total fund balance of $13,449,360 at June 30, 2023, 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 $3,632,691 for the year. Additional information about debt
can be found in Note 6. The City issued GO 2022 series bonds.
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 $(135,851,493) for the Department of Airports, $32,460,731 for the Water Fund,
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MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
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$39,141,782 for the Sewer Fund, $17,462,501 for Stormwater Fund and $176,458,287 for the
Redevelopment Agency Fund. Discussions about the finances of these five funds are addressed in the
City’s business-type activities.
GENERAL FUND BUDGETARY HIGHLIGHTS
Differences between the original and final amended budgets amounted to a total increase in
appropriations of $53,277,847. By department, the changes are:
•$477,308 increase for City Council
•$92,360 increase for Mayor
•$141,763 increase for City Attorney
•$801,330 increase for Finance
•$654,201 increase for Fire
•$46,699 increase for Human Resources
•$130,367 increase for Combined Emergency Services
•$5,421,985 increase for Police
•$11,009,498 increase for Community & Neighborhoods
•$346,343 increase in Economic Development
•$46,369 increase in Justice Court
•$6,930,085 increase for Public Services
•$27,179,539 increase for Nondepartmental (including transfers out)
Increases to all budgets included $7,870,332 for prior year encumbrances. The majority of the
increase comes from an increase in salaries, pension and insurance of $18.1 million. The budget also
includes the addition of 49 FTEs at an anticipated cost of approximately $4.6 million. Affordable
housing was a focus of the administration which resulted in $4.6 million of new funding.
CAPITAL ASSET AND DEBT ADMINISTRATION
The City’s investment in capital assets for its governmental and business type activities had a
combined totaled of $6,276,516,330, including $8,319,367 of lease assets and $15,676,300 of
subscription assets (net of accumulated amortization) at June 30, 2023. 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
waste water distribution and collection systems, airport runways and taxiways and bridges. The City’s
investment in capital assets equals 75 percent of total net position. In comparing investment in capital
assets to net position, the percentages for Governmental activities and Business-type activities were 65
percent and 80 percent, respectively.
SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
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Major capital asset activities that occurred during the past fiscal year for Governmental Activities
include the following:
The City added $29,880,258 for city roads and curbs and $662,685 in signals. Other new
capitalization included various parks, other improvements and equipment totaling $13,387,734. The
Airport added approximately $462,982,2222 in work in process costs for the new terminals construction
and the Utilities added $182,906,560 in water, storm and sewer infrastructure.
Salt Lake City Corporation's Capital Assets
Governmental Activities Business-Type Activities Total Government
2023 2022 2023 2022 2023 2022
Land and water rights $ 215,563,778 $ 214,433,778 $ 210,788,512 $ 208,327,029 $ 426,352,290 $ 422,760,807
Infrastructure 400,289,075 373,331,990 — — 400,289,075 373,331,990
Buildings 424,290,668 422,599,690 2,441,237,231 2,283,878,300 2,865,527,899 2,706,477,990
Right to use assets - buildings 8,319,367 8,319,367 — — 8,319,367 8,319,367
Improvements other than buildings 127,356,927 120,938,298 2,435,054,805 2,303,327,065 2,562,411,732 2,424,265,363
Machinery and equipment 135,204,730 153,020,479 458,945,782 447,584,452 594,150,512 600,604,931
Subscription asset — — 5,270,522 — 5,270,522 —
Construction in progress 23,387,560 16,809,894 1,419,822,172 1,085,776,676 1,443,209,732 1,102,586,570
Accumulated depreciation and
amortization (466,934,188) (458,269,677) (1,571,693,530) (1,417,540,355) (2,038,627,718) (1,875,810,032)
Net book value $ 867,477,917 $ 851,183,819 $ 5,399,425,494 $ 4,911,353,167 $ 6,266,903,411 $ 5,762,536,986
At June 30, 2023, the City’s bonded debt amounted to $3,645,825,000. The portion that is
backed by the full faith and credit of the City amounted to $123,320,000. 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 FY2023, which calculates to $4,901,086,832, 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.
Salt Lake City Corporation's Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business-Type Activities Total
2023 2022 2023 2022 2023 2022
General obligation bonds $ 123,320,000 $ 114,105,000 $ — $ — $ 123,320,000 $ 114,105,000
Revenue bonds 180,630,000 122,945,000 3,341,875,000 3,377,325,000 3,522,505,000 3,500,270,000
Total $ 303,950,000 $ 237,050,000 $ 3,341,875,000 $ 3,377,325,000 $ 3,645,825,000 $ 3,614,375,000
SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
15
Economic factors and next year’s budgets and rates
During the just completed fiscal year, fund balance in the General Fund increased by
$42,452,059. This was mostly due to an increase in the City's property tax and sales tax revenue. As a
result of COVID-19, revenues for fiscal year 2023 were estimated conservatively with projected
decreases. Expenditures were adjusted accordingly. Sales tax has exceeded projections but smaller
revenues such as event fees and parking have decreased, as expected. The City has received
approximately $86 million in American Rescue Plan Act (ARPA) funding from the Department of
Treasury. Approximately 80% of the total ARPA funds have been budgeted and spent as of June 30,
2023. The remainder is projected to be budgeted and spent in fiscal year 2024. The City has received
over $17 million for Emergency Rental Assistance (ERA) grants from the Department of Treasury over
the past three years. Approximately 75% of the total ERA funds have been budgeted and spent as of
June 30, 2023. The remainder is projected to be budgeted and spent in fiscal year 2024.
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.
SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
16
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SALT LAKE CITY CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2023
17
Basic Financial Statements
18
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
June 30, 2023
Primary Government
Governmental
Activities
Business-type
Activities Total
Component
Unit Library
Component Unit
Utah Performing
Arts Center
Agency
ASSETS
Current assets:
Cash, cash equivalents, and investments (Note 2)
Unrestricted $ 451,421,134 $ 448,444,181 $ 899,865,315 $ 1,011,097 $ 13,142,789
Restricted (Note 2 & 4) 126,174,378 80,242,586 206,416,964 — —
Investments (Note 2) — 64,191,997 64,191,997 21,160,376 —
Receivables:
Property, franchise and excise taxes 165,627,534 — 165,627,534 22,916,110 —
Assessments, including $1,997,733 of delinquent
assessments 4,008,802 — 4,008,802 — —
Loans and other receivables, current portion 326,298 8,401,840 8,728,138 33,231 —
Lease receivable, current portion — 42,026,536 42,026,536 — —
Accounts, less allowance for doubtful accounts of
$4,312,772 — 82,825,747 82,825,747 — 887,799
Due from other governments 4,207,308 — 4,207,308 — —
Other, principally accrued interest receivable — 6,269,910 6,269,910 — —
Prepaids 3,046,924 824,916 3,871,840 311,663 55,058
Inventories 1,102,691 12,970,508 14,073,199 — —
Internal balances 10,357,524 (10,357,524) — — —
Total current assets 766,272,593 735,840,697 1,502,113,290 45,432,477 14,085,646
Noncurrent assets:
Restricted cash and cash equivalents (Note 2) — 382,253,782 382,253,782 — —
Lease Receivables, net of current portion — 191,002,418 191,002,418 — —
Restricted investments — 147,609,556 147,609,556 — —
Investments — — — — —
Capital assets (Note 5)
Capital assets not being depreciated or amortized 238,951,338 1,630,610,685 1,869,562,023 737,781 —
Infrastructure 400,289,075 803,662,575 1,203,951,650 — —
Buildings 424,290,668 2,441,237,231 2,865,527,899 14,475,219 130,608,164
Improvements other than buildings 127,356,927 1,631,392,230 1,758,749,157 1,892,624 649,856
Machinery and equipment 135,204,730 458,945,782 594,150,512 15,828,703 662,070
Lease assets (Note 7) 8,319,367 — 8,319,367 — —
Subscription assets (Note 8) 10,405,778 5,270,522 15,676,300 531,143 —
Accumulated depreciation and amortization (467,727,046) (1,571,693,530) (2,039,420,576) (18,828,909) (16,521,970)
Capital assets, net of accumulated depreciation and
amortization 638,139,498 3,768,814,809 4,406,954,307 13,898,780 115,398,120
Total capital assets 877,090,836 5,399,425,494 6,276,516,330 14,636,561 115,398,120
Loans and other long-term receivables — 109,682,522 109,682,522 — —
Net pension asset 32,243,802 — 32,243,802 — —
Land and buildings held for resale — 39,483,917 39,483,917 — —
Investment in joint venture (Note 17) 961,427 23,235,204 24,196,631 — —
Other — 4,710,665 4,710,665 — —
Total noncurrent assets 910,296,066 6,297,403,559 7,207,699,624 14,636,561 115,398,120
TOTAL ASSETS 1,676,568,659 7,033,244,256 8,709,812,915 60,069,038 129,483,766
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow on the refunding of debt 5,981,276 4,282,636 10,263,912 — —
Deferred outflows 53,857,735 15,387,232 69,244,968 2,108,497 —
Total deferred outflows 59,839,011 19,669,868 79,508,880 2,108,497 —
Total assets and deferred outflows of resources $ 1,736,407,671 $ 7,052,914,125 $ 8,789,321,795 $ 62,177,535 $ 129,483,766
The accompanying notes are an integral part of this statement
19
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
June 30, 2023
Primary Government
Governmental
Activities
Business-type
Activities Total
Component
Unit Library
Component Unit
Utah Performing
Arts Center
Agency
LIABILITIES
Current liabilities:
Accounts payable $ 18,936,216 $ 88,479,899 $ 107,416,115 $ 691,815 $ 861,187
Accrued liabilities 29,006,651 36,806,219 65,812,870 — 7,022,946
Current portion of long-term compensated absences (Note 6) 23,886,825 2,329,282 26,216,107 — —
Current portion of lease liability 801,855 88,020 889,875 — —
Current portion of subscription liability 1,400,076 756,451 2,156,527 122,002 —
Current portion of long-term debt (Note 6),
payable from restricted assets 22,682,513 42,300,698 64,983,211 — —
Accrued interest, payable from unrestricted assets — 78,414,506 78,414,506 — —
Other liabilities, payable from restricted assets 2,102,069 — 2,102,069 — —
Current deposits and advance rentals 5,031,499 3,659,427 8,690,926 3,041 —
Total current liabilities 103,847,704 252,834,502 356,682,206 816,858 7,884,133
Noncurrent liabilities:
Deposits, advance rentals and long term accruals — 1,108,239 1,108,239 — 1,103,578
Long-term compensated absences liability (Note 6) 1,797,933 9,480,817 11,278,750 903,039 —
Pollution remediation liability — 120,734 120,734 — —
Other liabilities payable from restricted assets — 6,685,979 6,685,979 — —
Other post employment benefits (Note 16) — — — 179,650 —
Estimated claims payable (Note 13) 3,507,055 — 3,507,055 — —
Revenues collected in advance 23,499,843 37,017,035 60,516,878 — —
Bonds payable (Note 6) 305,101,522 3,771,918,238 4,077,019,760 — —
Net pension liability (Note 14) 75,481,918 8,298,582 83,780,501 1,103,423 —
Notes payable (Note 6) 11,977,970 — 11,977,970 — —
Lease liability 6,026,314 374,696 6,401,010 — —
Subscription liability 7,675,214 1,809,252 9,484,466 291,232 —
Total noncurrent liabilities 435,067,769 3,836,813,572 4,271,881,341 2,477,344 1,103,578
TOTAL LIABILITIES 538,915,473 4,089,648,075 4,628,563,548 3,294,202 8,987,711
DEFFERRED INFLOWS OF RESOURCES
Deferred property tax revenues 126,760,348 — 126,760,348 25,942,421 —
Deferred inflows - revenue collected in advance 650 7,285,565 7,286,215 — —
Deferred inflows - leases — 232,071,663 232,071,663 — —
Deferred inflows - pension 834,602 200,056 1,034,658 18,830 —
Total deferred inflows of resources 127,595,600 239,557,284 367,152,884 25,961,251 —
NET POSITION
Net investment in capital assets 692,661,082 2,168,322,382 2,860,983,464 14,493,466 115,398,120
Restricted for:
Debt service — 269,434,637 269,434,637 — —
Capital projects 194,726,575 105,974,955 300,701,530 243,654 —
Unrestricted 182,508,938 179,976,792 362,485,730 18,184,962 5,097,935
Total net position 1,069,896,595 2,723,708,766 3,793,605,361 32,922,082 120,496,055
Total liabilities and net position $ 1,736,407,671 $ 7,052,914,125 $ 8,789,321,795 $ 62,177,535 $ 129,483,766
The accompanying notes are an integral part of this statement
20
SALT LAKE CITY CORPORATION
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2023
Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Primary government:
Governmental activities:
General Government $ 41,232,121 $ 30,359,856 $ 1,568,911 $ —
City Council 4,333,214 428,932 — —
Mayor 5,569,300 1,323,130 — —
City Attorney 9,746,586 1,336,194 — —
Finance 11,052,448 26,049,210 911,518 899,830
Justice Court 4,050,111 2,266,470 22,642 —
Human Resources 3,849,842 633,393 — —
Fire 41,287,297 8,442,074 119,216 692,794
Combined Emergency Services 8,599,922 711,933 — —
Police 94,881,959 13,779,238 3,384,314 245,079
Community and Neighborhoods 64,180,005 1,145,966 56,850,390 4,668,440
Economic Development 8,169,686 2,783,954 928,029 —
Public Services 78,919,958 15,527,242 1,068,085 25,824,858
Unallocated infrastructure depreciation 13,142,719 — — —
Interest on long-term debt 10,751,740 — — —
Total governmental activities 399,766,910 104,787,592 64,853,105 32,331,001
Business-type activities:
Airport Authority 437,993,005 348,634,039 — 62,471,709
Water 82,227,807 92,355,469 — 4,313,970
Sewer 48,157,510 76,496,316 — 3,805,174
Storm Water Utility 11,020,371 14,064,503 — 2,835,809
Street Lighting 5,055,107 4,289,021 — (36,000)
Refuse Collection 15,871,192 16,331,299 — —
Golf 10,165,374 11,200,931 — —
Housing and Loan 806,835 411,008 — —
Redevelopment Agency 34,512,892 3,588,821 — 32,252,004
Total business-type activities 645,810,093 567,371,407 — 105,642,666
Total primary government $ 1,045,577,002 $ 672,158,999 $ 64,853,105 $ 137,973,668
Component unit Library $ 26,302,264 $ 2,154,745 $ 9,294 $ —
Component unit UPACA $ 10,616,465 $ 8,597,041 $ — $ 50,000
General revenues
Taxes:
Property
Franchise taxes
Sales tax
Investment earnings
Transfers
Subscriptions
Total general revenues and transfers
Change in net position
Net Position July 1, 2022 (UPACA Jan 1, 2022)
Net Position June 30, 2023 (UPACA Dec 31, 2022)
The accompanying notes are an integral part of this statement
21
Net (Expense) Revenue and Changes in Net Position
Primary Government
Component Unit
Library
Component Unit
UPACA
Governmental
Activities
Business-type
Activities Total
$ (9,303,355) $ — $ (9,303,355) $ — $ —
(3,904,282) — (3,904,282) — —
(4,246,170) — (4,246,170) — —
(8,410,392) — (8,410,392) — —
16,808,110 — 16,808,110 — —
(1,760,999) — (1,760,999) — —
(3,216,449) — (3,216,449) — —
(32,033,212) — (32,033,212) — —
(7,887,989) — (7,887,989) — —
(77,473,328) — (77,473,328) — —
(1,515,209) — (1,515,209) — —
(4,457,703) — (4,457,703) — —
(36,499,773) — (36,499,773) — —
(13,142,719) — (13,142,719) — —
(10,751,740) — (10,751,740) — —
(197,795,212) — (197,795,212) — —
— (26,887,257) (26,887,257) — —
— 14,441,632 14,441,632 — —
— 32,143,980 32,143,980 — —
— 5,879,941 5,879,941 — —
— (802,086) (802,086) — —
— 460,107 460,107 — —
— 1,035,557 1,035,557 — —
— (395,827) (395,827) — —
— 1,327,933 1,327,933 — —
— 27,203,980 27,203,980 — —
$ (197,795,212) $ 27,203,980 $ (170,591,232) $ — $ —
$ (24,138,225)
$ (1,969,424)
$ 146,170,152 $ — $ 146,170,152 $ 27,267,202 $ —
12,756,615 — 12,756,615 — —
188,409,346 — 188,409,346 — —
18,237,321 51,667,617 69,904,938 — (41,660)
(29,009,312) 29,009,312 — — —
— — — (531,143)
336,564,122 80,676,929 417,241,051 26,736,059 (41,660)
138,768,910 107,880,909 246,649,819 2,597,834 (2,011,084)
931,127,689 2,615,827,880 3,546,955,569 30,324,248 122,507,139
$ 1,069,896,596 $ 2,723,708,766 $ 3,793,605,362 $ 32,922,082 $ 120,496,055
The accompanying notes are an integral part of this statement
22
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.
23
SALT LAKE CITY CORPORATION
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2023
General
Capital
Projects
Other
Improvements
Nonmajor
Governmental
Funds
Total
Governmental
Funds
ASSETS
Cash, cash equivalents and investments (Note 2)
Unrestricted $ 192,780,479 $ 146,600,222 $ 6,667,172 $ 51,109,483 $ 397,157,356
Restricted 1,109,044 117,277,735 6,657,832 — 125,044,611
Receivables:
Property, franchise and excise taxes 158,718,584 — — 2,364,903 161,083,487
Accounts receivable 1,902,676 — — 2,015,279 3,917,955
Due from other funds for cash overdraft — — — 475,946 475,946
Taxes receivable 4,544,047 — — — 4,544,047
Current portion of loans receivable 48,097 — — 278,201 326,298
Due from other governments — 228,000 — 3,979,308 4,207,308
Other, principally accrued interest — — — 90,847 90,847
Prepaids 2,484,423 — 124,356 23,731 2,632,510
Total assets $ 361,587,350 $ 264,105,957 $ 13,449,360 $ 60,337,698 $ 699,480,365
LIABILITIES
Accounts payable $ 6,819,317 $ 6,525,692 $ — $ 1,712,348 $ 15,057,357
Accrued liabilities 18,438,543 — — 351,638 18,790,181
Current deposits and advance rentals 3,393,141 — — 1,638,358 5,031,499
Current portion of long-term compensated absences 3,600,260 — — — 3,600,260
Revenues collected in advance — — — 23,499,843 23,499,843
Other liabilities payable from restricted assets — — — 2,102,069 2,102,069
Total liabilities 32,251,261 6,525,692 — 29,780,202 68,557,155
DEFERRED INFLOWS OF RESOURCES
Receivables not meeting the available criterion 126,760,348 — — — 126,760,348
Unavailable grant revenue — — — 650 650
Total deferred inflows 126,760,348 — — 650 126,760,998
FUND BALANCES
Non-spendable 2,484,423 — 124,356 23,731 2,632,510
Restricted 21,157,932 194,726,575 13,325,004 15,018,855 244,228,366
Committed — — — 6,190,152 6,190,152
Assigned — 62,853,690 — 9,324,108 72,177,798
Unassigned 178,933,386 — — — 178,933,386
Total fund balances 202,575,741 257,580,265 13,449,360 30,556,846 504,162,212
Total liabilities, deferred inflow of resources and fund
balances $ 361,587,350 $ 264,105,957 $ 13,449,360 $ 60,337,698 $ 699,480,365
The accompanying notes are an integral part of this statement
24
SALT LAKE CITY CORPORATION
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENTS OF NET POSITION
June 30, 2023
Total fund balances for governmental funds $ 504,162,212
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 $ 215,563,778
Infrastructure 400,289,075
Buildings 424,290,668
Improvements other than buildings 127,356,927
Equipment 135,204,730
Construction in progress 23,387,560
Lease assets 8,319,367
Subscription assets 10,405,778
Less accumulated depreciation and amortization (467,727,046)
Total capital assets 877,090,836
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
Investment in joint venture 961,427
Pension asset 32,243,802
Deferred loss on defeasance 5,981,276
Deferred pension outflow 53,857,735
93,044,240
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. 56,910,650
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. 10,357,524
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 (3,878,859)
Accrued liabilities (10,216,470)
Obligation for compensated absence liabilities due after one year (1,797,933)
Current portion of long-term debt (22,682,513)
Current portion of obligation for compensated absence liabilities (20,286,565)
Deferred pension inflow (834,602)
Bonds payable (305,101,522)
Note payable and due to other funds (11,977,970)
Net pension liability (75,481,918)
Lease liability (6,828,169)
Estimated claims liability (3,507,055)
Subscription liability (9,075,290)
Total liabilities (471,668,867)
Total net position of governmental activities $ 1,069,896,595
The accompanying notes are an integral part of this statement
25
SALT LAKE CITY CORPORATION
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For the Fiscal Year Ended June 30, 2023
General
Capital
Projects
Other
Improvements
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Revenues:
General property taxes $ 128,801,500 $ — $ 17,368,652 $ — $ 146,170,152
Sales, use and excise taxes 172,197,418 1,617,217 1,100,000 13,494,711 188,409,346
Franchise taxes 12,756,615 — — — 12,756,615
Licenses 17,599,344 — — — 17,599,344
Permits 26,347,166 13,043,797 — — 39,390,963
Fines and forfeitures 2,339,387 — — 36,174 2,375,561
Assessments — — — 1,581,962 1,581,962
Interest and investment income (loss) 12,352,550 5,262,888 159,607 463,524 18,238,569
Intergovernmental 5,936,560 7,415,253 5,447,065 65,048,776 83,847,654
Interfund service charges 25,857,520 — — — 25,857,520
Parking meter 2,616,329 — — — 2,616,329
Parking ticket 1,180,128 — — — 1,180,128
Rental and other income 697,203 181,591 318,606 431,910 1,629,310
Charges for services 5,114,484 600,000 — 2,804,287 8,518,771
Contributions — — — 765,787 765,787
Miscellaneous 4,655,041 9,936,863 — 1,953,665 16,545,569
Total revenues 418,451,245 38,057,609 24,393,930 86,580,796 567,483,580
Expenditures:
Current:
City Council 4,725,621 — — — 4,725,621
Mayor 5,120,100 — — — 5,120,100
City Attorney 8,683,519 — — — 8,683,519
Finance 10,039,270 — — — 10,039,270
Fire 47,959,663 — — 66,140 48,025,803
Combined Emergency Services 10,109,426 — — — 10,109,426
Police 103,022,906 — — 445,197 103,468,103
Community and Neighborhoods 30,936,834 — — 24,792,625 55,729,459
Economic Development 3,220,279 — — 2,623,323 5,843,602
Justice Court 4,928,656 — — — 4,928,656
Human Resources 3,722,452 — — — 3,722,452
Public Services 61,802,283 — — 2,365,514 64,167,797
Nondepartmental 52,459,130 — — 83 52,459,213
Capital improvements — 47,211,498 — — 47,211,498
Debt service:
Principal — — 19,273,120 — 19,273,120
Interest and other fiscal charges — — 10,070,858 — 10,070,858
Total expenditures 346,730,139 47,211,498 29,343,978 30,292,882 453,578,497
Revenues over (under) expenditures 71,721,106 (9,153,889) (4,950,048) 56,287,914 113,905,083
Other financing sources (uses):
New bonds issued — 85,463,891 576,109 — 86,040,000
Premium on new bonds — 4,492,804 — — 4,492,804
Premium on refunding — — — — 4,493
Proceeds from sale of property 25,554 23,115 — 14,132 62,801
Transfers in 51,822,655 39,637,805 9,006,630 300,000 100,767,090
Transfers out (81,117,256) (7,884,341) (1,000,000) (53,249,296) (143,250,893)
Total other financing sources (uses) (29,269,047) 121,733,274 8,582,739 (52,935,164) 48,116,295
Net change in fund balances 42,452,059 112,579,385 3,632,691 3,352,750 162,016,885
Fund Balance July 1, 2022 160,123,682 145,000,880 9,816,669 27,204,096 342,145,327
Fund Balance June 30, 2023 $ 202,575,741 $ 257,580,265 $ 13,449,360 $ 30,556,846 $ 504,162,212
The accompanying notes are an integral part of this statement
26
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, 2023
Net change in fund balances - total governmental funds $ 162,016,885
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 $47,211,498 plus Work in Process reclassifications $1,346,862 included as
additions exceeded depreciation expense and unallocated depreciation $37,239,394. (See Note 5.)
11,318,966
Repayment of principal as an expenditure in the governmental funds but reduces the liability in the statement
of net position. (See Note 6.) 19,273,121
In governmental funds the proceeds from the bonds and notes are considered a source of financing, but in the
statement of net position, the obligation is reported as a liability. (see Note 6.) (92,532,804)
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:
Pension benefit $ 35,948,016
Pension expense (13,820,990)
Other financing 13,474,491
Interest (20,440)
Decrease in investment in joint venture (4,912)
Lease offset 969,236
Subscription offset 1,725,409
Compensated absences and other post employment benefits (1,388,914)
Other 4,267,786
41,149,682
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
$(2,222,434) in addition to business-type activities of $(234,508). (2,456,941)
Change in net position of governmental activities.$ 138,768,909
The accompanying notes are an integral part of this statement
27
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.
Redevelopment 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.
28
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
June 30, 2023
Business-type Activities - Enterprise Funds
Department of
Airports Water Utility Sewer Utility
Stormwater
Utility
ASSETS
Current assets:
Cash, cash equivalents, and investments:
Unrestricted $ 236,821,981 $ 12,082,269 $ 58,379,179 $ 17,017,902
Restricted 32,945,799 — — —
Investments 49,405,699 14,786,298 — —
Receivables:
Accounts, less allowance for doubtful accounts of $0,
$147,292, $43,142, $6,956, $2,500,000, $0,
$3,640,560 respectively, totaling $6,337,950. 61,837,772 11,974,142 6,142,217 1,306,300
Current portion of loans receivable 5,451,962 — — —
Current portion of leases receivable 41,633,098 — — —
Other 3,949,188 717,067 284,499 9,248
Prepaids — 322,084 125,918 47,636
Inventory of supplies 5,542,402 6,393,827 751,091 —
Total current assets 437,587,901 46,275,687 65,682,904 18,381,086
Noncurrent assets:
Restricted cash, cash equivalents 101,196,407 90,033,223 181,173,055 9,851,097
Leases Receivable, net of current portion 162,619,611 3,492,952 — —
Restricted Investments 147,609,556 — — —
Property and equipment, at cost:
Land and water rights 113,215,661 57,904,235 8,476,372 4,035,611
Infrastructure — 427,894,141 223,842,010 151,926,424
Buildings 2,177,508,453 82,008,059 166,461,215 10,173,461
Improvements other than buildings 1,518,854,569 3,352,475 16,775,983 6,336,114
Machinery and equipment 363,918,231 31,366,081 33,469,317 4,975,453
Subscription asset 3,697,469 1,573,053 — —
Construction in progress 988,016,852 95,153,355 309,519,343 13,551,830
Accumulated depreciation (1,101,119,961) (183,977,166) (134,936,112) (70,022,532)
Net property and equipment 4,064,091,274 515,274,233 623,608,128 120,976,361
Loans and other long-term receivables, net of current
portion 15,919,865 — — —
Land and buildings held for resale — — — —
Investment in joint venture — — — —
Other 1,507,803 3,202,862 — —
Total noncurrent assets 4,492,944,516 612,003,270 804,781,183 130,827,458
TOTAL ASSETS 4,930,532,417 658,278,957 870,464,087 149,208,544
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows - refunding of debt — 15,720 — —
Deferred outflows - pension 7,926,472 3,902,445 1,535,782 538,400
Total assets and deferred outflows of resources $ 4,938,458,889 $ 662,197,122 $ 871,999,869 $ 149,746,944
The accompanying notes are an integral part of this statement
29
Business-type Activities - Enterprise Funds Governmental
Activities - Internal
Service Funds
Redevelopment
Agency
Nonmajor Proprietary
Funds Total
$ 68,456,820 $ 55,686,030 $ 448,444,181 $ 54,263,778
45,357,777 1,939,010 80,242,586 1,129,767
— — 64,191,997 —
— 1,565,316 82,825,747 —
724,895 2,224,983 8,401,840 —
393,438 — 42,026,536
1,309,908 — 6,269,910 —
88,665 240,613 824,916 414,414
— 283,188 12,970,508 1,102,691
116,331,503 61,939,140 746,198,221 56,910,650
— — 382,253,782 —
24,889,855 — 191,002,418 —
— — 147,609,556 —
21,324,975 5,831,658 210,788,512 1,069,180
— — 803,662,575 —
576,742 4,509,301 2,441,237,231 28,670,307
55,022,531 31,050,558 1,631,392,230 —
391,601 24,825,099 458,945,782 89,741,732
— — 5,270,522 —
13,348,636 232,156 1,419,822,172 6,991,643
(48,901,305) (32,736,454) (1,571,693,530) (73,972,845)
41,763,180 33,712,318 5,399,425,494 52,500,017
67,195,558 26,567,100 109,682,522 —
36,796,546 2,687,371 39,483,917 —
50,427,599 23,235,204 73,662,803 —
— — 4,710,665 —
221,072,739 86,201,993 6,347,831,158 52,500,017
337,404,241 148,141,133 7,094,029,379 109,410,667
4,266,916 — 4,282,636 —
346,956 1,137,177 15,387,232 2,454,257
$ 342,018,114 $ 149,278,310 $ 7,113,699,248 $ 111,864,924
The accompanying notes are an integral part of this statement
30
SALT LAKE CITY CORPORATION
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
June 30, 2023
Business-type Activities - Enterprise Funds
Department
of
Airports
Water
Utility
Sewer
Utility
Stormwater
Utility
LIABILITIES
Current Liabilities:
Accounts payable $ 51,748,692 $ 7,287,164 $ 24,808,280 $ 599,826
Accrued liabilities 35,709,756 614,994 192,621 65,973
Current portion of lease liability 88,020 — — —
Current portion of subscription liabilities 608,732 147,719 — —
Current portion of long-term compensated
absences 1,303,666 471,346 200,559 75,089
Current portion of long-term debt 25,815,000 1,050,000 5,866,090 955,550
Accrued interest 67,382,017 2,460,459 7,951,000 250,034
Current deposits and advance rentals 414,606 1,373,653 1,116,132 95,620
Total current liabilities 183,070,489 13,405,335 40,134,682 2,042,092
Noncurrent liabilities:
Deposits, advance rentals and long-term accruals — — 74,075 —
Long-term compensated absences liability 5,079,259 2,130,537 936,736 315,468
Pollution remediation liability 120,734 — — —
Other liabilities payable from restricted assets — 4,884,217 1,002,692 799,070
Lease liabilities 374,696 — — —
Subscription liabilities 843,589 965,663 — —
Estimated claims liability — — — —
Revenues collected in advance 30,059,897 6,957,138 — —
Net pension liability 4,248,087 2,206,539 801,574 298,117
Bonds, mortgages, and notes payable, net of
discounts and current portion 3,089,772,499 143,913,814 464,824,996 16,253,509
Total noncurrent liabilities 3,130,498,761 161,057,908 467,640,073 17,666,164
TOTAL LIABILITIES 3,313,569,250 174,463,243 507,774,755 19,708,256
DEFERRED INFLOWS OF RESOURCES
Deferred inflows - pension 106,493 45,179 21,002 6,892
Deferred inflows - leases 204,252,709 3,492,952 — —
Deferred inflows - revenue collected in advance 7,285,565 — — —
Total deferred inflows of resources 211,644,767 3,538,131 21,002 6,892
NET POSITION
Net investment in capital assets 1,233,778,317 441,822,942 325,062,330 107,747,602
Restricted for debt service and undisbursed loans
held in escrow 269,434,637 — — —
Restricted for capital acquisition 45,883,411 9,912,075 — 4,821,693
Unrestricted (135,851,493) 32,460,731 39,141,782 17,462,501
TOTAL NET POSITION 1,413,244,872 484,195,748 364,204,112 130,031,796
Total liabilities, deferred inflows of resources and
net position $ 4,938,458,889 $ 662,197,122 $ 871,999,869 $ 149,746,944
The accompanying notes are an integral part of this statement
31
Business-type Activities - Enterprise Funds Governmental
Activities -
Internal
Service Funds
Redevelopment
Agency
Nonmajor
Proprietary
Funds Total
$ 2,745,152 $ 1,290,785 $ 88,479,899 $ 2,607,346
— 222,875 36,806,219 365,225
— — 88,020 —
— — 756,451 —
37,680 240,942 2,329,282 403,103
6,075,000 2,539,058 42,300,698 3,770,770
333,401 37,595 78,414,506 131,734
— 659,416 3,659,427 —
9,191,233 4,990,671 252,834,502 7,278,178
— 1,034,164 1,108,239 —
285,056 733,761 9,480,817 1,714,353
— — 120,734 —
— — 6,685,979 —
— — 374,696 —
— — 1,809,252 —
— — — 11,416,296
— — 37,017,035 —
169,084 575,181 8,298,582 1,400,623
44,462,363 12,691,057 3,771,918,238 18,051,300
44,916,503 15,034,163 3,836,813,572 32,582,572
54,107,737 20,024,834 4,089,648,075 39,860,749
5,132 15,358 200,056 31,114
24,326,002 — 232,071,663 —
— — 7,285,565 —
24,331,134 15,358 239,557,284 31,114
41,763,180 18,148,011 2,168,322,382 19,247,418
— — 269,434,637 —
45,357,776 — 105,974,955 —
176,458,287 111,090,107 240,761,915 52,725,642
263,579,243 129,238,118 2,784,493,889 71,973,059
$ 342,018,114 $ 149,278,310 $ 7,113,699,248 $ 111,864,924
The accompanying notes are an integral part of this statement
32
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, 2023
Total assets and deferred outflows of resources for Proprietary Funds $ 7,113,699,248
Elimination of investment in discrete component unit (50,427,599)
Internal service fund allocation for proprietary funds - prior years' cumulative (10,592,031)
Internal service fund allocation for proprietary funds - current year 234,508
Total assets for Primary government business-type activities $ 7,052,914,125
Total net position for Proprietary Funds $ 2,784,493,889
Elimination of investment in discrete component unit (50,427,599)
Internal service fund allocation for proprietary funds - prior years' cumulative (10,592,031)
Internal service fund allocation for proprietary funds - current year 234,508
Total net position for Primary government business-type activities $ 2,723,708,766
The accompanying notes are an integral part of this statement
33
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34
SALT LAKE CITY CORPORATION
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For the Fiscal Year Ended June 30, 2023
Business-type Activities - Enterprise Funds
Department of
Airports Water Utility Sewer Utility
Stormwater
Utility
Sales and charges for services $ 271,963,140 $ 87,539,609 $ 69,251,092 $ 13,848,374
Rental and other 11,363,674 4,959,507 1,299,902 129,362
Total operating revenue 283,326,814 92,499,116 70,550,994 13,977,736
Personnel services 58,988,613 23,743,649 10,812,571 4,117,444
Operating and maintenance 19,883,662 3,215,525 2,709,559 313,171
Charges for services 92,943,075 39,647,608 7,329,974 2,912,529
Depreciation and amortization 148,449,313 10,415,151 9,565,597 3,141,636
Total operating expenses 320,264,663 77,021,933 30,417,701 10,484,780
Operating income (loss) (36,937,849) 15,477,183 40,133,293 3,492,956
Interest income 30,645,109 4,453,174 7,652,458 799,872
Interest expense (117,346,361) (5,205,874) (17,739,809) (535,591)
Equity in joint venture income (loss) — — — —
Passenger & Customer facility charges 64,459,536 — — —
Legal settlement — — 5,780,176 —
Bond Issuance costs (381,981) — — —
Gain on disposition of property and equipment 837,957 401,332 48,297 38,521
Total non-operating revenues (expenses) (21,785,740) (351,368) (4,258,878) 302,802
Grants and other contributions 62,471,709 4,313,970 3,805,174 2,835,809
Total capital contributions 62,471,709 4,313,970 3,805,174 2,835,809
Income (loss) before transfers 3,748,120 19,439,785 39,679,589 6,631,567
Transfers in — 300,000 — 2,000,000
Transfers out (264,088) — — —
Change in net position 3,484,031 19,739,785 39,679,589 8,631,567
Net Position July 1, 2022 1,409,760,841 464,455,963 324,524,523 121,400,229 2
3
Net Position June 30, 2023 $ 1,413,244,872 $ 484,195,748 $ 364,204,112 $ 130,031,796
The accompanying notes are an integral part of this statement
35
Business-type Activities - Enterprise Funds
Governmental Activities -
Internal Service FundsRedevelopment Agency
Nonmajor Proprietary
Funds Total
$ 1,636,058 $ 30,130,999 $ 474,369,272 $ 98,764,873
1,153,940 677,903 19,584,288 2,894,934
2,789,998 30,808,902 493,953,560 101,659,807
2,262,907 10,278,383 110,203,567 18,519,625
1,529,860 2,093,412 29,745,190 10,705,714
28,026,607 15,679,181 186,538,974 66,374,779
650,024 3,436,316 175,658,037 8,432,337
32,469,399 31,487,292 502,145,768 104,032,455
(29,679,400) (678,390) (8,192,208) (2,372,648)
4,995,349 2,140,432 50,686,394 3,664
(2,043,494) (411,216) (143,282,345) (698,055)
(110,709) 981,224 870,515 —
— — 64,459,536 —
5,780,176 —
— — (381,981) —
— 886,591 2,212,698 150,213
2,841,146 3,597,031 (19,655,007) (544,178)
32,252,004 (36,000) 105,642,666 —
32,252,004 (36,000) 105,642,666 —
5,413,750 2,882,641 77,795,451 (2,916,826)
23,250,347 4,859,689 30,410,036 13,765,925
(622,448) (514,189) (1,400,725) (291,434)
28,041,649 7,228,141 106,804,763 10,557,665
235,537,594 122,009,976 2,677,689,126 61,415,394
$ 263,579,243 $ 129,238,118 $ 2,784,493,889 $ 71,973,059
The accompanying notes are an integral part of this statement
36
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, 2023
Change in net position for Proprietary Funds $ 106,804,763
Elimination of investment (income)/loss in discrete component unit 841,639
Internal service fund allocation for proprietary funds 234,508
Change in net position for Primary government business-type activities $ 107,880,909
The accompanying notes are an integral part of this statement
37
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The accompanying notes are an integral part of this statement
38
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended June 30, 2023
Department of
Airports Water Utility Sewer Utility
Cash Flows from Operating Activities:
Receipts from customers and users $ 270,860,589 $ 88,658,909 $ 71,078,106
Receipts from (payments to) internal fund services (31,293,453) (5,701,019) (3,302,806)
Payments to suppliers (98,825,295) (36,777,673) (5,524,093)
Payments to employees (60,217,987) (24,527,266) (11,129,172)
Net cash from (used for) operating activities 80,523,854 21,652,951 51,122,035
Cash flows from non-capital and related financing activities:
Contributions from other taxing entities — — —
Transfers in — 300,000 —
Transfers out — — —
Net cash from (used for) non-capital and related financing activities — 300,000 —
Cash flows from capital and related financing activities:
Proceeds from issuance of debt, net of discount and issuance costs — — —
Proceeds from sale of assets and equipment 98,949 154,203 368
Contributions for aid in construction 54,369,821 3,221,100 2,852,020
Passenger and Customer Facility Charges 63,856,099 — —
Payment on long-term obligations, net of capitalized interest (158,620,405) (6,015,139) (19,852,777)
Payments for purchase and construction, including capitalized interest (475,493,830) (40,811,061) (128,964,679)
Interest received from leases 5,046,206 106,915 —
Private donations — — 5,780,176
Property and equipment purchased and contributed to a non-profit (540,000) — —
Net cash from (used for) capital and related financing activities (511,283,160) (43,343,982) (140,184,892)
Cash flows from investing activities:
Cash paid for investments (104,185,762) (4,750) —
Cash proceeds from investments 114,544,832 — —
Interest used, investments and loans 24,343,068 4,073,479 7,652,458
Dividend from Joint Venture — — —
Net cash from (used for) investing activities 34,702,138 4,068,729 7,652,458
Net increase (decrease) in cash and cash equivalents (396,057,168) (17,322,302) (81,410,399)
Cash and cash equivalents at beginning of year 767,021,355 119,437,794 320,962,633
Cash and cash equivalents at end of year $ 370,964,187 $ 102,115,492 $ 239,552,234
Cash and cash equivalent components:
Unrestricted 236,821,981 12,082,269 58,379,179
Restricted 134,142,206 90,033,223 181,173,055
Cash and cash equivalents at end of year $ 370,964,187 $ 102,115,492 $ 239,552,234
The accompanying notes are an integral part of this statement
39
Stormwater Utility
Redevelopment
Agency
Nonmajor
Proprietary Funds Total
Governmental
Activities-
Internal Service
Funds
$ 13,956,592 $ 2,510,474 $ 34,660,990 $ 481,725,660 $ —
(1,532,231) — (65,375) (41,894,884) 101,659,806
(1,391,500) (39,625,570) (21,142,020) (203,286,151) (76,867,574)
(4,429,326) (2,320,521) (10,626,385) (113,250,657) (18,869,206)
6,603,535 (39,435,617) 2,827,210 123,293,968 5,923,026
— 32,252,004 — 32,252,004 —
2,000,000 22,627,900 4,859,689 29,787,589 13,765,925
— (514,189) (514,189) (291,434)
2,000,000 54,879,904 4,345,500 61,525,404 13,474,491
— — 2,768,457 2,768,457 920,972
— 194,455 1,105,927 1,553,902 316,511
1,323,442 — (36,000) 61,730,383 —
— — — 63,856,099 —
(1,577,360) (7,377,318) (2,973,503) (196,416,502) (6,106,268)
(5,542,694) (5,513,295) (3,210,259) (659,535,818) (9,386,084)
— 379,715 — 5,532,836 —
— — — 5,780,176 —
— — — (540,000) —
(5,796,612) (12,316,443) (2,345,378) (715,270,467) (14,254,869)
— — — (104,190,512) —
— 4,995,349 — 119,540,181 —
799,872 — 2,140,432 39,009,309 3,664
— 730,930 — 730,930 —
799,872 5,726,279 2,140,432 55,089,908 3,664
3,606,795 8,854,123 6,967,764 (475,361,186) 5,146,311
23,262,204 104,960,474 50,657,275 1,386,301,735 50,247,234
$ 26,868,999 $ 113,814,597 $ 57,625,040 $ 910,940,549 $ 55,393,545
17,017,902 68,456,820 55,686,030 448,444,181 54,263,778
9,851,097 45,357,777 1,939,010 462,496,368 1,129,767
$ 26,868,999 $ 113,814,597 $ 57,625,040 $ 910,940,549 $ 55,393,545
The accompanying notes are an integral part of this statement
40
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended June 30, 2022
Department of
Airports Water Utility Sewer Utility
Reconciliation of operating income (loss) to net cash from (used for)
operating activities
Operating Income (Loss)$ (37,201,937) $ 15,477,183 $ 40,133,293
Adjustments to reconcile operating income (loss) to net cash from (used
for) operating activities:
Depreciation and amortization 148,449,313 10,415,151 9,565,597
Principal forgiven on loans receivable — — —
Pension expense (1,887,376) — —
Increase (decrease) due to change in:
Accounts receivable (18,082,803) (2,680,919) 49,199
Other current assets (2,531,673) (1,086,682) (133,223)
Accounts payable (1,604,016) 255,089 420,480
Deferred outflows (2,415,383) — —
Accrued interest on notes receivable — — —
Accrued liabilities affecting operating activities — 213,835 58,421
Other liabilities (6,331,278) 10,666 1,393,176
Pension assets 12,720,901 — —
Pension liability 4,248,087 6,209,090 3,159,033
Deferred pension outflows and inflows (16,439,491) (7,160,462) (3,523,941)
Deferred inflows 879,591 — —
Compensation liability 719,748 — —
Total adjustments 117,725,620 6,175,768 10,988,742
Loans made to residents — — —
Principal collected on loans — — —
Net cash from (used for) operating activities $ 80,523,683 $ 21,652,951 $ 51,122,035
Non-cash transactions affecting financial position:
Recognition of equity interest in joint venture $ — $ — $ —
Contributions of capital assets from (to) other entities (539,720) 1,092,870 953,154
Leases receivable recognized 30,183,368 1,585,818 —
Loans transferred out — — —
Contributions and grants 8,064,656 — —
Passenger facility charges (includes interest) 1,009,335 — —
Customer facility charges (includes interest) (405,898) — —
Bond issuance costs (117,880) — —
Net increase (decrease) in fair value of investments 1,384,970 — —
Loss on disposition of property (205,191) — —
Subscription asset recognized 3,478,000 — —
Subscription liability recognized (2,018,000) — —
Total non-cash transactions $ 40,833,640 $ 2,678,688 $ 953,154
The accompanying notes are an integral part of this statement
41
Stormwater Utility
Redevelopment
Agency
Nonmajor
Proprietary Funds Total
Governmental
Activities-
Internal Service Funds
$ 3,492,956 $ (29,679,400) $ (678,390) $ (8,456,295) $ (2,372,648)
3,141,636 650,024 3,436,316 175,658,037 8,432,337
— 159,530 — 159,530 —
— — — (1,887,376) —
5,899 (419,763) 220,117 (20,908,270) —
(1,619) (52,665) 225,435 (3,580,427) (78,972)
58,689 27,985 (247,008) (1,088,781) 936,863
— — (331,328) (2,746,711) (810,065)
— (69,300) — (69,300) —
(118,899) — 264,915 418,272 49,511
148,632 — (43,705) (4,822,509) (699,794)
— 484,040 1,507,678 14,712,619 4,310,263
1,319,978 169,084 614,506 15,719,778 1,400,623
(1,443,737) (742,593) — (29,310,224) —
— (873,932) (2,143,258) (2,137,599) (5,333,204)
— 31,857 1,932 753,537 88,112
3,110,579 (635,733) 3,505,600 140,870,577 8,295,673
— (9,784,191) — (9,784,191) —
— 663,707 — 663,707 —
$ 6,603,535 $ (39,435,617) $ 2,827,210 $ 123,293,797 $ 5,923,026
$ — $ (841,639) $ — $ (841,639) $ —
1,512,368 — — 3,018,672 —
— — — 31,769,186 —
— (622,448) — (622,448) —
— — — 8,064,656 —
— — — 1,009,335 —
— — — (405,898) —
— — — (117,880) —
— — — 1,384,970 —
— — — (205,191) —
— — — 3,478,000 —
— — — (2,018,000) —
$ 1,512,368 $ (1,464,087) $ — $ 44,513,763 $ —
The accompanying notes are an integral part of this statement
42
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.
43
SALT LAKE CITY CORPORATION
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
June 30, 2023
Deferred
Compensation
Trust
ASSETS
Restricted cash, cash equivalents and investments $ 372,467
Total assets $ 372,467
NET POSITION - Restricted for deferred compensation $ 372,467
Total net position 372,467
Total liabilities and net position $ 372,467
The accompanying notes are an integral part of this statement
44
SALT LAKE CITY CORPORATION
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Fiscal Year Ended June 30, 2023
Deferred
Compensation
Trust
Additions:
Investment income $ 15,596
Total additions 15,596
Deductions:
Benefits paid to participants 22,891
Total deductions 22,891
Net decrease in Net Position (7,295)
Net Position July 1, 2022 379,762
Net Position June 30, 2023 $ 372,467
The accompanying notes are an integral part of this statement
45
Notes to the Financial Statements
46
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, 2023, 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 Redevelopment 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 Redevelopment Agency has separately issued financial statements for
the year ended June 30, 2023, which are available at the Agency’s administrative office. The sole
purpose of the Local Building Authority is to serve the City as a financing agency for debt financed
projects. The sole purpose of the Redevelopment 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 Redevelopment
Agency. There is a financial benefit (burden) and operational responsibility between the City and the
Local Building Authority and the Redevelopment Agency.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
47
Discretely Presented Component Units
The discretely presented component units are the Salt Lake City Library and the Utah
Performing Arts Center (UPACA). 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, 2023, which are available at the
administrative offices of the Library.
Utah Performing Arts Center Agency (UPACA) - In March 2013, Salt Lake City (City), the
Redevelopment Agency (RDA) 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 RDA’s and County’s separately issued financial statements. UPACA has separately
issued audited financial statements for the year ended December 31, 2022.
The City and the RDA 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 RDA.
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 RDA are responsible for the bond debt.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
48
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 18). 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
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
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
49
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 flow of
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. Un-billed 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 Redevelopment 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 outside the
boundaries of The City. The Sewer Utility Fund provides treatment and disposition services for waste
water. 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
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
50
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
"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.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
51
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 eleven non-major
governmental funds: (1) the Arts Council, (2) Downtown Economic Development, (3) Community
Development Block Grant (CDBG) Operating, (4) Grants Operating, (5) Street Lighting, (6) Demolition,
Weed & Forfeiture, (7) Emergency 911 Dispatch, (8) Salt Lake City Donation, (9) Transportation Fund,
(10) DEA and (11) Special Improvement Debt Service. In 2018 the State of Utah imposed a
statewide .25% sales tax to be used for transportation. The City created a new transportation special
revenue fund to collect and spend the sales tax to improve transportation within the City. The last one 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
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, 2023, 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
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
52
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.
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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
53
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 leased
property under capital leases 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
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 please 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, less any subscription incentives
received from the vendor at or before the commencement of the subscription term, less any subscription
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
54
incentives received from the vendor at or before 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.
Lease Receivables
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.
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
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
55
recorded a receivable and a corresponding deferred inflow of resources for the assessed amount of those
property taxes as of January 1, 2023.
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 9). 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.
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). Additions to/deductions from the 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,
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
56
represents a consumption of net assets 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 assets 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
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
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
57
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 Redevelopment
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.
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.
Implementation of GASB Statement No. 96
As of July 1, 2022, the City adopted GASB Statement No. 96, Subscription-Based Information
Technology Arrangements (SBITAs). The implementation of this standard establishes that a SBITA
results in a right to use subscription IT asset, an intangible asset, and a corresponding liability. The
standard provides the capitalization criteria for outlays other than subscription payments, including
implementation costs of a SBITA. The Statement requires recognition of certain SBITA assets and
liabilities for SBITAs that previously were recognized as outflows of resources based on the payment
provisions of the contract. As a result of implementing this standard the City recognized a right to use
subscription asset and subscription liability of $10.4 million and $10.4 million as of July 1, 2022,
respectively. The Airport recognized a right to use subscription asset and subscription liability of $3.5
million and $2.0 million as of July 1, 2022, respectively. The Utilities recognized a right to use
subscription asset and subscription liability of $1.6 million and $1.6 million as of July 1, 2022,
respectively. As a result of these adjustments there was no effect on beginning net position. The
additional disclosures required by this standard are included in Notes 8 and 9 .
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
58
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
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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
59
The City did not enter into any reverse repurchase agreements during the year ended June 30, 2023.
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.
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 $48,616,165. Of this amount,
$1,012,470 was insured and the remaining $47,603,695 was uninsured and uncollateralized. The bank
balance of the Library component unit totaled $438,915. Of this amount, $250,000 was insured and the
remaining $188,915 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 $1,653,410,737 invested by the City, $9,532,568 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.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
60
Fair Investments maturities (in years)
Primary government:
Value Less than 1 1 - 5 6 - 10 More than 10
Debt Securities
U.S. Agency Notes $ 332,181,192 $ 108,927,355 $ 223,253,837 $ — $ —
Corporate notes 72,501,632 20,919,100 51,582,532 — —
Money market mutual funds 9,532,568 9,532,568 — — —
Municipal Bonds 1,454,390 1,454,390 — — —
$ 415,669,782 $ 140,833,413 $ 274,836,369 $ — $ —
Other investments
Investment in State Treasurer's Pool 1,237,740,955
Total investments, primary government $ 1,653,410,737
Component units:
Other investments
Investment in State Treasurer's Pool 21,160,489
Total investments, component units $21,160,489
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, 2023 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.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
61
Fair Value Fair Value Measurement Using
6/30/2023 Level 1 Level 2 Level 3
Primary government:
Debt Securities
U.S. Agency Notes $ 332,181,192 $ 332,181,192 $ — $ —
Corporate notes 72,501,632 72,501,632 — —
Money market mutual funds 9,532,568 — 9,532,568 —
Municipal Bonds 1,454,390 1,454,390
Investment in State Treasurer's Pool 1,237,740,955 — 1,237,740,955 —
$ 1,653,410,737 $ 404,682,824 $ 1,248,727,913 $ —
Component units:
Other investments
Investment in State Treasurer's Pool 21,160,489 — 21,160,489 —
Total investments, component units $ 21,160,489 $ — $ 21,160,489 $ —
At June 30, 2023, 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 $ 332,181,192 $ 332,181,192 $ — $ — $ —
Corporate Notes 72,501,632 72,501,632 — — —
Money market mutual funds 9,532,568 9,532,568 — — —
Municipal Bonds 1,454,390 1,454,390 — — —
Investment in State Treasurer's Pool 1,237,740,955 — — — 1,237,740,955
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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The following is a summary of restricted and unrestricted cash, cash equivalents and investments
at June 30, 2023.
Primary
Government
Component Unit
Library
Component Unit
Utah Performing
Arts Center Agency
Unrestricted cash and cash equivalents $ 899,865,315 $ 2,565,285 $ 13,142,789
Restricted cash and cash equivalents 588,670,746 ——
Unrestricted investments 64,191,997 18,244,950 —
Restricted investments 147,609,556 ——
Total $ 1,700,337,614 $ 20,810,235 $ 13,142,789
At June 30, 2023, the balances by type were as follows:
Deposits (book balance)$ 46,889,910 $ 2,563,160 $ —
Investments 1,653,410,737 18,244,950 13,142,789
Cash on hand 36,967 2,125 —
Total $ 1,700,337,614 $ 20,810,235 $ 13,142,789
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
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, 2023 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, 2023 were $28,792,083, net of $351,000 estimated as uncollectible.
The Redevelopment Agency (RDA - an enterprise fund) provides housing loans to homeowners
and construction loans to contractors within designated areas of the City. These loans total $67,920,453
at June 30, 2023, are payable in monthly installments, bear interest from 0% to 7.0% and are
collateralized by property, letters of credit or restricted cash accounts.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
63
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 TRP and NCP 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 on 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 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 Redevelopment 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 and Stormwater 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 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.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
64
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, 2023:
Beginning
Balance Increases Decreases
Ending
Balance
Primary Government
Governmental activities:
Capital assets, not being depreciated or amortized:
Land and water rights $ 214,433,778 $ 1,130,000 $ — $ 215,563,778
Construction in progress 16,809,894 17,873,739 (11,296,073) 23,387,560
Total capital assets, not being depreciated or amortized 231,243,672 19,003,739 (11,296,073) 238,951,338
Capital assets, being depreciated and amortized
Buildings 422,599,690 2,006,593 (315,615) 424,290,668
Right to use assets - Buildings 8,319,367 — — 8,319,367
Improvements other than buildings 120,938,298 7,112,890 (694,261) 127,356,927
Machinery and equipment 153,020,479 5,762,026 (23,577,775) 135,204,730
Infrastructure 373,331,990 31,187,039 (4,229,954) 400,289,075
Total capital assets being depreciated and amortized 1,078,209,824 46,068,548 (28,817,605) 1,095,460,767
Less accumulated depreciation and amortization:
Buildings 137,873,186 8,995,547 (315,615) 146,553,118
Right to use assets - Buildings 781,688 842,090 — 1,623,778
Improvements other than buildings 44,436,453 5,308,356 (694,261) 49,050,548
Machinery and equipment 116,248,689 10,646,035 (23,395,457) 103,499,267
Infrastructure 158,929,661 11,507,769 (4,229,953) 166,207,477
Total accumulated depreciation and amortization 458,269,677 37,299,797 (28,635,286) 466,934,188
Total capital assets, being depreciated and amortized, net 619,940,147 8,768,751 (182,319) 628,526,579
Governmental activities capital assets, net $ 851,183,819 $ 27,772,490 $ (11,478,392) $ 867,477,917
Business-type activities
Capital assets, not being depreciated or amortized:
Land and water rights $ 208,327,029 $ 2,461,483 $ — $ 210,788,512
Construction in progress 1,085,776,676 641,720,344 (307,674,848) 1,419,822,172
Total capital assets, not being depreciated or amortized 1,294,103,705 644,181,827 (307,674,848) 1,630,610,684
Capital assets, being depreciated and amortized
Buildings 2,283,878,300 157,932,049 (573,118) 2,441,237,231
Improvements other than buildings 2,303,327,065 134,446,107 (2,718,367) 2,435,054,805
Machinery and equipment 447,584,452 31,274,457 (19,913,127) 458,945,782
Total capital assets being depreciated and amortized 5,034,789,817 323,652,613 (23,204,612) 5,335,237,818
Less accumulated depreciation and amortization:
Buildings 298,449,123 75,276,244 (755,124) 372,970,243
Improvements other than buildings 936,277,731 74,358,703 (2,522,142) 1,008,114,292
Machinery and equipment 182,813,500 24,811,547 (18,237,771) 189,387,275
Total accumulated depreciation and amortization 1,417,540,355 174,446,494 (21,515,037) 1,570,471,812
Total capital assets, being depreciated and amortized, net 3,617,249,462 149,206,119 (1,689,575) 3,764,766,006
Business-type activities capital assets, net $ 4,911,353,167 $ 793,387,946 $ (309,364,423) $ 5,395,376,690
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
65
Depreciation and amortization expense for the year ended June 30, 2023 for governmental and
business type activities is shown in the table below.
Depreciation
Governmental activities:
Expense
General Government $ 11,973,505
City Council —
Mayor 1,505
City Attorney 1,868
Finance 2,499,275
Human Resources 4,264
Fire 456,957
Combined Emergency Services 116,158
Police 407,997
DEA 93,826
Community and Economic Development 12,455
Public Services 949,792
Infrastructure Depreciation 11,507,769
Right to use assets - Buildings 842,090
Capital assets held by the government's internal service funds are
charged to the various functions based on their usage of the assets 8,432,336
Total depreciation and amortization expense - governmental activities $ 37,299,797
Business-type activities:
Airport Authority $ 147,227,595
Water 10,415,151
Sewer 9,565,597
Storm water 3,141,636
Redevelopment Agency 650,024
Other Activities 3,446,491
Total depreciation and amortization expense - business-type activities $ 174,446,494
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
66
Capital asset information for the City’s component unit, the Salt Lake City Library is as follows:
Component Unit - Library
Beginning Ending
Capital assets, not being depreciated:
Balance Increase Decrease Transfers Balance
Land $ 126,107 $ — $ — $ — $ 126,107
Construction in progress 106,858 518,951 — (14,135) 611,674
Total capital assets, not being depreciated 232,965 518,951 — (14,135) 737,781
Capital assets, being depreciated
Buildings 14,219,378 255,841 — — 14,475,219
Improvements other than buildings 1,875,426 17,198 — — 1,892,624
Furniture, fixtures and equipment 8,009,319 691,392 (137,134) — 8,563,577
Circulating collections 7,641,700 972,583 (1,363,157) — 7,251,126
Website development 14,000 — — — 14,000
Subscription right to use asset — 531,143 — — 531,143
Total capital assets being depreciated 31,759,823 2,468,157 (1,500,291) — 32,727,689
Less accumulated depreciation:
Buildings (7,878,375) (439,325) — — (8,317,700)
Improvements other than buildings (549,065) (134,099) — — (683,164)
Furniture, fixtures and equipment (5,280,452) (466,998) 137,134 — (5,610,316)
Circulating collections (4,398,846) (1,064,410) 1,363,157 — (4,100,099)
Website development (9,750) (2,000) — — (11,750)
Subscription right to use asset — (105,880) — — (105,880)
Total accumulated depreciation (18,116,488) (2,212,712) 1,500,291 — (18,828,909)
Total capital assets, being depreciated net 13,643,335 255,445 — — 13,898,780
Component unit capital assets, net $ 13,876,300 $ 774,396 $ — $ (14,135) $ 14,636,561
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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 $ 648,861 $ 995 $ — $ 649,856
Leased equipment 195,395 — — 195,395
Buildings 130,608,164 — — 130,608,164
Furniture, fixtures, and equipment 432,841 33,834 — 466,675
Total capital assets being depreciated 131,885,261 34,829 — 131,920,090
Less accumulated depreciation:
Land improvements (84,566) (48,766) — (133,332)
Leased equipment (27,914) (13,956) — (41,870)
Buildings (13,389,980) (2,606,722) — (15,996,702)
Furniture, fixtures, and equipment (340,926) (9,140) — (350,066)
Total accumulated depreciation (13,843,386) (2,678,584) — (16,521,970)
Total capital assets, being depreciated net $ 118,041,875 $ (2,643,755) $ — $ 115,398,120
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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, 2023.
Amount of Balance Balance
Original Issue June 30,June 30,Due Within
(bonds only)2022 Additions Retirements 2023 One Year
Governmental Activities
General obligation bonds - 2010B $ 100,000,000 $ 49,885,000 $ — $ 4,910,000 $ 44,975,000 $ 5,060,000
General obligation bonds - 2013A 6,395,000 1,440,000 — 705,000 735,000 735,000
General obligation bonds - 2015A 14,615,000 6,795,000 — 1,055,000 5,740,000 1,085,000
General obligation bonds - 2015B 4,095,000 320,000 — 320,000 — —
General obligation bonds - 2017B 12,920,000 10,775,000 — 1,155,000 9,620,000 1,210,000
General obligation bonds - 2019A 17,540,000 11,505,000 — 460,000 11,045,000 485,000
General obligation bonds - 2019B 5,300,000 3,900,000 — 480,000 3,420,000 505,000
General obligation bonds - 2020 17,745,000 12,675,000 — 475,000 12,200,000 500,000
General obligation bonds - 2021 20,660,000 16,810,000 — 580,000 16,230,000 610,000
General obligation bonds - 2022 21,785,000 — 21,785,000 2,430,000 19,355,000 640,000
Sales tax revenue bonds - 2013B 7,315,000 690,000 — 335,000 355,000 355,000
Sales tax revenue bonds - 2014B 10,935,000 7,955,000 — 495,000 7,460,000 515,000
Motor fuel revenue bonds - 2014 8,800,000 1,900,000 — 940,000 960,000 960,000
Sales tax revenue bonds - 2016A 21,715,000 15,920,000 — 2,040,000 13,880,000 2,125,000
Sales tax revenue bonds - 2019A 2,620,000 1,555,000 — 285,000 1,270,000 295,000
Sales tax revenue bonds - 2019B 58,540,000 57,270,000 — 480,000 56,790,000 490,000
Sales tax revenue bonds - 2021 15,045,000 15,045,000 — 205,000 14,840,000 535,000
Sales tax revenue bonds - 2022A 8,900,000 8,900,000 — 580,000 8,320,000 615,000
Sales tax revenue bonds - 2022B 40,015,000 — 40,015,000 — 40,015,000 —
Sales tax revenue bonds - 2022C 24,240,000 — 24,240,000 — 24,240,000 1,925,000
Governmental bank notes:
Chase — 646,564 — 177,421 469,143 183,177
Siemens 5,674,526 — 748,408 4,926,117 785,283
State of Utah 7,000,000 7,000,000 — 417,291 6,582,709 413,906
General compensated absences — 21,968,520 20,870,094 19,271,311 23,567,303 21,917,592
Internal Service Fund Debt:
Lease revenue bonds - 2013A 7,180,000 650,000 — 320,000 330,000 330,000
Lease revenue bonds - 2014A 7,095,000 310,000 — 310,000 — —
Lease revenue bonds - 2016A 6,755,000 5,490,000 — 270,000 5,220,000 280,000
Lease revenue bonds - 2017A 7,260,000 — 310,000 6,950,000 320,000
ISF bank notes
Key Bank — 1,040,025 — 662,098 377,927 377,927
Chase — 10,138,792 699,140 3,178,680 7,659,252 1,347,219
ISF compensated absences — 2,029,344 1,927,877 1,839,765 2,117,456 1,969,234
Governmental premiums/discounts — 13,231,447 4,492,804 1,927,504 15,796,746 —
Total Governmental long-term debt $ 298,779,218 $ 114,029,915 $ 47,362,479 $ 365,446,654 $ 46,569,338
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Amount of Balance Balance
Original Issue June 30,June 30,Due Within
(bonds only)2022 Additions Retirements 2023 One Year
Business-type Activities
Sewer 2009 Series $ 6,300,000 $ 2,835,000 $ — $ 315,000 $ 2,520,000 $ 315,000
Sewer 2010 Series 12,000,000 5,965,000 — 595,000 5,370,000 610,000
Storm 2011 Series 8,000,000 2,780,000 — 530,000 2,250,000 545,000
Sewer and Storm 2012 Series 28,565,000 6,535,000 — 2,375,000 4,160,000 2,415,000
Sewer and Storm 2017 Series 72,185,000 62,435,000 — 3,900,000 58,535,000 2,025,285
Water 2020 Series 157,390,000 157,390,000 — — 157,390,000 —
Sewer and Storm 2022 Series 329,025,000 329,025,000 — — 329,025,000
Federal Loan - Utilities 13,112,999 154,191 — 13,267,190 —
Redevelopment Agency 2013A tax increment 64,730,000 3,765,000 — 3,765,000 — —
Redevelopment Agency 2015A tax increment 12,215,000 10,075,000 — 1,230,000 8,845,000 1,300,000
Redevelopment Agency 2019 tax increment 44,640,000 42,540,000 — 820,000 41,720,000 4,775,000
Airport 2017A 826,210,000 825,105,000 — 16,180,000 808,925,000 —
Airport 2017B 173,790,000 173,755,000 — 4,165,000 169,590,000 —
Airport 2018A-2018B 850,550,000 850,550,000 — — 850,550,000 24,000,000
Airport 2021A 776,925,000 776,925,000 — 1,405,000 775,520,000 1,620,000
Airport 2021B 127,645,000 127,645,000 — 170,000 127,475,000 195,000
Enterprise bank notes:
Chase 3,417,125 2,768,457 1,354,546 4,831,036 1,096,616
Siemens 5,144,174 — 358,469 4,785,705 385,309
Yamaha 19,000 — 19,000 — —
Loan financing notes 4,168,989 — 714,897 3,454,092 689,207
Enterprise compensated absences 11,112,319 10,556,703 9,858,914 11,810,108 2,329,282
RDA premiums/discounts (31,092) — (3,455) (27,637) —
Airport premiums/discounts 401,813,523.95 — 18,287,025 383,526,499 —
Utilities premiums/discounts 65,091,895 — 2,585,844 62,506,051 —
Total Business-type long-term debt $ 3,881,173,933 $ 13,325,160 $ 68,625,240 $ 3,826,028,044 $ 42,300,698
Total long-term debt 4,179,953,151 127,355,075 115,976,377 4,191,331,848 88,870,036
Library compensation liability 872,900 1,008,757 1,061,206 903,039 —
Total component unit long-term debt $ 872,900 $ 1,008,757 $ 1,061,206 $ 903,039 $ —
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The annual debt requirements to maturity, including principal and interest, as of June 30, 2023
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
2024 $ 8,745,000 $ 3,690,050 $ 39,865,000 153,789,389 $ 10,830,000 $ 3,717,345
2025 8,080,000 3,472,936 45,595,000 152,154,496 10,425,000 3,376,942
2026 8,370,000 3,298,810 68,080,000 149,651,757 10,820,000 3,016,635
2027 8,700,000 3,090,096 73,465,000 146,513,215 11,235,000 2,639,760
2028 8,705,000 2,862,430 83,205,000 142,977,296 11,650,000 2,245,975
2029-2033 53,975,000 11,444,110 471,795,000 585,112,944 37,495,000 5,891,021
2034-2038 65,615,000 4,642,259 568,090,000 474,385,050 19,075,000 2,329,100
2039-2043 18,440,000 33,600 697,765,000 341,184,825 11,790,000 329,000
2044-2048 — — 908,465,000 170,385,675 — —
2049-2053 — — 385,550,000 23,345,150 — —
Subtotal 180,630,000 32,534,292 3,341,875,000 2,339,499,797 123,320,000 23,545,778
Less (premiums)/discounts (3,750,602) — (446,004,912) — (7,605,131) —
Net debt $ 184,380,602 $ 32,534,292 $ 3,787,879,912 $ 2,339,499,797 $ 130,925,131 $ 23,545,778
Year Other Debt
Ending Governmental Activities Business Activities
June 30 Principal Interest Principal Interest
2024 $ 4,764,623 $ 517,617 $ 2,821,006 $ 346,517
2025 3,778,560 400,192 2,447,840 276,073
2026 3,051,625 291,758 1,535,234 216,086
2027 1,876,889 197,662 1,857,660 154,658
2028 1,279,671 136,398 1,095,348 119,152
2029-2033 3,204,948 358,905 5,188,914 538,392
2034-2038 2,070,175 102,423 829,428 431,423
2039-2043 — — 961,830 153,435
2044-2048 — — 1,053,902 161,721
2049-2053 — — 157,337 22,315
Subtotal 20,026,490 2,004,954 15,127,495 2,073,256
Less (premiums)/discounts
Total $ 20,026,490 $ 2,004,954 $ 15,127,495 $ 2,073,256
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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, 2023 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, 2023 was $44,975,000. This bond was a direct placement.
On March 27, 2013 the City issued General Obligation Series 2013A (Series 2013A) at the par
amount of $6,395,000. The bonds were issued with a premium of $622,808 and incurred issuance costs
in the amount of $67,650, resulting in net proceeds of $6,950,158. The bonds were issued to defease the
par amount of the General Obligation Bonds of Series 2004A due to mature from June 15, 2015 to June
15, 2024 in the total amount of $6,635,000. The net proceeds, along with other available funds were
deposited in an irrevocable escrow account with an escrow agent to provide for all future debt service
payments on the affected 2004A bonds. As a result, $6,635,000 is considered to be defeased and the
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liability for those bonds was removed from the balance sheet. The advance refunding resulted in a
difference between the reacquisition price and the net carrying amount of the old debt of $313,501.
While incurring a deferred loss for accounting and reporting purposes, the City realized an economic
gain of $1,788,882. The outstanding balance of the 2013A bonds at June 30, 2023 was $735,000.
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
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, 2023 was $5,740,000.
On February 24, 2015, the City issued General Obligation Refunding Bonds, Series 2015B at the
par amount of $4,095,000. The bonds were issued with a premium of $133,539 and incurred a total of
$32,818 in issuance costs. With transfers of $40,207 from Prior Issue Debt Service Funds, the resulting
net proceeds were $4,235,928. The bonds carry coupon rates of 1.5 percent to 4.0 percent and have final
maturity date in fiscal year 2023. The bonds were issued to defease the par amount of the General
Obligation Bonds Series 2009A, 2011 and 2013C due to mature on June 15, 2019, 2021 and 2023
respectively, and in the amounts of $370,000, $1,120,000 and $2,723,000 respectively. As a result,
$4,213,000 is considered to be defeased and the liability for those bonds was removed from the balance
sheet. The 2015B Bonds are not subject to optional redemption prior to maturity. For accounting and
reporting purposes the City incurred a deferred loss of $17,278 while recognizing an economic gain of
$320,502. The outstanding balance of the 2015B bonds at June 30, 2023 was $0.
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 Series 2010A Build
America Bonds will remain percent outstanding until the crossover date of June 15, 2020 at which time
they will be paid from the escrow fund. For this purpose and to cover payments on the Series 2017B
Bonds, $15,460,680 was placed into escrow and will earn interest at 1.507 percent. The remaining
balance of the 2017B bonds at June 30, 2023 was $9,620,000.
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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, 2023 was
$14,465,000.
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, 2023 was $12,200,000.
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, 2023 was $16,230,000.
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, 2023 was $19,355,000.
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 November 26, 2013, the City issued the Series 2013B Sales and Excise Tax Revenue Bonds
in the par amount of $7,315,000 with a final maturity date of October 1, 2033. With the original issuance
premium of $568,437 added and a total issuance cost of $ 156,111 subtracted, the net proceeds equaled
$7,727,326. The bonds carry interest rates from 4 percent to 5 percent, and were issued to fund the
construction and improvements for the Sugar house Streetcar and Greenway project. The outstanding
balance of the 2013B bonds at June 30, 2023 was $355,000.
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,
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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, 2023 was $7,460,000.
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, 2023 was $13,880,000.
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, 2023 was
$1,270,000.
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
$6,710,695 and a net cash flow savings of $8,618,611. The remaining balance of the 2019B bonds as of
June 30, 2023 was $56,790,000.
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, 2023 was $14,840,000.
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, 2023 was $8,320,000.
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June 30, 2023
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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, 2023 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 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, 2023 was $24,240,000.
Motor Fuel Revenue Bonds
On August 20, 2014, the City issued Motor Fuel Excise Tax Revenue Bonds, Series 2014 at the
par amount of $8,800,000. The City incurred a total of $50,000 in issuance costs, resulting in net
proceeds of $8,750,000 deposited to Construction Fund for the construction or acquisition of City
projects. The bonds carry a coupon rate of 2.180 percent and have a final maturity date of April 1, 2024.
The bonds are not subject to optional redemption. The outstanding balance of the bonds at June 30, 2023
was $960,000. This bond was a direct placement.
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.
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
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beginning February 2012. The outstanding balance of the bonds at June 30, 2023 was $2,520,000. 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,
2023 was $5,370,000. 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,
2023 was $2,250,000. 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, 2023 was $4,160,000. 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
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, 2023
was $58,535,000.
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
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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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, 2023 was $157,390,000.
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 $13,112,999; accordingly, the outstanding value of this loan on June
30, 2022 is $13,112,999. 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.
Redevelopment 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 Redevelopment 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 October 2013, the Agency issued $64,730,000 in federally taxable tax increment revenue
bonds, with interest rates ranging from 3.0% to 6.0%. The bond proceeds were used to fund the
construction of the Eccles Theater. The Agency received net proceeds of $63,929,046, including accrued
interest of $1,377,835, and net of issuance costs of $735,103 (which were expensed on the statement of
revenues and expenses and changes in net position), and a discount of $65,851, which is being amortized
over the life of the bonds using the effective interest method.
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
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expensed as incurred. The outstanding balance of the 2015A and 2015B bonds at June 30, 2023 was
$8,845,000 and $0, respectively. These bonds were direct placement.
On December 11, 2019, the RDA 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, 2023 was $41,720,000.
Local Building Authority Bonds
On June 20, 2013, the Local Building Authority issued $7,180,000 par Lease Revenue bond
Series 2013A. The bonds were issued at a premium of $92,650, carry interest rates of 2.00 percent to
4.00 percent and will be used to construct a new branch Library in the Glendale area of Salt Lake City.
The outstanding balance of the bonds at June 30, 2023 was $330,000.
On March 20 2014, the Local Building Authority issued $7,095,000 par Lease Revenue Bonds,
Series 2014A. The bonds were issued at a premium of $319,104 and carry interest rates of 2.00 percent
to 5.00 percent with final maturity of April 15, 2035. The Series 2014A Bonds maturing on and after
April 15, 2024 are subject to redemption on or after October 15, 2023 at a price par. The Authority
incurred a total of $134,591 in issuance costs and also funded a capitalized interest fund of $427,724.
The net amount of $6,851,788.00 will be used to acquire and construct a new branch Library in the
Marmalade area of Salt Lake City. The outstanding balance of the bonds at June 30, 2023 was $0.
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, 2023 was $5,220,000.
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, 2023 was $6,950,000.
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
of financing a portion of the design and construction of the Terminal Redevelopment Program (TRP)
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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, 2023 was $808,925,000 and $169,590,000, 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, 2023 was
$850,550,000.
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, 2023 was $775,520,000 and $127,475,000,
respectively.
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 based on a calculation of the 4-
year, SWAP, tax rate, spread and other factors, but average about 2.1 percent. 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, 2023, $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
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
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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 Information Management Services fund, an internal service fund, borrowed $1,420,313 from
Key Government Finance, Inc. for system security hardware and software in December 2018. The
contract is for a fixed term of 5 years, ending January 21, 2023 with 0 percent interest rate. The fund
borrowed $1,889,636 from Key Government Finance, Inc. for system security hardware and software in
April 2020. The contract is for a fixed term of 5 years, ending May 24, 2024 with 0 percent interest
rate.
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
which is based on the current LIBOR 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 balance available is $2,775,263.
The golf fund has entered into three financing contracts with Yamaha purchase golf carts for the
golf courses. The total amount borrowed from Yamaha is $1,070,561 with interest rates 3.8 percent.
Final payments are expected to be made in 2023.
On March 1, 2021, 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 interest for the
line of credit will be based on the London interbank offered rate (LIBOR) and due monthly. In the case
LIBOR ceases to be a reliable source for interest rates, an alternative interest rate will be determined.
The Airport will also pay a commitment fee on any unused funds on a quarterly basis. The interest rate
for the commitment fee will be determined by the current credit rating of the Airport’s bonds. As of
June 30, 2023, the Airport had an outstanding balance of $0 on the line of credit.
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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
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. The Airport recorded a lease receivable and deferred
inflow of resources of $214,651,581 on July 1, 2022 related to these leases. For the year ended June 30,
2023, the Airport reported lease revenue of $40,582,240 and interest revenue of $5,092,655 related to
lease payments received.
GASB No. 87 - Included Leases for the year ended June 30, 2023 are summarized as follows:
Building Lease
Receivable
Receivable
Additions
Implied
Interest
Receivable
Deduction
Annual Lease
Revenue
Ending Lease
Receivable
Concession Leases $ 92,109,178 $ — $ 2,213,363 $ 10,144,674 $ 12,358,037 $ 81,964,504
Rental Car Leases 106,699,217 —2,386,732 27,254,881 29,641,613 79,444,336
Other Property Leases 15,843,186 30,183,368 492,560 3,182,685 3,675,245 42,843,869
$ 214,651,581 $ 30,183,368 $ 5,092,655 $ 40,582,240 $ 45,674,895 $ 204,252,709
As of June 30, 2023, the lease receivable is $41,633,098 and $162,619,611 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. 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
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(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, but cannot decrease. 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 the MAG was agreed with the tenants to last until the Airport
recorded enplaned passengers at a rate of 90% of 2019 enplanements for three consecutive months. This
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 expire on
August 31, 2029, and all food and beverage contracts expire on August 31, 2031.
The lease receivable was reduced, and interest recognized of $10,144,674 and $2,213,3632,
respectively. The deferred inflow was also reduced by $10,144,674. 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 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.
The Airport received $15,096,659 of revenue from the variable component on top of the lease payments.
Future minimum lease payments are as follows:
Principal Interest
2024 $ 10,451,220 $ 1,953,142
2025 10,764,064 1,685,117
2026 10,678,786 1,412,805
2027 10,842,933 1,141,681
2028 11,079,274 864,497
2029-2033 26,084,557 1,219,824
2034-2038 2,063,670 124,628
$ 81,964,504 $ 8,401,694
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
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
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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.
The lease receivable was reduced, and interest recognized of $27,254,881 million and
$2,386,732, respectively. The deferred inflow was also reduced by $27,254,881. 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 $6,782,490 of revenue from the variable component on top of the lease payments.
Future minimum lease payments are as follows:
Principal Interest
2024 $ 28,624,049 $ 1,681,435
2025 30,048,408 40,862
2026 20,771,879 197,557
$ 79,444,336 $ 1,919,854
Other Property Leases
The Airport has 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, and land for Boeing. The termination dates for these contracts
range from May 2023 to December 2039, including all options expected to be exercised. The lease
receivable is calculated using the contractual amounts for the space rental.
The lease receivable was reduced, and interest recognized of $3,182,685 and $492,560,
respectively. The deferred inflow was also reduced by $3,182,685. 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%.
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Future minimum lease payments are as follows:
Principal Interest
2024 $ 3,916,168 $ 1,417,728
2025 4,097,606 1,300,586
2026 2,605,289 1,191,835
2027 2,212,160 1,115,469
2028 2,360,996 1,036,521
2029-2033 14,210,985 3,781,638
2034-2038 2,773,033 2,228,561
2039-2043 2,157,950 1,844,936
2044-2048 2,717,271 1,377,402
2049-053 3,892,819 761,239
2054-2055 1,899,591 73,746
$ 42,843,868 $ 16,129,661
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 expires on June 30, 2024.
The Airport has entered into an AUA with seven (8) passenger airlines and recognized terminal,
cargo ramp, federal inspection services (FIS) facilities, and passenger boarding bridge lease revenue of
$72,642,425, $259,682, $2,702,067, and $1,704,417, respectively, for the year ended June 30, 2023.
Cargo Facilities
The Airport has entered into month-to-month agreements with 6 companies for space in cargo
facilities located at the airport. Revenue from these companies was $1,001,568 for the year ended
June 30, 2023.
The Airport has entered into agreements with 7 additional companies for space in cargo facilities.
The termination dates range from February 28, 2023 to November 8, 2045. Only one contract has
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options to extend. They are on the second of 4 one-year extensions, all of which are anticipated to be
used. Revenue from these companies was $883,065 for the year ended June 30, 2023.
Future minimum lease payments are as follows:
2024 $ 795,756
2025 509,363
2026 486,775
2027 486,775
2028 486,775
2029-2033 1,172,624
2034-2038 1,070,360
2039-2043 1,070,360
2044-2046 327,848
$ 6,406,636
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 September 2042.
There are no extension options for corporate hangars. Revenue for FY 2023 from corporate hangars was
$808,222.
Future minimum lease payments are as follows:
2024 $ 468,221
2025 428,378
2026 410,640
2027 295,187
2028 204,799
2029-2033 772,549
2034-2038 744,656
2039-2043 695,870
$ 4,020,300
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 April 2025. Any
options in the contracts are expected to be used. Revenue for FY2023 from flight schools and skydiving
was $132,162.
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Future minimum lease payments are as follows:
2024 $ 57,936
2025 39,125
$ 97,061
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 2023 from fixed based operators was
$1,619,515.
Future minimum lease payments are as follows:
2024 $ 1,059,355
2025 989,731
2026 892,258
2027 892,258
2028 954,811
2029-2033 4,890,238
2034-2038 3,116,175
2039-2043 1,489,079
$ 14,283,905
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 2023 from this lease
was $9,448.
Future minimum lease payments are as follows:
2024 $ 9,448
2025 9,448
2026 9,448
2027 9,448
2028 9,448
2029 2,362
$ 49,602
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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 2023 from the fuel system lease was $2,250,174.
Future minimum lease payments are as follows:
2024 $ 1,820,680
2025 1,829,497
2026 1,838,578
2027 1,847,932
2028 1,857,567
2029-2033 9,442,777
2034-2038 9,730,883
2039-2041 4,985,754
$ 33,353,668
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 2023 from these contracts was $156,794.
Future minimum lease payments are as follows:
2024 $ 156,794
2025 156,794
2026 156,794
2027 156,794
2028 156,794
2029-2033 466,747
2034-2038 431,500
2039-2043 431,500
2044-2046 215,750
$ 2,329,467
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 16, 2023, it
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is unknown if Skywest will exercise the option. Revenue for FY 2023 from the maintenance hangars
was $3,097,952.
Future minimum lease payments are as follows:
2024 $ 4,017,031
2025 4,058,205
2026 4,100,616
2027 4,144,298
2028 3,813,577
2029-2033 11,038,354
$ 31,172,081
GASB No. 87 Excluded Leases – Short-term
In accordance with GASB No. 87, the Airport does not recognize a lease receivable and a
deferred inflow of resources for leases 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.
On various dates, the Airport entered into month-to-month agreements with several offsite rental car
agencies. Revenue of $2,806,019 was recorded in the year ended June 30, 2023.
On various dates, the Airport entered into several month-to-month agreements for Airport property and
land. Revenue of $2,839,251 was recorded in the year ended June 30, 2023.
Lessor Agreements - Utilities
The Utilities has leased land to various parties. The estimated carrying value of the parcels or
partial parcels of land related to the lease agreements on June 30, 2023, was $512,288. For the years
ended June 30, 2023, the Utilities earned a total of $66,582 in lease revenue and $106,915 in lease
interest revenue, respectively.
As of June 30, 2023, the Utilities anticipate receiving the following amounts from Lessees in
satisfaction of amounts receivable as of that date:
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Principal Interest
2024 $ 73,690 $ 104,897
2025 81,339 102,602
2026 89,425 100,071
2027 96,098 97,292
2028 84,171 94,611
2029-2033 564,123 427,798
2034-2038 772,271 326,753
2039-2043 721,976 207,675
2044-2048 667,013 102,521
2049-2051 342,846 16,078
$ 3,492,952 $ 1,580,298
Lessor Agreements - RDA
The Redevelopment Agency of Salt Lake City (RDA) has accrued a receivable for three parking
structure leases. The remaining receivable for these leases was $25,283,294 for the year ended June 30,
2023. Deferred inflows related to these leases were $24,326,002 as of June 30, 2022. Interest revenue
recognized on these leases was $897,970 for the year ended June 30, 2023. Principal receipts of $393,438
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, 2023, the RDA anticipates the following payments on lease receivables:
Fiscal Year Ended June 30,Principal Interest
2024 $ 392,417 $ 884,367
2025 406,508 870,276
2026 458,233 855,085
2027 475,701 838,638
2028 492,737 821,602
2029-2033 3,026,961 3,810,403
2034-2038 3,829,401 3,701,373
2039-2043 4,725,443 3,586,401
2044-2048 6,062,344 3,464,495
2049-2052 5,413,547 3,337,023
Total $ 25,283,292 $ 22,169,663
Lessee Agreements
Salt Lake City leases several buildings in the city. In association with these leases, the City
recorded right to use assets and lease liabilities of $8,319,367 as of July 1, 2021. The City is required to
make annual principal and interest payments and the leases expire at various dates from April 2027 to
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September 2041. The leases carry interest rates ranging from 1.8% to 4.2%. As of June 30, 2023, the
lease liability was $6,828,169. During FY 2023, the City paid principal on the lease and reduced the
lease liability by $770,117, recorded implied interest expense of $194,201, and recorded amortization
expense of $869,043.
Future minimum lease payments are as follows:
Principal Interest
2024 $ 801,855 $ 171,695
2025 834,270 148,078
2026 869,397 123,295
2027 905,866 97,271
2028 495,128 74,137
2029-2033 1,326,968 200,425
2034-2038 937,678 104,162
2039-2042 657,007 20,189
$ 6,828,169 $ 939,252
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 2023, the Airport paid principal on the lease and reduced the lease liability by $98,188,
recorded implied interest expense of $10,498, and recorded amortization expense of $105,565.
Future minimum lease payments are as follows:
Principal Interest
2024 $ 88,020 $ 16,932
2025 96,407 13,255
2026 104,802 9,246
2027 113,718 4,893
2028 59,769 699
$ 462,716 $ 45,025
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 $204,252,709 as of June 30, 2023, and reported deferred lease
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91
revenue of $40,582,240. These GASB No. 87 - Included leases for the year ended June 30, 2023 are
summarized below:
Beginning
Deferred
Inflows
Additional
Deferred
Inflows
Deferred
Revenue
Recognized
Ending
Deferred
Inflows
Concession Leases $ 92,109,178 $ — $ (10,144,674) $ 81,964,504
Rental Car Leases 106,699,217 —(27,254,881)79,444,336
Other Property Leases 15,843,186 30,183,368 (3,182,685)42,843,869
$ 214,651,581 $ 30,183,368 $ (40,582,240) $ 204,252,709
8.Subscription Asset
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.
Beginning
Subscription
Asset Additions Deletions
Ending
Subscription
Asset
Subscription Asset $ 10,405,778 $ — $ — $ 10,405,778
Accumulated Amortization —(792,859)—(792,859)
Net Subscription Asset $ 10,405,778 $ (792,859) $ — $ 9,612,919
The Airport recognized six 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.
On July 1, 2022 (implementation date), the Airport recognized a subscription asset of $3,478,100.
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June 30, 2023
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Beginning
Subscription
Asset Additions Deletions
Ending
Subscription
Asset
Subscription Asset $ 3,478,100 $ 219,368 $ — $ 3,697,469
Accumulated Amortization —(1,067,514)—(1,067,514)
Net Subscription Asset $ 3,478,100 $ (848,146) $ — $ 2,629,955
The Utilities recognized three subscription-based information technology agreements (SBITAs)
including work order IT, customer service IT, and compliance management IT. 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 $1,573,052.
Beginning
Subscription
Asset Additions Deletions
Ending
Subscription
Asset
Subscription Asset $ 1,573,053 $ — $ — $ 1,573,053
Accumulated Amortization —(155,076)—(155,076)
Net Subscription Asset $ 1,573,053 $ (155,076) $ — $ 1,417,977
9.Subscription Liability
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.
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.
Beginning
Subscription
Liability Additions
Implied
Interest
Expense
Liability
Deduction
Annual
Subscription
Payment
Ending
Subscription
Liability
Subscription Liability $ 10,405,778 $ — $ 433,921 $ 1,330,488 $ 1,764,409 $ 9,075,290
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
93
Future minimum subscription payments are as follows:
Principal Interest
2024 $ 1,400,076 $ 378,440
2025 1,492,995 320,056
2026 1,084,994 257,799
2027 1,157,096 212,554
2028 1,232,739 164,303
2029 2,707,390 171,082
$ 9,075,290 $ 1,504,234
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.
Beginning
Subscription
Liability Additions
Implied
Interest
Expense
Liability
Deduction
Annual
Subscription
Payment
Ending
Subscription
Liability
Subscription Liability $ 2,018,030 $ — $ 65,521 $ 565,709 $ 631,230 $ 1,452,321
Future minimum subscription payments are as follows:
Principal Interest
2024 $ 608,732 $ 44,931
2025 528,099 22,009
2026 125,657 9,098
2027 67,250 5,941
2028 41,106 3,926
2029-2030 81,477 3,282
$ 1,452,321 $ 89,187
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.
Beginning
Subscription
Liability Additions
Implied
Interest
Expense
Liability
Deduction
Annual
Subscription
Payment
Ending
Subscription
Liability
Subscription Liability $ 1,573,052 $ — $ 41,471 $ 459,670 $ 193,095 $ 1,113,382
Future minimum subscription payments are as follows:
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
94
Principal Interest
2024 $ 147,719 $ 24,059
2025 224,194 25,209
2026 226,118 17,785
2027 239,583 10,075
2028 89,236 5,927
2029-2030 186,532 2,951
$ 1,113,382 $ 86,006
10.Fund Equity
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
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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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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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 $ 2,484,423 $ — $ 124,356 $ 23,731 $ 2,632,510
Restricted for:
Class C Roads — 13,942,441 — — 13,942,441
Debt Service — — 13,325,004 — 13,325,004
Misc Capital Projects — 111,001,994 — — 111,001,994
Impact Fees — 51,755,996 — — 51,755,996
Grants — 2,984,325 — 6,556,036 9,540,361
Community Development — — — 97,574 97,574
Emergency 911 — — — 850,330 850,330
Transportation — 15,041,819 — 6,927,057 21,968,876
DEA Metro Narcotic Task Force — — — 587,858 587,858
Encumbrances 21,157,932 — — — 21,157,932
Total restricted 21,157,932 194,726,575 13,325,004 15,018,855 244,228,366
Committed:
Weed demolition and forfeiture — — — 198,999 198,999
Emergency 911 — — — 5,822,936 5,822,936
Debt Service — — — 168,217 168,217
Total committed — — — 6,190,152 6,190,152
Assigned to:
Misc Capital Projects — 62,853,690 — — 62,853,690
Arts Council — — — 876,360 876,360
Downtown economic
development — — — 2,405,272 2,405,272
Street lighting special districts — — — 599,972 599,972
Weed demolition and forfeiture — — — 1,154,144 1,154,144
Donations — — — 3,838,857 3,838,857
DEA Metro Narcotic Task Force — — — 449,503 449,503
Total assigned — 62,853,690 — 9,324,108 72,177,798
Unassigned: 178,933,386 — — — 178,933,386
Total fund balances $ 202,575,741 $ 257,580,265 $ 13,449,360 $ 30,556,846 $ 504,162,212
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, 2023, are as shown in the table below:
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
96
General Fund charges for:
Fire Police Engineering
Administrative protection protection and other
Enterprise funds:services services services services Total
Water Utility $ 1,040,964 $ — $ — $ 2,781 $ 1,043,745
Sewer Utility 660,902 — — — 660,902
Storm Water Utility 188,136 — — 118,000 306,136
Street Lighting 45,389 — — — 45,389
Airport 1,955,636 7,165,500 10,635,967 — 19,757,103
Refuse Collection 384,085 — — 5,976 390,061
Golf — — — 452 452
Redevelopment Agency 1,110,000 — — 35,178 1,145,178
Internal service funds:
Fleet Management 465,018 — — — 465,018
Information Management 409,258 — — — 409,258
Governmental Immunity 166,021 — — — 166,021
Risk Management 154,500 — — — 154,500
Special revenue funds
Donations — — — 2,058 2,058
Capital Projects Fund — — — 549,960 549,960
Subtotal, primary
government 6,579,909 7,165,500 10,635,967 714,405 25,095,781
Component unit -
Library — — — — —
Total reporting entity $ 6,579,909 $ 7,165,500 $ 10,635,967 $ 714,405 $ 25,095,781
12.Transfers
Transfers were made to and from several funds during the course of the year ended June 30,
2023. 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, Redevelopment Agency to Debt Service Funds provide resources to make
scheduled principal and interest payments. The table on the following page show the detail of transfers.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
97
Transfer in to:
Capital Other Nonmajor Nonmajor Internal
Transfers out
from:General Projects Improvements Water Storm Water RDA Governmental Proprietary Service Total
General Fund $ — $ 31,617,805 $ 7,158,428 $ 300,000 $ 2,000,000 $ 22,134,598 $ 300,000 $ 3,840,500 $ 13,765,925 $ 81,117,256
Capital Projects 7,700,000 — 184,341 — — — — — — 7,884,341
Airport 264,088 — — — — — — — — 264,088
Other
Improvements — — — — — 1,000,000 — — — 1,000,000
Redevelopment — — — — — — — 622,448 — 622,448
2
2
4
4
Nonmajor
Governmental 43,732,555 8,020,000 1,100,000 — — — — 396,741 — 53,249,296
Nonmajor
Proprietary 126,012 — 272,427 — — 115,750 — — — 514,189
Internal Service — — 291,434 — — — — — — 291,434
$ 51,822,655 $ 39,637,805 $ 9,006,630 $ 300,000 $ 2,000,000 $ 23,250,348 $ 300,000 $ 4,859,689 $ 13,765,925 $ 144,943,052
13. Risk Management
The City is self-insured for liability claims, except liability incurred at the Airport. The Airport
carries commercial general liability insurance with a $500,000,000 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 self-insured for workers’ compensation and carries excess workers’ compensation
insurance with statutory limits over the self-insured retention of $1,000,000 per occurrence.
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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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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.
Changes in the estimated claims payable liability carried in the accrued liabilities of the Risk
Management Fund since July 1, 2020 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
2020-2021
Workers' compensation $ 3,411,000 $ 2,904,672 $ (2,611,672) $ 3,704,000
Unemployment compensation 133,191 131,262 (131,261) 133,192
$ 3,544,191 $ 3,035,934 $ (2,742,933) $ 3,837,192
2021-2022
Workers' compensation $ 3,704,000 $ 1,296,441 $ (1,557,773) $ 3,442,668
Unemployment compensation 133,192 141,053 (141,054) 133,191
$ 3,837,192 $ 1,437,494 $ (1,698,827) $ 3,575,859
2022-2023
Workers' compensation $ 3,442,668 $ 1,874,009 $ (1,828,252) $ 3,488,425 $ 963,602
Unemployment compensation 133,191 (27,877) (86,684) 18,630 18,630
$ 3,575,859 $ 1,846,132 $ (1,914,936) $ 3,507,055 $ 982,232
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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
99
14. Pension Plans
Identification - The City participates in one cost sharing multiple employer public employee
retirement system (PERS) and one multiple-employer agent PERS. These are defined benefit retirement
plans covering public employees of the State of Utah and employees of participating local governmental
entities. The systems are administered under the direction of the Utah State Retirement Board whose
members are appointed by the governor of Utah.
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 employee public employees retirement systems.
•The Public Safety Retirement System (Public Safety System) is an agent multiple-employer
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.
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 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.
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.)
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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Benefits provided: URS provides retirement, disability, and death benefits. Retirement benefits
are as follows:
System
Final Average
Salary
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:Up to 4%
20 years age 60*
2.00% per year July
1975
10 years age 62*to present
4 years age 65
Public Safety
System Highest 3 years 20 years any age
2.5% per year up to
20 years;Up to 2.5% to 4%
10 years age 60
2.0% per year over
20 years depending on the
4 years age 65 employer
Firefighters
System Highest 3 years 20 years any age
2.5% per year up to
20 years;Up to 4%
10 years age 60
2.0% per year over
20 years
4 years age 65
Tier 2 Public
Employees Highest 5 years 35 years any age
1.5% per year all
years Up to 2.5%
System 20 years age 60*
10 years age 62*
4 years age 65
Tier 2 Public
Safety and
Firefighter Highest 5 years 25 years any age
1.5% per year to
June 30, 2020 Up to 2.5%
System 20 years age 60*
2% per year July 1,
2020 to present
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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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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 Retirement Systems Board. Contributions are actuarially determined as an amount that, when
combined with employee contributions (where applicable) is expected to finance the costs of benefits
earned by employees during the year, with an additional amount to finance any unfunded actuarial
accrued liability. Contributions rates as of June 30, 2023 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 N/A 6.00 % 13.96 %N/A
111- Local Governmental Division Tier 2 N/A N/A 16.01 % 0.18 %
Noncontributory System
15 - Local Governmental Division Tier 1 N/A N/A 17.97 %N/A
Public Safety Retirement System
44 - Other Division A Noncontributory Tier 1 N/A N/A 46.71 %N/A
122 - Other Division A Contributory Tier 2 N/A 2.59 % 38.28 %N/A
Firefighters System
32 - Division B Tier 1 N/A 16.71 % 6.24 %N/A
132 - Division B Tier 2 N/A 2.59 % 14.08 %N/A
Tier 2 DC Only
211 - Local Government N/A N/A 6.19 % 10.00 %
222 - Public Safety N/A N/A 24.28 % 14.00 %
232 - Firefighters 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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
102
For fiscal year ended June 30, 2023, the employer and employee contributions to the Systems
were as follows:
Employee Contributions
System Employer Contributions paid by Employer
Noncontributory System $ 13,669,162 $ 79
Contributory System 209,380 89,990
Public Safety System 13,146,106 —
Firefighters System 1,301,449 3,485,176
Tier 2 Public Employees System 11,675,940 —
Tier 2 Public Safety and Firefighter 6,537,069 544,461
Tier 2 DC Only System 1,325,692 —
Tier 2 DC Public Safety and Firefighter System 698,569 62
Total Contributions $ 48,563,367 $ 4,119,768
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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
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Combined Pension Assets, Liabilities, Expense, and Deferred Outflows and Inflows of Resources
Relating to Pensions
At June 30, 2023, the City reported a net pension asset of $32,243,802 and a net pension liability
of $83,780,501.
Net
Pension
Asset
Net Pension
Liability
Proportionate
Share
December 31,
2022
Proportionate
Share
December 31,
2021
Change
(Decrease)
Noncontributory System $ — $ 16,621,860 9.70 % 9.91 % (0.21) %
Contributory System — 1,106,542 10.76 % 10.43 % 0.33 %
Public Safety System — 62,282,792 100.00 % 100.00 % — %
Firefighters System 32,243,802 — 25.62 % 26.65 % (1.03) %
Tier 2 Public Employees
System — 3,252,994 2.99 % 2.79 % 0.20 %
Tier 2 Public Safety and
Firefighter System — 516,314 6.19 % 5.80 % 0.39 %
Total Net Pension Asset/
Liability $ 32,243,802 $ 83,780,501
The net pension asset and liability was measured as of December 31, 2022, and the total pension
liability used to calculate the net pension asset and liability was determined by an actuarial valuation as
of January 1, 2022 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.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
104
For the year ended June 30, 2023, we recognized pension expense of $22,042,686. At June 30,
2023, 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 $ 10,322,268 $ 496,851
Changes in assumptions 7,384,109 126,362
Net difference between projected and actual earnings on pension plan
investments 24,922,613 —
Changes in proportion and differences between contributions and
proportionate share of contributions 1,805,173 411,445
Contributions subsequent to the measurement date 24,810,804 —
Total $ 69,244,968 $ 1,034,658
There is $24,810,804 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, 2022. These contributions will be recognized as a reduction of the net pension liability in
fiscal 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows
(Inflows) of Resources
Year ended December 31,
2023 $ (8,414,321)
2024 895,792
2025 10,655,907
2026 38,605,140
2027 313,911
Thereafter $ 1,343,078
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
105
Noncontributory System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2023, recognized pension expense of $7,538,784. At June 30, 2023,
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 $ 5,637,888 $ —
Changes in assumptions 2,724,102 66,372
Net difference between projected and actual earnings on pension plan
investments 10,963,943 —
Changes in proportion and differences between contributions and
proportionate share of contributions — 121,244
Contributions subsequent to the measurement date 6,821,561 —
Total $ 26,147,494 $ 187,616
There is $6,821,561 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, 2022. These contributions will be recognized as a reduction of the net pension liability in
fiscal 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows
(Inflows) of Resources
Year ended December 31,
2023 $ (2,550,663)
2024 447,884
2025 4,403,791
2026 16,837,305
2027 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
106
Contributory System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2023, recognized pension expense of $2,357,203. At June 30, 2023,
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 329,883 — —
Changes in proportion and differences between contributions and
proportionate share of contributions — —
Contributions subsequent to the measurement date 103,533 —
Total $ 433,416 $ —
There is $103,533 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, 2022 . These contributions will be recognized as a reduction of the net pension liability in
fiscal 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows
(Inflows) of Resources
Year ended December 31,
2023 $ (936,484)
2024 (279,812)
2025 253,697
2026 1,292,482
2027 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
107
Public Safety System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2023, recognized pension expense of $8,808,230. At June 30, 2023,
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 $ 1,783,690 $ 155,194
Changes in assumptions 1,047,161 —
Net difference between projected and actual earnings on pension plan
investments 6,281,381 —
Changes in proportion and differences between contributions and
proportionate share of contributions — —
Contributions subsequent to the measurement date 6,697,518 —
Total $ 15,809,750 $ 155,194
There is $6,697,518 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, 2022 . These contributions will be recognized as a reduction of the net pension liability in
fiscal 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows
(Inflows) of Resources
Year ended December 31,
2023 $ (2,857,972)
2024 (781,239)
2025 2,583,175
2026 10,013,074
2027 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
108
Firefighters System Pension Expense, and Deferred Outflows and Inflows of Resources
For the year ended June 30, 2023, recognized pension expense of $(5,139,602). At June 30,
2023, 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 $ 1,552,888 $ 41,374
Changes in assumptions 2,230,238 —
Net difference between projected and actual earnings on pension plan
investments 5,500,207 —
Changes in proportion and differences between contributions and
proportionate share of contributions 1,120,410 100,387
Contributions subsequent to the measurement date 644,108 —
Total $ 11,047,851 $ 141,761
There is $644,108 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, 2022 . These contributions will be recognized as a reduction of the net pension liability in
fiscal 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows (Inflows)
of Resources
Year ended December 31,
2023 $ (2,305,282)
2024 1,009,882
2025 2,622,181
2026 8,935,201
2027 —
Thereafter —
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
109
Tier 2 Public Employees System Pension Expense, and Deferred Outflows and Inflows of
Resources
For the year ended June 30, 2023, we recognized pension expense of $6,236,870. At June 30,
2023, 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 $ 1,098,741 $ 129,065
Changes in assumptions 1,056,077 8,275
Net difference between projected and actual earnings on pension plan
investments 1,311,502 —
Changes in proportion and differences between contributions and
proportionate share of contributions 581,526 142,691
Contributions subsequent to the measurement date 6,788,899 —
Total $ 10,836,745 $ 280,031
There is $6,788,899 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, 2022 . These contributions will be recognized as a reduction of the net pension liability in
fiscal 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows
(Inflows) of Resources
Year ended December 31,
2023 $ 187,219
2024 393,856
2025 625,449
2026 1,184,668
2027 281,809
Thereafter 1,094,812
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
110
Tier 2 Public Safety and Firefighter Pension Expense, and Deferred Outflows and Inflows of
Resources
For the year ended June 30, 2023, recognized pension expense of $2,241,201. At June 30, 2023,
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 $ 249,063 $ 171,218
Changes in assumptions 326,531 51,715
Net difference between projected and actual earnings on pension plan
investments 535,697 —
Changes in proportion and differences between contributions and
proportionate share of contributions 103,238 47,123
Contributions subsequent to the measurement date 3,755,185 —
Total $ 4,969,714 $ 270,056
There is $3,755,185 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, 2022 . These contributions will be recognized as a reduction of the net pension liability in
fiscal 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows
(Inflows) of Resources
Year ended December 31,
2023 $ 48,861
2024 106,221
2025 167,614
2026 342,410
2027 32,102
Thereafter 248,263
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
111
Actuarial assumptions: The total pension liability in the December 31, 2022 actuarial valuation
was determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Inflation 2.50 Percent
Salary increases 3.25 - 9.25 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, 2020. The
retired mortality tables are developed using URS retiree experience and are based upon gender,
occupation, and age as appropriate with projected improvement using 80% of the ultimate rates from the
MP-2019 improvement assumption 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, 2022, valuation were based on an experience
study of the demographic assumptions as of January 1, 2020, and a review of economic assumptions as
of January 1, 2021.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best-estimate rages of expected future real rates of return (expected
returns, net of pension plan investment expense and inflation) are developed for each major asset class.
These ranges are combined to produce the long-term 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:
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
112
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 % 6.58 % 2.30 %
Debt securities 20.00 % 1.08 % 0.22 %
Real assets 18.00 % 5.72 % 1.03 %
Private equity 12.00 % 9.80 % 1.18 %
Absolute return 15.00 % 2.91 % 0.44 %
Cash and cash equivalents — % (0.11) % — %
Totals 100 % 5.17 %
Inflation 2.50 %
Expected arithmetic nominal return 7.67 %
The 6.85% assumed investment rate of return is comprised of an inflation rate of 2.5%, 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 6.95%. 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:
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
113
1% Decrease Discount Rate 1% Increase
System 5.85%6.85%7.85%
Noncontributory System $ 104,756,533 $ 16,621,860 $ (57,019,297)
Contributory System 5,676,752 1,106,542 (2,772,258)
Public Safety System 122,001,965 62,282,792 13,241,318
Firefighters System 10,020,171 (32,243,802) (66,949,514)
Tier 2 Public Employees System 14,213,801 3,252,994 (5,190,918)
Tier 2 Public Safety and Firefighter 4,132,945 516,314 (2,358,046)
Total $ 260,802,167 $ 51,536,700 $ (121,048,715)
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
114
SALT LAKE CITY PUBLIC SAFETY FUND
Total pension liability 2022
Service Cost $ 6,140,012
Interest (on the Total Pension Liability) 29,255,041
Changes of benefit terms —
Difference between expected and actual experience 3,310,822
Changes of assumptions —
Benefit payments, including refunds of employee
contributions (24,649,742)
Net change in total pension liability 14,056,133
Total pension liability – beginning 435,897,793
Total pension liability – ending $ 449,953,926
Plan fiduciary net position
Contributions – employer $ 16,505,799
Contributions – employee 88,709
Court Fees and Fire Insurance Tax —
Net investment income (21,787,130)
Benefit payments, including refunds of employee
contributions (24,649,742)
Administrative Expense (134,148)
Other 1,538,014
Net change in plan fiduciary net position (28,438,498)
Plan fiduciary net position – beginning 416,079,632
Plan fiduciary net position – ending $ 387,641,134
Net pension liability $ 62,282,792
Plan fiduciary net position as a percentage
of the total pension liability 0.86 %
Covered payroll $ 25,994,490
Net pension liability as a percentage
of covered payroll 2.4 %
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, 2023
115
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 Retire Defined Contribution Savings Plans for
fiscal year ended June 30, were as follows:
2023 2022 2021
401(k) Plan
Employer Contributions $ 3,745,934 $ 3,299,797 $ 2,893,832
Employee Contributions 4,764,333 4,262,121 3,767,791
457 Plan
Employer Contributions — — —
Employee Contributions 3,299,961 3,203,304 2,852,393
Roth IRA Plan
Employer Contributions N/A N/A N/A
Employee Contributions 1,656,148 1,539,508 1,380,588
Traditional IRA
Employer Contributions N/A N/A N/A
Employee Contributions 48,241 50,741 54,063
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
116
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, 2023
Actuarial Valuation Date June 30, 2023
Discount Rate 3.86 %
Prior year discount rate 3.69 %
The discount rate was based on the June 30, 2023, Fidelity General Obligation AA 20-Year Yield.
Mortality rates for retirees/disabled employees were based on the PubG.H-2010 Healthy Retiree
Mortality Table, Generational with Projection Scale MP -2020 for males or females, as appropriate.
Inactive employees currently receiving benefit payments 17
Inactive employees entitled to but not yet receiving benefit payments —
Active employees —
Total 17
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
117
Changes in Total OPEB Liability
Balance at June 30, 2022 $ 195,123
Changes for the Year
Interest 6,824
Differences between expected and actual experience —
Change in assumptions/inputs (1,897)
Benefit Payments (20,400)
Net Changes (15,473)
Balance at June 30, 2023 $ 179,650
Sensitivity of the Total OPEB Liability
1% Decrease No Change 1% Increase
(2.86)%(3.86)%(4.86)%
Discount Rate $ 191,394 $ 179,650 $ 169,246
Healthcare Cost Trend Rates 166,976 179,650 193,767
OPEB Expense and Deferred Outflows and Deferred Inflows of Resources Related to OPEB
OPEB Expense
Interest on liabilities $ 6,824
Difference between actual and expected experience —
Changes in Assumptions/Inputs (1,897)
Total OPEB expense $ 4,927
There are no deferred outflows or deferred inflows of resources at June 30, 2023.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
118
17. Commitments and Contingencies
Commitments for major construction, capital improvement and other projects at June 30, 2023
are shown below.
General Fund $ 21,891,903
Special-revenue funds 14,353,603
Capital Projects Fund 61,030,832
Enterprise funds 2,606,210,528
Internal service funds 17,924,881
Total $ 2,721,411,747
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,
2023 approximated $1,792,903 of which $1,380,447 was related to proprietary funds.
Future minimum rental payments are as follows:
General
Fund
2024 $ 312,558
2025 312,558
2026 312,558
2027 312,558
2028 312,558
2029-2033 1,562,790
2034 312,558
Total $ 3,438,138
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
2021-2022 $ 7,815,000 $ 1,238,118 $ (512,888) $ 8,540,230 $ 2,290,839
2022-2023 $ 8,540,230 $ 2,934,208 $ (3,565,198) $ 7,909,240 7
9 $ 2,172,444
As of June 30, 2023, the Utilities had outstanding commitments for the construction and
acquisition of property and equipment. Commitments of the Water Utility totaled $27,011,444, of the
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
119
Sewer Utility totaled $235,995,600, of the Stormwater Utility totaled $5,603,507, and of the Street
Lighting Utility totaled $16,414.
Metropolitan Water District —To meet the water supply needs of Salt Lake City and Sandy
through the year 2035, the Metropolitan Water District Board 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 treatment plant.
Following are the future minimum payments due from the Water Utility through 2035:
2024 $ 7,021,892
2025 7,021,892
2026 7,021,892
2027 7,021,892
2028 7,021,892
2029-2033 35,109,460
2034-2035 10,532,838
Total $ 80,751,758
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
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, 2023 which resulted in
presenting the unspent portion as Revenues collected in advance on the current financial statements. A
majority of the funds were expended in Fiscal Year 2023. 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 $6,957,137 long term and
$1,022,595 in current liabilities.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
120
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 $1,920,863, which is the estimated amount of
litigation probable to have a negative outcome. Of this potential liability $1,838,863 is Water Fund
related, $77,000 is Sewer Fund related, and $5,000 is Stormwater fund related.
Of the $1,920,863 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
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, 2023 the oil companies have contributed
approximately $21.8 million; the Utilities have capitalized as construction in progress a total of
$33,539,841 in remediation costs. The Utilities estimate that the remaining remediation activities will
generate about $33,500 in contributions from the oil companies, will cost about $50,000, and will
continue through fiscal year 2024. The Utilities have budgeted accordingly.
SALT LAKE CITY CORPORATION
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
121
Airport- At June 30, 2023, the Airport was committed to contractors and vendors for
approximately $1 billion in conjunction with Airport construction programs.
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.
RDA- As an Agency of the City, the RDA 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 RDA
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, 2008, the City issued $8,590,000 of Series 2007 Sales Tax
Revenue Bonds. A portion of the bond proceeds were used to finance the construction of the Grant
Tower project. The Agency entered into an agreement with the City in January 2008, regarding the
payment obligations on the bonds. Under the terms of the agreement, the Agency is obligated to remit
funds to the City on a semi-annual basis to cover payments the City makes on the bonds. In December
2019, the City issued a complete refunding of the bond at a 4% interest rate, saving the Agency over
$18,500 in principal and interest payments. As of June 30, 2022, anticipated cumulative payments
remaining under the agreement were $0
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
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
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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, 2023, anticipated cumulative payments remaining under the agreement were $76,689,609.
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
2024 $ 2,188,086
2025 2,187,723
2026 2,186,443
2027 2,184,427
2028 2,186,796
2029-2033 23,472,420
2034-2038 42,283,714
Total $ 76,689,609
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
$123,749,493.
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
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
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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, 2023, the Agency transferred $6,520,478 in CBD incremental tax revenue to Block
70 for Eccles debt service per the agreements, and transferred an additional $2,469,853 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, 2023, the Agency received an additional $4,150,044 in incremental property taxes under
these agreements. The Agency expended $9,564,596 to cover the principal and interest payments due
during the year.
During the year ended June 30, 2007, the Agency entered into a reimbursement agreement with
Rio Grande Development LLC, a developer of a project within the Agency's Depot District Project
Area. Tremonton Hospitality LLC, dba Urban Suites assumed the agreement through an assignment and
assumption agreement signed in June 2016. NF IV-VA SSCI Salt Lake LLC assumed the agreement
through an assignment and assumption agreement signed in Fiscal Year 2021. Under this agreement, the
Agency is obligated to repay to the developers, from the tax increment revenue increases received from
the prospective projects, at the lesser of $2,020,000 or 37.5% of the tax increment increases over the
reimbursement term, plus accrued interest, but not to exceed the tax increment revenues received by the
Agency from the individual projects. These obligations are also subject to the developers paying
property taxes in a timely manner and the receipts of certificates project completion. For the year ended
June 30, 2023, the Agency paid the developers $73,047.
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
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124
the other terms of the reimbursement agreement. For the year ended June 30, 2023, the Agency recorded
expenses of $559,841.
During the year ended June 30, 2015, the Agency entered into a reimbursement agreement with
Liberty Gateway Properties, L.C. (Liberty) for a mixed-use housing project located on 500 West
between South Temple and 100 South, in the Agency’s Depot District Project Area. The agreement
provides a tax increment reimbursement to the Developer for costs incurred in connection with the
associated parking garage component of the project from the tax increment created from the property.
Under the agreement, the Agency will pay the Developer a reimbursement amount equal to the sum of
1) $3,000 multiplied by the actual number of eligible at-grade structured parking stalls (up to a
maximum of 48 stalls), plus 2) $6,000 multiplied by the actual number of below-grade structured
parking stalls (up to a maximum of 112), together with simple interest accrued thereon.
The maximum that will be reimbursed is $816,000. The reimbursement term is for the tax years
2015 through 2022 The Agency will make an annual payment to the Developer during the
reimbursement term in an amount equal to 72% of the tax increment for such year actually received by
the Agency until the earlier to occur of 1) Developer has received an amount equal to the reimbursement
amount or 2) the expiration of the reimbursement term. These obligations are subject to the Developer
paying property taxes on a timely basis, receipts of certificates of project completion, and other annual
reporting duties as defined in the reimbursement agreement. For the year ended June 30, 2023, the
Agency recorded expenses of $129,148.
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
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, 2023, the Agency
recorded expenses of $657,881, which consisted of $350,899 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
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125
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, 2023, the Agency made reimbursements to Stadler for tax
years 2019-2022 totaling $350,941.
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 first reimbursement was made for tax years 2019-2021. The total
reimbursement paid for the year ended June 30, 2023 to NWQ LLC, was $154,107.
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, 2023.
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
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, 2023, was $69,533, which has been recorded as a note receivable.
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June 30, 2023
126
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,
2024 $ 7,021,892
2025 7,021,892
2026 7,021,892
2027 7,021,892
2028 7,021,892
2029-2033 35,109,460
2034-2035 10,532,838
Total $ 80,751,758
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, 2023, was $23,235,204. 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 $9,946,927 at Salt Lake
County’s fiscal year end and is based on 32.2% of capacity currently filled. The Landfill will recognize
the remaining estimated cost of closure and post-closure care of approximately $29,225,170 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 2022 were $1,332,383. 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 $39,172,097 at
December 31, 2022. Although the County and Salt Lake City satisfy the financial test coverage and the
financial assurance requirement (therefore, an alternate method is not necessary), the Landfill has set
aside resources to finance the estimated liability for landfill closure and postclosure costs; at December
31, 2022 the Landfill has set aside $9,946,927 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 year ended June 30, 2023, the City paid the landfill approximately $1,830,984 in user
fees. 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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June 30, 2023
128
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, 2022 totaled
$961,427, which has been included in governmental activity investment in joint ventures in the
government-wide statement of net position. Of the total investment, $686,539 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. Recent Accounting Pronouncements
Newly Issued Accounting Pronouncements
In April 2022, the GASB issued Statement No. 99. The objectives of this Statement are to
enhance comparability in accounting and financial reporting and to improve the consistency of
authoritative literature by addressing (1) practice issues that have been identified during implementation
and application of certain GASB Statements and (2) accounting and financial reporting for financial
guarantees. The requirements related to leases, PPPs, and SBITAs will take effect for financial
statements starting with the fiscal year that ends June 30, 2023. The requirements related to financial
guarantees and the classification and reporting of derivative instruments within the scope of Statement
53 will take effect for financial statements starting with the fiscal year that ends June 30, 2024. The city
is currently evaluating the impact this statement will have in future years.
In June 2022, the GASB issued Statement No. 100. This Statement defines accounting changes
as changes in accounting principles, changes in accounting estimates, and changes to or within the
financial reporting entity and describes the transactions or other events that constitute those changes. As
part of those descriptions, for (1) certain changes in accounting principles and (2) certain changes in
accounting estimates that result from a change in measurement methodology, a new principle or
methodology should be justified on the basis that it is preferable to the principle or methodology used
before the change. That preferability should be based on the qualitative characteristics of financial
reporting—understandability, reliability, relevance, timeliness, consistency, and comparability. This
Statement also addresses corrections of errors in previously issued financial statements. The
requirements of this Statement will take effect for financial statements starting with the fiscal year that
ends June 30, 2024. The city is currently evaluating the impact this statement will have in future years.
In June 2022, the GASB issued Statement No. 101. his Statement requires that liabilities for
compensated absences be recognized for (1) leave that has not been used and (2) leave that has been
used but not yet paid in cash or settled through noncash means. A liability should be recognized for
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
129
leave that has not been used if (a) the leave is attributable to services already rendered, (b) the leave
accumulates, and (c) the leave is more likely than not to be used for time off or otherwise paid in cash or
settled through noncash means. Leave is attributable to services already rendered when an employee has
performed the services required to earn the leave. Leave that accumulates is carried forward from the
reporting period in which it is earned to a future reporting period during which it may be used for time
off or otherwise paid or settled. In estimating the leave that is more likely than not to be used or
otherwise paid or settled, a government should consider relevant factors such as employment policies
related to compensated absences and historical information about the use or payment of compensated
absences. However, leave that is more likely than not to be settled through conversion to defined benefit
post-employment benefits should not be included in a liability for compensated absences. The
requirements of this Statement will take effect for financial statements starting with the fiscal year that
ends December 31, 2024. The city is currently evaluating the impact this statement will have in future
years.
21. Subsequent Events
The following events occurred subsequent to June 30, 2023:
On September 26, 2022, the Airport reduced the accessible amount on the line of credit from $300 million
to $150 million.
On October 5, 2022, the City issued $21,875,000 of GO Series 2022 bonds. The proceeds of the
bonds are being used for street reconstruction.
On November 17, 2022 the City issued $40,015,000 and 24,240,000 of Sales Tax Revenue bonds
2022B and 2022C bonds, respectively. The proceeds of the bonds are being used for (a) financing all or
a portion of the cost of (i) acquiring, constructing and improving capital improvement projects including
(A) City Cemetery irrigation and road repairs and reconstruction; (B) improvements to Pioneer Park; (C)
600 North Corridor transformation; (D) new radio towers for City communication; (E) an upgrade of the
electrical transformer at the Central Plant and emergency backup generators; (F) Westside railroad quiet
zones; (G) Warm Spring Plunge structure stabilization and improvements; (H) Smith’s Ballpark
improvements; (I) urban wood reutilization equipment and storage additions; and (J) Fisher Mansion
stabilization and improvements and (ii) acquiring, constructing, improving and remodeling various other
capital improvement program projects.
Subsequent to year-end, the City continues to be impacted by the Coronavirus pandemic
(COVID-19), which has significantly increased risk and uncertainties in the global economy including
the community in which the City operates. The City is closely and continuously monitoring the
pandemic, its effects on the organization and the community, and the financial impact on the City.
Subsequent to year-end, the City received approximately $6 million from the State of Utah. This
was a reallocation of Federal Emergency Rental Assistance grant funds from the Covid 19 pandemic.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2023
130
Required Supplementary Information
131
SALT LAKE CITY CORPORATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
Year ended June 30, 2023
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 $ 128,801,500 $ — $ 128,801,500 $ 126,651,149 $ 126,651,149 $ 2,150,351
Sales, use and excise taxes 172,197,418 — 172,197,418 149,414,508 149,414,508 22,782,910
Franchise taxes 12,756,615 — 12,756,615 11,657,128 11,657,128 1,099,487
Licenses 17,599,344 — 17,599,344 15,514,249 15,514,249 2,085,095
Permits 26,347,166 — 26,347,166 25,216,212 25,216,212 1,130,954
Fines and forfeitures 2,339,387 — 2,339,387 1,915,174 1,915,174 424,213
Interest 12,352,550 — 12,352,550 2,071,154 2,071,154 10,281,396
Intergovernmental 5,936,560 — 5,936,560 4,644,622 4,644,622 1,291,938
Interfund service charges 25,857,520 — 25,857,520 24,431,717 24,431,717 1,425,803
Parking meter 2,616,329 — 2,616,329 2,635,475 2,635,475 (19,146)
Parking ticket 1,180,128 — 1,180,128 1,850,000 1,850,000 (669,872)
Charges for services 5,114,484 — 5,114,484 3,759,620 3,759,620 1,354,864
Rental and other income 697,203 — 697,203 — — 697,203
Miscellaneous 4,655,041 — 4,655,041 4,117,537 4,134,655 520,386
Total revenues 418,451,245 — 418,451,245 373,878,545 373,895,663 44,555,582
Expenditures:
Current:
City Council 4,725,621 437,597 5,163,218 5,387,707 5,865,015 701,797
Mayor 5,120,100 211,809 5,331,909 6,625,451 6,717,811 1,385,902
City Attorney 8,683,519 95,923 8,779,442 9,007,633 9,149,396 369,954
Finance 10,039,270 512,062 10,551,332 10,709,847 11,511,177 959,845
Fire 47,959,663 778,023 48,737,686 48,586,492 49,240,693 503,007
Combined Emergency Services 10,109,426 155,081 10,264,507 10,872,140 11,002,507 738,000
Police 103,022,906 1,927,708 104,950,614 103,977,042 109,399,027 4,448,413
Community and Neighborhoods 30,936,834 2,860,773 33,797,607 29,311,147 40,320,645 6,523,038
Economic Development 3,220,279 60,277 3,280,556 3,695,620 4,041,963 761,407
Justice Court 4,928,656 69,173 4,997,829 5,199,660 5,246,029 248,200
Human Resource 3,722,452 66,766 3,789,218 4,236,836 4,283,535 494,317
Public Services 61,802,283 6,234,766 68,037,049 63,628,160 70,558,245 2,521,196
Nondepartmental 52,459,130 7,743,738 60,202,868 40,862,171 52,311,573 (7,891,295)
Total expenditures 346,730,139 21,153,696 367,883,835 342,099,906 379,647,616 11,763,781
Revenues over (under) expenditures 71,721,106 (21,153,696) 50,567,410 31,778,639 (5,751,953) 56,319,363
Other financing sources (uses):
Proceeds from sale of property 25,554 — 25,554 — — 25,554
Transfers in 51,822,655 — 51,822,655 28,821,993 54,013,488 (2,190,833)
Transfers out (81,117,256) — (81,117,256) (83,437,502) (99,167,639) 18,050,383
Total other financing sources (uses): (29,269,047) — (29,269,047) (54,615,509) (45,154,151) 15,885,104
Net Change in Fund Balance 42,452,059 $ (21,153,696) $ 21,298,363 $ (22,836,870) $ (50,906,104) $ 72,204,467
Fund Balance July 1, 2022 160,123,682
Prior year encumbrances appropriated
in current year —
Prior period compensated absences —
Fund Balance June 30, 2023 $ 202,575,741
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, 2021
Last 10 Fiscal Years *
Noncontributory System 2023 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability/(asset) 9.70 % 9.91 % 9.93 % 10.01 % 10.09 % 10.16 % 10.50 % 10.40 % 10.30 %
Proportionate share of the net pension liability/(asset)$16,621,860 $ (56,771,800) $ 5,095,905 $ 37,731,456 $ 74,328,318 $ 44,516,859 $ 67,230,056 $ 58,910,626 $ 44,746,492
Covered payroll 76,152,635 76,880,596 77,864,031 79,785,630 81,245,865 82,604,948 86,964,302 85,816,435 86,096,547
Proportionate share of the net pension liability/(asset)
as a percentage of its covered payroll 21.83 % (73.84) % 6.54 % 47.29 % 91.49 % 53.89 % 77.30 % 68.60 % 52.00 %
Plan fiduciary net position as a percentage of the total
pension liability 97.50 % 108.70 % 99.20 % 93.70 % 87.00 % 91.90 % 87.30 % 87.80 % 90.20 %
Contributory Retirement System 2023 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability/(asset) 10.76 % 10.43 % 10.43 % 10.93 % 12.05 % 13.90 % 14.20 % 9.50 % 9.20 %
Proportionate share of the net pension liability/(asset)$ 1,106,542 $ (7,552,026) $ (1,869,545) $ 716,348 $ 4,889,920 $ 1,131,317 $ 4,650,788 $ 6,662,216 $ 2,659,357
Covered payroll 1,509,950 1,532,256 1,720,735 1,958,697 2,255,421 2,821,107 3,401,048 4,038,849 4,934,504
Proportionate share of the net pension liability/(asset)
as a percentage of its covered payroll 73.28 % (492.87) % (108.65) % 36.57 % 216.80 % 40.10 % 136.80 % 165.00 % 53.90 %
Plan fiduciary net position as a percentage of the total
pension liability 97.70 % 115.90 % 103.90 % 98.60 % 91.20 % 98.20 % 92.90 % 85.70 % 94.00 %
* In accordance with paragraph 81.a of GASB 68, the City is required to disclose a 10 year history in this table. However, until a full 10 year trend is compiled, the City will present
information for those years for which information is available.
133
SALT LAKE CITY CORPORATION
SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
UTAH RETIREMENT SYSTEMS
As of the Year Ended December 31, 2021
Last 10 Fiscal Years *
Public Safety System 2023 2022 2021 2020 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 %
Proportionate share of the net pension liability/(asset)$62,282,792 $19,818,161 $59,354,942 $79,378,833 $103,028,051 $86,194,634 $91,688,895 $85,106,335 $72,876,185
Covered payroll 28,012,449 27,379,781 28,690,327 29,303,158 29,710,645 29,999,431 31,087,336 28,581,857 28,254,323
Proportionate share of the net pension liability/(asset)
as a percentage of its covered payroll 222.34 % 72.38 % 206.88 % 270.89 % 346.77 % 287.32 % 294.90 % 297.80 % 257.90 %
Plan fiduciary net position as a percentage of the
total pension liability 86.20 % 95.50 % 85.90 % 80.40 % 73.70 % 77.30 % 74.00 % 73.90 % 76.70 %
Firefighters System 2023 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability/(asset) 25.62 % 26.65 % 26.38 % 26.66 % 26.50 % 25.40 % 26.00 % 25.80 % 25.70 %
Proportionate share of the net pension liability/(asset)$ (32,243,802) $ (72,083,739) $ (35,538,594) $ (16,662,414) $ 10,708,746 $ (5,697,589) $ 3,844,181 $ 4,382,293 $ (2,831,091)
Covered payroll 21,331,459 22,127,493 21,900,906 21,916,972 21,677,933 21,246,778 22,462,865 21,718,863 21,493,020
Proportionate share of the net pension liability/(asset)
as a percentage of its covered payroll (151.16) % (325.77) % (162.27) % (76.03) % 49.40 % (26.82) % 17.11 % 20.20 % (13.20) %
Plan fiduciary net position as a percentage of the
total pension liability 110.30 % 122.90 % 112.00 % 105.80 % 96.10 % 102.30 % 98.40 % 98.10 % 101.30 %
* In accordance with paragraph 81.a of GASB 68, the City is required to disclose a 10 year history in this table. However, until a full 10 year trend is compiled, the City will present
information for those years for which information is available.
134
SALT LAKE CITY CORPORATION
SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
UTAH RETIREMENT SYSTEMS
As of the Year Ended December 31, 2021
Last 10 Fiscal Years *
Tier 2 Public Employees System 2023 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability/(asset) 2.99 % 2.79 % 2.87 % 2.84 % 2.74 % 2.70 % 2.70 % 2.60 % 2.50 %
Proportionate share of the net pension liability/(asset)$3,252,994 $(1,179,997)$ 412,448 $ 639,365 $ 1,173,741 $ 237,701 $ 305,635 $ (5,627) $ (75,674)
Covered payroll 65,149,798 51,749,660 45,852,498 39,505,904 31,993,906 26,365,818 22,470,077 16,654,990 12,253,110
Proportionate share of the net pension liability/(asset)
as a percentage of its covered payroll 4.99 % (2.28) % 0.90 % 1.62 % 3.67 % 0.90 % 1.40 % — % (0.60) %
Plan fiduciary net position as a percentage of the
total pension liability 92.30 % 103.80 % 98.30 % 96.50 % 90.80 % 97.40 % 95.10 % 100.20 % 103.50 %
Tier 2 Public Safety and Firefighter System 2023 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability/(asset) 6.19 % 5.80 % 5.74 % 5.55 % 5.18 % 5.18 % 5.10 % 4.90 % 4.70 %
Proportionate share of the net pension liability/(asset)$ 516,314 $ (293,012) $ 515,287 $ 521,868 $ 129,911 $ (59,931) $ (44,337) $ (70,899) $ (69,679)
Covered payroll 19,042,447 13,863,869 11,485,493 9,144,399 6,932,409 5,466,404 4,220,190 2,887,833 1,947,856
Proportionate share of the net pension liability/(asset)
as a percentage of its covered payroll 2.71 % (2.11) % 4.49 % 5.71 % 1.87 % (1.10) % 1.10 % (2.50) % (3.60) %
Plan fiduciary net position as a percentage of the
total pension liability 96.04 % 102.80 % 93.10 % 89.60 % 95.60 % 103.00 % 103.60 % 110.70 % 120.50 %
* In accordance with paragraph 81.a of GASB 68, the City is required to disclose a 10 year history in this table. However, until a full 10 year trend is compiled, the City will present
information for those years for which information is available.
135
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2023
Last 10 Fiscal Years *
Noncontributory System 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 13,669,162 $ 13,987,824 $ 14,211,603 $ 14,468,883 $ 14,784,183 $ 15,587,651 $ 15,203,842 $ 15,620,205 $ 15,813,000 $ 14,799,405
Contributions in relation to the
contractually required contribution (13,669,162) (13,987,824) (14,211,603) (14,468,883) (14,784,183) (15,587,651) (15,203,842) (15,620,205) (15,813,000) (14,799,405)
Contribution deficiency — — — — — — — — —
Covered payroll 75,622,149 76,229,226 77,436,235 78,833,598 80,557,707 84,994,448 82,857,075 85,124,380 86,242,509 86,203,296
Contributions as a percentage of
covered payroll ** 18.08 % 18.35 % 18.35 % 18.35 % 18.35 % 18.34 % 18.40 % 18.40 % 18.30 % 17.20 %
Contributory Retirement System 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 209,380 $ 220,194 $ 230,348 $ 269,579 $ 295,509 $ 385,624 $ 440,076 $ 521,065 $ 663,580 $ 678,348
Contributions in relation to the
contractually required contribution (209,380) (220,194) (230,348) (269,579) (295,509) (385,624) (440,076) (521,065) (663,580) (678,348)
Contribution deficiency — — — — — — — — —
Covered payroll 1,490,725 1,522,794 1,593,017 1,864,326 2,043,653 2,667,741 3,043,441 3,603,536 4,589,128 5,108,117
Contributions as a percentage of
covered payroll ** 14.05 % 14.46 % 14.46 % 14.46 % 14.46 % 14.50 %14.5% 14.50 % 14.50 % 13.30 %
* 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.
136
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2023
Last 10 Fiscal Years *
Public Safety System 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 13,146,106 $ 12,767,488 $ 12,550,149 $ 13,455,117 $ 13,599,853 $ 14,249,526 $ 13,983,065 $ 13,373,761 $ 13,142,387 $ 12,367,266
Contributions in relation to the
contractually required contribution (13,146,106) (12,767,488) (12,550,149) (13,455,117) (13,599,853) (14,249,526) (13,983,065) (13,373,761) (13,142,387) (12,367,266)
Contribution deficiency — — — — — — — — —
Covered payroll 28,351,640 27,876,833 27,456,348 29,318,067 29,492,416 30,940,836 30,315,192 28,977,940 28,508,216 27,913,882
Contributions as a percentage of
covered payroll ** 46.37 % 45.80 % 45.71 % 4580.00 % 45.90 % 46.11 % 46.10 % 46.20 % 46.20 % 46.10 % 44.30 %
Firefighters System 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 1,301,449 $ 1,534,954 $ 1,584,137 $ 1,594,213 $ 1,575,638 $ 1,492,942 $ 1,415,652 $ 1,478,858 $ 1,423,828 $ 953,758
Contributions in relation to the
contractually required contribution (1,301,449) (1,534,954) (1,584,137) (1,594,213) (1,575,638) (1,492,942) (1,415,652) (1,478,858) (1,423,828) (953,758)
Contribution deficiency — — — — — — — — —
Covered payroll 20,898,457 21,507,692 22,144,611 22,042,984 21,763,435 22,283,254 21,256,546 21,877,162 21,606,471 21,390,496
Contributions as a percentage of
covered payroll ** 6.23 % 7.14 % 7.15 % 7.23 % 7.24 % 6.70 % 6.70 % 6.80 % 6.60 % 4.50 %
* 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.
137
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2023
Last 10 Fiscal Years *
Tier 2 Public Employee System***2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 11,675,940 $ 9,282,036 $ 7,581,247 $ 6,812,120 $ 5,538,150 $ 4,540,799 $ 3,554,282 $ 2,862,396 $ 2,144,571 $ 1,434,751
Contributions in relation to the
contractually required contribution (11,675,940) (9,282,036) (7,581,247) (6,812,120) (5,538,150) (4,540,799) (3,554,282) (2,862,396) (2,144,571) (1,434,751)
Contribution deficiency — — — — — — — — —
Covered payroll 71,143,338 57,760,755 47,983,204 43,501,516 35,640,144 30,052,109 23,838,638 19,200,283 14,354,821 10,255,748
Contributions as a percentage of
covered payroll ** 16.41 % 16.07 % 15.80 % 15.66 % 15.54 % 15.10 % 14.90 % 14.90 % 14.90 % 14.00 %
Tier 2 Public Safety and
Firefighter System***2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 6,537,069 $ 5,165,630 $ 3,605,014 $ 3,079,494 $ 2,273,400 $ 1,700,143 $ 1,268,783 $ 958,067 $ 723,268 $ 494,869
Contributions in relation to the
contractually required contribution (6,537,069) (5,165,630) (3,605,014) (3,079,494) (2,273,400) (1,700,143) (1,268,783) (958,067) (723,268) (494,869)
Contribution deficiency — — — — — — — — —
Covered payroll 20,603,402 16,575,313 11,814,994 10,711,284 8,055,737 6,249,529 4,734,619 3,478,846 2,424,518 1,709,850
Contributions as a percentage of
covered payroll ** 31.73 % 31.16 % 30.51 % 28.75 % 28.22 % 27.20 % 26.80 % 27.50 % 29.80 % 28.90 %
* 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.
138
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2023
Last 10 Fiscal Years *
Tier 2 Public Employees DC Only
System***2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 1,325,692 $ 1,164,900 $ 1,044,855 $ 839,449 $ 718,595 $ 612,119 $ 469,208 $ 350,234 $ 223,610 $ 99,229
Contributions in relation to the
contractually required contribution (1,325,692) (1,164,900) (1,044,855) (839,449) (718,595) (612,119) (469,208) (350,234) (223,610) (99,229)
Contribution deficiency — — — — — — — — —
Covered payroll 20,088,131 16,699,079 14,939,673 11,951,099 10,299,788 8,817,876 6,802,409 5,235,399 3,327,655 1,778,375
Contributions as a percentage of
covered payroll ** 6.60 % 6.98 % 6.99 % 7.02 % 6.98 % 6.94 % 6.90 % 6.70 % 6.70 % 5.60 %
Tier 2 Public Safety and
Firefighter DC Only System***2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarial determined contributions $ 698,569 $ 567,245 $ 453,281 $ 389,830 $ 358,354 $ 273,217 $ 167,364 $ 144,511 $ 138,623 $ 66,613
Contributions in relation to the
contractually required contribution (698,569) (567,245) (453,281) (389,830) (358,354) (273,217) (167,364) (144,511) (138,623) (66,613)
Contribution deficiency — — — — — — — — —
Covered payroll 3,540,475 2,872,082 2,327,822 2,025,004 1,826,747 1,357,040 892,166 738,510 660,215 327,534
Contributions as a percentage of
covered payroll ** 19.73 % 19.75 % 19.47 % 19.25 % 19.62 % 20.10 % 18.80 % 19.60 % 21.00 % 20.30 %
* 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.
139
SALT LAKE CITY CORPORATION
SCHEDULE OF CONTRIBUTIONS
UTAH RETIREMENT SYSTEMS
June 30, 2023
Last 10 Fiscal Years *
SALT LAKE CITY PUBLIC SAFETY FUND
2033 2022 2021 2020 2019 2018 2017 2016
Actuarially Determined Contribution $ 16,505,799 $ 15,350,247 $ 15,608,224 $ 15,608,919 $ 15,294,371 $ 14,899,169 $ 15,260,367 $ 14,100,050
Contribution in relation to the actuarially
determined contribution (16,505,799) (15,350,247) (15,608,224) (15,608,919) (15,294,371) (14,899,169) (15,260,367) (14,100,050)
Contribution deficiency (excess) — — — — — —
Covered payroll 25,994,490 26,735,927 28,519,448 28,862,618 29,357,367 30,142,604 28,331,159 28,581,857
Contributions as a percentage of covered payroll 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. However, until a full 10 year trend is compiled, the City will present information
available.
140
SALT LAKE CITY CORPORATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
December 31, 2022
Last 10 Fiscal Years*
Schedule of Changes in Net Pension Liability
Total pension liability 2022 2021 2020 2019 2018 2017 2016 2015
Service Cost $ 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) 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 3,310,822 (769,824) 3,340,606 345,357 533,365 2,143,293 2,814,918 2,062,462
Changes of assumptions — 5,194,335 (242,821) — — 11,736,690 11,312,611 —
Benefit payments, including refunds of employee contributions (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 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 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 $ 449,953,926 $ 435,897,793 $ 420,284,438 $ 404,569,021 $ 392,051,728 $ 379,138,746 $ 352,364,572 $ 326,503,586
Plan fiduciary net position
Contributions – employer $ 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 88,709 3,338 88,759 — — — 7,662 198
Net investment income (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 (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 (134,148) (130,628) (129,919) (125,839) (134,501) (129,436) (118,082) (115,895)
Other 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 (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 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 $ 387,641,134 $ 416,079,632 $ 360,929,496 $ 325,190,188 $ 289,023,677 $ 292,944,112 $ 260,675,677 $ 241,397,251
Net pension liability $ 62,282,792 $ 19,818,161 $ 59,354,942 $ 79,378,833 $ 103,028,051 $ 86,194,634 $ 91,688,895 $ 85,106,335
Plan fiduciary net position as a percentage
of the total pension liability 86.2 % 95.5 % 85.9 % 80.4 % 73.7 % 77.3 % 74.0 % 73.9 %
Covered payroll 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 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.
*Fiscal 2016 is the earliest data the City has for this plan; this schedule will be built prospectively.
141
SALT LAKE CITY CORPORATION
COMPONENT UNIT LIBRARY
SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS
June 30, 2023
Last 10 Fiscal Years *
Schedule of Changes in the Total OPEB Liability and Related Ratios
2023 2022 2021 2020 2019 2018
Total OPEB Liability
Service Cost $ — $ — $ — $ — $ —
Interest 6,824 4,455 5,876 7,958 9,568 10,234
Changes of benefit terms — — — — —
Differences between expected and actual experience (6,241) (1,113) (398) (764) 1,985
Changes in assumptions or other inputs (1,897) (24,306) 9,647 1,857 8,215 —
Benefit Payments (20,400) (21,600) (22,900) (24,750) (29,250) (31,950)
Net Change in Total OPEB liability (15,473) (47,692) (8,490) (15,333) (12,231) (19,731)
Total OPEB Liability - Beginning 195,123 242,815 251,305 266,638 278,868 298,599
Total OPEB Liability - Ending $ 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
Notes to Schedule:
Changes of Benefit Terms: None
Discount rates used in each period: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.
142
Notes to Required Supplementary
Information
143
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, 2023, General Fund
appropriations increased by a net $28,069,234. The first increase was for encumbrances totaling
$20,147,898. The third budget amendment increased funding for deeply affordable housing to address
immediate and long-term homeless needs by $6 million. The fourth budget amendment totaled
$7,584,328 and included requests for five new positions. It also included $750,000 for fire station
gender equity, $2,539,019 for police patrol response, $500,000 for the tennis court reconstruction and
$800,000 for substation improvements and various smaller projects. The fifth and sixth budget
amendment increased general fund budgets by $5,940,349 and $12,219,731 respectively. These
amounts included funding increases for repairs to City Hall for earthquake damages, improvements to
the City physical security, reapairs to the Steiner building roof, and ARPA revenue replacement. Other
smaller budget amendments 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, 2023
City Council $ 4,725,621 $ 422,308 $ 15,289 $ 5,163,218
Mayor 5,120,100 201,201 10,608 5,331,909
City Attorney 8,683,519 68,254 27,669 8,779,442
Finance 10,039,270 479,131 32,931 10,551,332
Fire 47,959,663 637,083 140,940 48,737,686
Combined Emergency Services 10,109,426 130,367 24,714 10,264,507
Police 103,022,906 1,680,990 246,718 104,950,614
Community and Neighborhoods 30,936,834 2,800,541 60,232 33,797,607
Economic Development 3,220,279 55,343 4,934 3,280,556
Justice Courts 4,928,656 46,369 22,804 4,997,829
Human Resources 3,722,452 46,699 20,067 3,789,218
Public Services 61,802,283 6,111,185 123,581 68,037,049
Nondepartmental 52,459,130 7,743,738 — 60,202,868
Total expenditures 346,730,139 20,423,209 730,487 367,883,835
Transfers out 81,117,256 — — 81,117,256
Total $ 427,847,395 $ 20,423,209 $ 730,487 $ 449,001,091
SALT LAKE CITY CORPORATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2023
144
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.
SALT LAKE CITY CORPORATION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2023
145
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146
Supplementary Information
147
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.
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.
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.
148
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.
149
SALT LAKE CITY CORPORATION
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2023
Special
Revenue
Funds
Special
Improvement
Debt Service
Fund
Total
Nonmajor
Governmental
Funds
ASSETS
Cash and cash equivalents
Unrestricted $ 50,941,266 $ 168,217 $ 51,109,483
Receivables:
Property tax receivable 2,364,903 — 2,364,903
Accounts receivable 1,875,862 139,417 2,015,279
Loan and other receivables 278,201 — 278,201
Due from for cash overdraft 475,946 — 475,946
Due from other governments 3,979,308 — 3,979,308
Other 4,057 86,790 90,847
Prepaids 23,731 — 23,731
Total assets $ 59,943,274 $ 394,424 $ 60,337,698
LIABILITIES
Due to for cash overdraft $ 475,946 $ — $ 475,946
Accounts payable 1,712,348 — 1,712,348
Accrued liabilities 351,638 — 351,638
Current deposits and advance rentals 1,638,358 — 1,638,358
Revenues collected in advance 23,499,843 — 23,499,843
Other liabilities payable from restricted assets 1,875,862 226,207 2,102,069
Total liabilities 29,553,995 226,207 29,780,202
DEFERRED INFLOWS OF RESOURCES
Unavailable grant revenue 650 — 650
Total liabilities and deferred inflows of resources 29,554,645 226,207 29,780,852
FUND BALANCE
Nonspendable 23,731 — 23,731
Restricted 15,018,855 — 15,018,855
Committed 6,021,935 168,217 6,190,152
Assigned 9,324,108 — 9,324,108
Total fund balance 30,388,629 168,217 30,556,846
Total liabilities and fund balance $ 59,943,274 $ 394,424 $ 60,337,698
150
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
Year ended June 30, 2023
Special
Revenue
Funds
Special
Improvement
Debt Service
Fund
Total
Nonmajor
Governmental
Funds
Revenues:
Sales, use, and excise taxes $ 13,494,711 $ — $ 13,494,711
Assessments 1,568,911 13,051 1,581,962
Fines and forfeitures 36,174 — 36,174
Interest 447,871 15,653 463,524
Intergovernmental 65,048,776 — 65,048,776
Charges for services 2,804,287 — 2,804,287
Contributions 765,787 — 765,787
Rental and other income 431,910 — 431,910
Miscellaneous 1,953,665 — 1,953,665
Total revenues 86,552,092 28,704 86,580,796
Expenditures:
Fire 66,140 — 66,140
Police 445,197 — 445,197
Community and Neighborhoods 24,792,625 — 24,792,625
Economic Development 2,623,323 — 2,623,323
Public Services 2,365,514 — 2,365,514
Nondepartmental — 83 83
Total expenditures 30,292,799 83 30,292,882
Revenues over expenditures 56,259,293 28,621 56,287,914
Other financing sources:
Proceeds from sale of property 14,132 — 14,132
Transfers in 300,000 — 300,000
Transfers out (53,249,296) (53,249,296)
Total other financing sources (52,935,164) — (52,935,164)
Net change in fund balances 3,324,129 28,621 3,352,750
Fund Balance July 1, 2022 27,064,500 139,596 27,204,096
Fund Balance June 30, 2023 $ 30,388,629 $ 168,217 $ 30,556,846
151
SALT LAKE CITY CORPORATION
COMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
June 30, 2023
Arts
Council
Downtown
Economic
Development
Community
Development
Operating
Grants
Operating
ASSETS
Cash and cash equivalents
Unrestricted $ 1,014,535 $ 2,816,272 $ — $ 27,313,629
Receivables:
Property tax receivable — — — —
Accounts receivable — 1,875,862 — —
Loan and other receivables, net 278,201 — — —
Due from for cash overdraft — — 475,946
Due from other governments — — 778,132 3,201,176
Other 4,057 — — —
Prepaids 5,731 — 1,500 16,500
Total assets $ 1,302,524 $ 4,692,134 $ 779,632 $ 31,007,251
LIABILITIES
Due to for cash overdraft $ — $ — $ 475,946 $ —
Accounts payable 68,145 411,000 204,612 934,872
Accrued liabilities 351,638 — — —
Current deposits and advance rentals — — — —
Total current liabilities 419,783 411,000 680,558 934,872
Noncurrent liabilties:
Revenues collected in advance — — — 23,499,843
Other liabilities payable from restricted
assets — 1,875,862 — —
Total liabilities 419,783 2,286,862 680,558 24,434,715
DEFERRED INFLOWS OF
RESOURCES
Unavailable grant revenue 650 — — —
Total liabilities and deferred inflows of
resources 420,433 2,286,862 680,558 24,434,715
FUND BALANCE
Nonspendable 5,731 — 1,500 16,500
Restricted — — 97,574 6,556,036
Committed — — — —
Assigned 876,360 2,405,272 — —
Total fund balance 882,091 2,405,272 99,074 6,572,536
Total liabilities deferred inflows of
resources and fund balance $ 1,302,524 $ 4,692,134 $ 779,632 $ 31,007,251
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
$ 599,972 $ 3,014,810 $ 5,822,936 $ 3,909,218 $ 5,412,484 $ 1,037,410 $ 50,941,266
— — 850,330 — 1,514,573 — 2,364,903
— — — — — — 1,875,862
— — — — — — 278,201
— — — — — — 475,946
— — — — — — 3,979,308
— — — — — — 4,057
— — — — — — 23,731
$ 599,972 $ 3,014,810 $ 6,673,266 $ 3,909,218 $ 6,927,057 $ 1,037,410 59,943,274
$ — $ — $ — $ — $ — $ — 475,946
— 23,309 — 70,361 — 49 1,712,348
— — — — — — 351,638
— 1,638,358 — — — — 1,638,358
— 1,661,667 — 70,361 — 49 4,178,290
— — — — — — 23,499,843
— — — — — — 1,875,862
— 1,661,667 — 70,361 — 49 29,553,995
— — — — — — 650
— 1,661,667 — 70,361 — 49 29,554,645
— — — — — — 23,731
— — 850,330 — 6,927,057 587,858 15,018,855
— 198,999 5,822,936 — — — 6,021,935
599,972 1,154,144 — 3,838,857 — 449,503 9,324,108
599,972 1,353,143 6,673,266 3,838,857 6,927,057 1,037,361 30,388,629
$ 599,972 $ 3,014,810 $ 6,673,266 $ 3,909,218 $ 6,927,057 $ 1,037,410 $ 59,943,274
153
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUE EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
Year ended June 30, 2023
Arts
Council
Downtown
Economic
Development
Community
Development
Operating
Grants
Operating
Revenues:
Sales, use, and excise taxes $ — $ — $ — $ —
Assessments — 1,568,911 — —
Fines and forfeitures — — — —
Interest — 3,607 — 101,211
Intergovernmental — — 4,074,559 59,362,362
Charges for services 2,018,167 — — —
Contributions 765,787 — — —
Rental and other income — — — —
Miscellaneous — — — 688,660
Total revenues 2,783,954 1,572,518 4,074,559 60,152,233
Expenditures:
Fire — — — —
Police — — — —
Community and Neighborhoods — 1,668,631 2,579,246 20,128,930
Economic Development 2,623,323 — — —
Public Services — — — —
Total expenditures 2,623,323 1,668,631 2,579,246 20,128,930
Revenues over expenditures 160,631 (96,113) 1,495,313 40,023,303
Other financing sources:
Proceeds from sale of property — — — —
Transfers in — — — —
Transfers out — — (1,476,972) (38,493,191)
Total other financing sources — — (1,476,972) (38,493,191)
Net change in fund balances 160,631 (96,113) 18,341 1,530,112
Fund Balance July 1, 2022 721,460 2,501,385 80,733 5,042,424
Fund Balance June 30, 2023 $ 882,091 $ 2,405,272 $ 99,074 $ 6,572,536
154
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
$ — $ — $ 5,001,229 $ — $ 8,493,482 $ — $ 13,494,711
——————1,568,911
—36,174 ————36,174
926 40,999 215,780 85,348 ——447,871
———1,611,855 ——65,048,776
—212,843 —573,277 ——2,804,287
——————765,787
———431,910 ——431,910
—62,967 —1,165,186 —36,852 1,953,665
926 352,983 5,217,009 3,867,576 8,493,482 36,852 86,552,092
———66,140 ——66,140
———51,666 —393,531 445,197
—325,182 ——90,636 —24,792,625
——————2,623,323
———2,365,514 ——2,365,514
—325,182 —2,483,320 90,636 393,531 30,292,799
926 27,801 5,217,009 1,384,256 8,402,846 (356,679)56,259,293
—14,132 ————14,132
—300,000 ————300,000
——(3,800,385)(20,000)(9,458,748)—(53,249,296)
— 314,132 (3,800,385) (20,000) (9,458,748) — (52,935,164)
926 341,933 1,416,624 1,364,256 (1,055,902) (356,679) 3,324,129
599,046 1,011,210 5,256,642 2,474,601 7,982,959 1,394,040 27,064,500
$ 599,972 $ 1,353,143 $ 6,673,266 $ 3,838,857 $ 6,927,057 $ 1,037,361 $ 30,388,629
155
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
ARTS COUNCIL
Year ended Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Charges for services $ 1,990,118 $ 1,894,493 $ 2,004,721 $ (14,603)
Contributions 765,787 617,700 732,738 33,049
Miscellaneous 28,049 — 8,000 20,049
Total revenues 2,783,954 2,512,193 2,745,459 38,495
Expenditures:
Arts Council 2,623,323 2,512,193 2,756,621 133,298
Total expenditures 2,623,323 2,512,193 2,756,621 133,298
Revenues over expenditures 160,631 $ — $ (11,162) $ 171,793
Other financing sources:
Net change in fund balance 160,631
Fund Balance July 1, 2022 721,460
Fund Balance June 30, 2023 $ 882,091
156
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DOWNTOWN ECONOMIC DEVELOPMENT
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Assessments $ 1,568,911 $ 1,700,000 $ 1,700,000 $ (131,089)
Interest 3,607 — — 3,607
Total revenues 1,572,518 1,700,000 1,700,000 (127,482)
Expenditures:
Community and Economic
Development 1,668,631 1,700,000 1,700,000 31,369
Total expenditures 1,668,631 1,700,000 1,700,000 31,369
Revenues over expenditures (96,113) $ — $ — $ (96,113)
Net change in fund balance (96,113)
Fund Balance July 1, 2022 2,501,385
Fund Balance June 30, 2023 $ 2,405,272
157
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT OPERATING FUND
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Intergovernmental $ 4,074,559 $ 4,670,517 $ 6,980,730 $ (2,906,171)
Total revenues 4,074,559 4,670,517 6,980,730 (2,906,171)
Expenditures:
Community and Economic
Development 2,579,246 4,958,433 7,268,646 4,689,400
Total expenditures 2,579,246 4,958,433 7,268,646 4,689,400
Revenues over expenditures 1,495,313 (287,916) (287,916) 1,783,229
Other financing sources (uses):
Transfers out (1,476,972) — — (1,476,972)
Total other financing sources: (1,476,972) $ — $ — $ (1,476,972)
Net change in fund balance 18,341
Fund Balance July 1, 2022 80,733
Fund Balance June 30, 2023 $ 99,074
158
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
GRANTS OPERATING FUND
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Interest $ 101,211 $ — $ 5,000 $ 96,211
Intergovernmental 59,362,362 34,158,918 73,380,812 (14,018,450)
Miscellaneous 688,660 — 65,400 623,260
Total revenues 60,152,233 34,158,918 73,451,212 (13,298,979)
Expenditures:
Community and Economic
Development 20,128,930 6,724,042 75,141,537 55,012,607
Total expenditures 20,128,930 6,724,042 75,141,537 55,012,607
Revenues over (under) expenditures 40,023,303 27,434,876 (1,690,325) (68,311,586)
Other financing sources (uses):
Transfers out (38,493,191) (19,890,111) (38,493,191) —
Total other financing sources: (38,493,191) $ (19,890,111) $ (38,493,191) $ —
Net change in fund balance 1,530,112
Fund Balance July 1, 2022 5,042,424
Fund Balance June 30, 2023 $ 6,572,536
159
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
STREET LIGHTING
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Interest $ 926 $ — $ — $ 926
Total revenues 926 — — 926
Revenues over expenditures 926 $ — $ — $ 926
Net change in fund balance 926
Fund Balance July 1, 2022 599,046
Fund Balance June 30, 2023 $ 599,972
160
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DEMOLITION, WEED AND FORFEITURE
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Fines and forfeitures $ 36,174 $ — $ — $ 36,174
Interest 40,999 — — 40,999
Charges for services 212,843 — — 212,843
Miscellaneous 62,967 — — 62,967
Total revenues 352,983 — — 352,983
Expenditures:
Community and Economic
Development 325,182 300,000 1,202,827 877,645
Total expenditures 325,182 300,000 1,202,827 877,645
Revenues over (under) expenditures 27,801 (300,000) (1,202,827) 1,230,628
Other financing sources:
Proceeds from sale of property 14,132 — — 14,132
Transfers in 300,000 300,000 350,000 (50,000)
Total other financing sources: 314,132 $ 300,000 $ 350,000 $ (35,868)
Net change in fund balance 341,933
Fund Balance July 1, 2022 1,011,210
Fund Balance June 30, 2023 $ 1,353,143
161
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
EMERGENCY 911 DISPATCH
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Sales, use and excise taxes $ 5,001,229 $ 3,850,000 $ 3,850,000 $ 1,151,229
Interest 215,780 75,000 75,000 140,780
Total revenues 5,217,009 3,925,000 3,925,000 1,292,009
Revenues over expenditures 5,217,009 3,925,000 3,925,000 1,292,009
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 1,416,624
Fund Balance July 1, 2022 5,256,642
Fund Balance June 30, 2023 $ 6,673,266
162
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SALT LAKE CITY DONATION FUND
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Interest $ 85,348 $ — $ 44,668 $ 40,680
Intergovernmental 1,611,855 1,646,800 1,646,800 (34,945)
Charges for services 573,277 508,850 508,850 64,427
Rental and other income 431,910 201,100 201,100 230,810
Miscellaneous 1,165,186 563,500 1,712,493 (547,307)
Total revenues 3,867,576 2,920,250 4,113,911 (246,335)
Expenditures:
Fire 66,140 — — (66,140)
Police 51,666 — — (51,666)
Public Services 2,365,514 2,870,250 5,473,075 3,107,561
Total expenditures 2,483,320 2,870,250 5,473,075 2,989,755
Revenues over (under) expenditures 1,384,256 50,000 (1,359,164) 2,743,420
Other financing sources:
Transfers out (20,000) — (20,000) —
Total other financing sources: (20,000) $ — $ (20,000) $ —
Net change in fund balance 1,364,256
Fund Balance July 1, 2022 2,474,601
Fund Balance June 30, 2023 $ 3,838,857
163
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SALT LAKE CITY TRANSPORTATION FUND
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Sales tax $ 8,493,482 $ 9,600,000 $ 9,600,000 $ (1,106,518)
Total revenues 8,493,482 9,600,000 9,600,000 (1,106,518)
Expenditures:
Transportation 90,636 9,458,748 9,458,748 (9,368,112)
Total expenditures 90,636 9,458,748 9,458,748 (9,368,112)
Revenues over (under) expenditures 8,402,846 141,252 141,252 8,261,594
Other financing sources:
Transfers out (9,458,748) — — (9,458,748)
Total other financing sources: (9,458,748) $ — $ — $ (9,458,748)
Net change in fund balance (1,055,902)
Fund Balance July 1, 2022 7,982,959
Fund Balance June 30, 2023 $ 6,927,057
164
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DEA METRO NARCOTIC TASK FORCE FUND
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Miscellaneous $ 36,852 $ 1,762,560 $ 1,762,560 $ (1,725,708)
Total revenues 36,852 1,762,560 1,762,560 (1,725,708)
Expenditures:
Police 393,531 1,762,560 1,762,560 (1,369,029)
Total expenditures 393,531 1,762,560 1,762,560 (1,369,029)
Revenues over (under) expenditures (356,679) $ — $ — $ (356,679)
Net change in fund balance (356,679)
Fund Balance July 1, 2022 1,394,040
Fund Balance June 30, 2023 $ 1,037,361
165
SALT LAKE CITY CORPORATION
COMBINING BALANCE SHEET
NONMAJOR DEBT SERVICE FUND
Year ended June 30, 2023
Special
Improvement
ASSETS
Cash and cash equivalents
Unrestricted $ 168,217
Receivables:
Accounts 139,417
Other 86,790
Total assets $ 394,424
LIABILITIES
Other liabilities $ 226,207
Total liabilities 226,207
FUND BALANCE
Committed 168,217
Total fund balance 168,217
Total liabilities and fund balance $ 394,424
166
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR DEBT SERVICE FUND
Year ended June 30, 2023
Special
Improvement
Revenues:
Assessments $ 13,051
Interest 15,653
Total revenues 28,704
Expenditures:
Finance
Debt service:
Operating and maintenance 83
Total expenditures 83
Net change in fund balance 28,621
Fund Balance July 1, 2022 139,596
Fund Balance June 30, 2023 $ 168,217
167
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SPECIAL IMPROVEMENT FUND
Year ended June 30, 2023
Actual
(GAAP basis)
Budgeted Amounts
Original
Budget
Final
Budget Variance
Revenues:
Assessments $ 13,051 $ 3,000 $ 3,000 $ 10,051
Interest 15,653 — — 15,653
Total revenues 28,704 3,000 3,000 25,704
Expenditures:
Operating and maintenance 83 1,200 1,200 1,117
Administrative Services — 1,800 1,800 1,800
Total expenditures 83 3,000 3,000 2,917
Revenues over (under) expenditures 28,621 $ — $ — $ 28,621
Net change in fund balance 28,621
Fund Balance July 1, 2022 139,596
Fund Balance June 30, 2023 $ 168,217
168
Major Governmental Funds
Budgetary Comparison Schedule
169
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
CAPITAL PROJECTS FUND
Year ended June 30, 2023
Actual
(GAAP basis)
Budgeted Amounts
Original
Budget
Final
Budget Variance
Revenues:
Sales, use and excise taxes $ 1,617,217 $ 8,000,000 $ 1,617,217 $ —
Permits 13,043,797 3,360,193 —13,043,797
Interest 5,262,888 —606,328 4,656,560
Intergovernmental 7,415,253 3,870,505 11,604,637 (4,189,384)
Charges for Services 600,000 —600,000 —
Rental and other income 181,591 —154,000 27,591
Miscellaneous 9,936,863 222,554 10,383,216 (446,353)
Total revenues 38,057,609 15,453,252 24,965,397 13,092,211
Expenditures:
Capital improvements 47,211,498 35,311,882 298,075,516 250,864,018
Total expenditures 47,211,498 35,311,882 298,075,516 250,864,018
Revenues under expenditures (9,153,889)(19,858,630)(273,110,118)(237,771,807)
Other financing sources (uses):
Proceeds from bond issuance 89,956,695 —89,953,000 3,695
Proceeds from sale of property 23,115 ——23,115
Debt Service:
Transfers in 39,637,805 20,007,135 42,117,368 (2,479,563)
Transfers out (7,884,341)(148,505)(7,348,505)(535,836)
Total other financing sources (uses):121,733,274 $ 19,858,630 $ 124,721,863 $ (2,988,589)
Net Change in Fund Balance 112,579,385
Fund Balance July 1, 2022 145,000,880
Fund Balance June 30, 2023 $ 257,580,265
170
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
OTHER IMPROVEMENT FUND
Year ended June 30, 2023
Budgeted Amounts
Actual
(GAAP basis)Original Final Variance
Revenues:
Property taxes $ 17,368,652 $ 17,368,652 $ 17,368,652 $ —
Sales, use and excise taxes 1,100,000 — — 1,100,000
Intergovernmental 5,447,065 2,187,367 2,187,367 3,259,698
Interest 159,607 — — 159,607
Rental and other income 318,606 318,608 318,608 (2)
Total revenues 24,393,930 19,874,627 19,874,627 4,519,303
Expenditures:
Administrative Services — 7,500 7,500 7,500
Debt service:
Principal 19,273,120 22,592,200 20,177,046 903,926
Interest 10,070,858 10,058,858 9,857,243 (213,615)
Total expenditures 29,343,978 32,658,558 30,041,789 697,811
Revenues under expenditures (4,950,048) (12,783,931) (10,167,162) 3,821,492
Other financing sources:
Refunding bonds issued 576,109 — 579,804 (3,695)
Transfers in 9,006,630 12,163,362 8,966,789 39,841
Total other financing sources 9,582,739 12,163,362 9,546,593 36,146
Other financing uses:
Transfers out (1,000,000) (1,000,000) (1,000,000) —
Total other financing uses (1,000,000) $ (1,000,000) $ (1,000,000) $ —
Net change in fund balance 3,632,691
Fund Balance July 1, 2022 9,816,669
Fund Balance June 30, 2023 $ 13,449,360
171
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172
Nonmajor Enterprise Funds
Street Lighting Utility – This fund is used to account for the activities related to operations, repairs and
maintenance of the street lights.
Refuse Collection Fund – This fund is used to account for the operations and activities related to
garbage collection and disposal.
Housing and Loan Fund – This fund is used to account for the loan servicing activities of the City’s
grand and leveraged bank funded loans, except for the Urban Development Action Grant loans.
Golf Fund – This fund is used to account for the operation of golf courses for use by the general public.
173
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF NET POSITION
NONMAJOR PROPRIETARY FUNDS
June 30, 2023
Street Lighting
Utility
ASSETS
Current assets:
Cash and cash equivalents
Unrestricted $ 5,674,529
Restricted 80,661
Receivables:
Accounts, less allowance for doubtful accounts of $6,956, $28,302, $0, $0
respectively, totaling $35,258. 355,405
Current portion of loans receivable —
Prepaid expenses 2,055
Inventory of supplies —
Total current assets 6,112,650
Property and equipment, at cost:
Land and water rights —
Buildings —
Improvements other than buildings 13,156,875
Machinery and equipment —
Construction in progress —
Accumulated depreciation (4,635,130)
Net property and equipment 8,521,745
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 8,521,745
Total assets 14,634,395
DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows - Pension 32,971
Total Deferred Outflows 32,971
Total assets and deferred outflows of resources $ 14,667,366
174
Refuse
Collection Housing & Loan Golf Total
$ 7,404,359 $ 31,353,806 $ 11,253,336 $ 55,686,030
1,858,349 — — 1,939,010
1,209,911 — — 1,565,316
— 2,224,983 — 2,224,983
61,500 — 177,058 240,613
— — 283,188 283,188
10,534,119 33,578,789 11,713,582 61,939,140
— — 5,831,658 5,831,658
— — 4,509,301 4,509,301
— — 17,893,683 31,050,558
21,470,913 — 3,354,186 24,825,099
232,156 — — 232,156
(13,040,683) — (15,060,641) (32,736,454)
8,662,386 — 16,528,187 33,712,318
— 26,567,100 — 26,567,100
— 2,687,371 — 2,687,371
23,235,204 — — 23,235,204
31,897,590 29,254,471 16,528,187 86,201,993
42,431,709 62,833,260 28,241,769 148,141,133
647,479 — 456,727 1,137,177
647,479 — 456,727 1,137,177
$ 43,079,188 $ 62,833,260 $ 28,698,496 $ 149,278,310
175
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF NET POSITION
NONMAJOR PROPRIETARY FUNDS
June 30, 2023
Street Lighting
Utility
LIABILITIES
Current liabilities:
Accounts payable $ 420,532
Accrued liabilities 4,235
Accrued interest 37,595
Current deposits and advance rentals 31,382
Current portion of long-term compensated absences 2,253
Current portion of long-term debt 103,360
Total current liabilities 599,357
Noncurrent liabilties:
Deposits, advance rentals and long-term accruals —
Bonds, mortgages, and notes payable 2,055,922
Long-term compensated absences liability 18,668
Net pension liability 14,466
Total noncurrent liabilities 2,089,056
Total liabilities 2,688,413
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows - Pension 599
Total deferred inflows 599
NET POSITION
Invested in capital assets 6,405,529
Unrestricted 5,572,825
Total net position 11,978,354
Total liabilities, deferred inflows of resources and net position $ 14,667,366
176
Refuse
Collection Housing & Loan Golf Total
$ 290,604 $ 227,905 $ 351,744 $ 1,290,785
122,496 —96,144 222,875
———37,595
—628,034 —659,416
64,766 —173,923 240,942
1,746,491 689,207 —2,539,058
2,224,357 1,545,146 621,811 4,990,671
102,012 —932,152 1,034,164
3,084,545 2,764,885 4,785,705 12,691,057
365,332 —349,761 733,761
313,138 —247,577 575,181
3,865,027 2,764,885 6,315,195 15,034,163
6,089,384 4,310,031 6,937,006 20,024,834
9,745 —5,014 15,358
9,745 —5,014 15,358
——11,742,482 18,148,011
36,980,059 58,523,229 10,013,994 111,090,107
36,980,059 58,523,229 21,756,476 129,238,118
$ 43,079,188 $ 62,833,260 $ 28,698,496 $ 149,278,310
177
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
NONMAJOR PROPRIETARY FUNDS
June 30, 2023
Street Lighting
Utility
Sales and charges for services $ 4,288,019
Rental and other 1,111
Total operating revenue 4,289,130
Personnel services 213,646
Operating and maintenance —
Charges and services 4,055,718
Depreciation and amortization 707,539
Total operating expenses 4,976,903
Operating income/(loss) (687,773)
Interest income 171,632
Interest expense (78,204)
Equity in joint venture income —
Gain on disposition of property and equipment —
Total nonoperating revenues 93,428
Grants and other contributions (36,000)
Total capital contributions (36,000)
Income/(loss) before transfers (630,345)
Transfers in —
Transfers out —
Change in net position (630,345)
Net Position July 1, 2022 12,608,699
Net Position June 30, 2023 $ 11,978,354
178
Refuse
Collection
Housing &
Loan Golf Total
$ 15,249,801 $ — $ 10,593,179 $ 30,130,999
209,899 411,008 55,885 677,903
15,459,700 411,008 10,649,064 30,808,902
5,654,765 — 4,409,972 10,278,383
427,299 7,261 1,658,852 2,093,412
7,760,911 661,537 3,201,015 15,679,181
1,968,540 — 760,237 3,436,316
15,811,515 668,798 10,030,076 31,487,292
(351,815) (257,790) 618,988 (678,390)
196,274 1,504,776 267,750 2,140,432
(59,677) (138,037) (135,298) (411,216)
981,224 — — 981,224
325,691 — 560,900 886,591
1,443,512 1,366,739 693,352 3,597,031
— — — (36,000)
— — — (36,000)
1,091,697 1,108,949 1,312,340 2,882,641
1,762,126 1,019,189 2,078,374 4,859,689
(272,427) (241,762) — (514,189)
2,581,396 1,886,376 3,390,714 7,228,141
34,398,662 56,636,853 18,365,762 122,009,976
$ 36,980,059 $ 58,523,229 $ 21,756,476 $ 129,238,118
179
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR PROPRIETARY FUNDS
June 30, 2023
Street Lighting
Utility
Cash Flows from Operating Activities
Receipts from customers and users $ 4,362,693
Payments to internal fund services (65,375)
Payments to suppliers (3,893,254)
Payments to employees (270,322)
Net cash provided by operating activities 133,742
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 —
Contributions for aid in construction (36,000)
Payment on long-term obligations, net of capitalized interest (193,579)
Payments for purchase and construction, including capitalized
interest (199,606)
Net cash provided by capital and related financing activities (429,185)
Cash flows from investing activities:
Interest received on investments and loans 171,632
Net cash provided by investing activities 171,632
Net increase (decrease) in cash and cash equivalents (123,811)
Cash and cash equivalents at beginning of year 5,879,001
Cash and cash equivalents at end of year $ 5,755,190
Cash and cash equivalent components:
Unrestricted $ 5,674,529
Restricted 80,661
Cash and cash equivalents at end of year $ 5,755,190
Cash flows from operating activities -
Operating income (loss)$ (687,773)
Adjustments to reconcile operating income (loss) to net cash provided
by (used in) operating activities:
Depreciation and amortization 707,539
Increase (decrease) due to changes in:
Accounts receivable 86,078
Other current assets 300
Accounts payable 97,086
Deferred outflows —
Accrued liabilities affecting operating activities (52,713)
Other liabilities (12,512)
Pension assets —
Pension liability 53,791
Deferred inflows (58,054)
Compensation liability —
Total adjustments 821,515
Net cash provided by operating activities $ 133,742
Noncash transactions affecting financial position:
180
Refuse
Collection Housing & Loan Golf Total
$ 15,375,147 $ 4,006,743 $ 10,916,407 $ 34,660,990
— — — (65,375)
(8,188,210) (4,151,313) (4,909,243) (21,142,020)
(5,780,951) — (4,575,112) (10,626,385)
1,405,986 (144,570) 1,432,052 2,827,210
1,762,126 1,019,189 2,078,374 4,859,689
(272,427) (241,762) — (514,189)
1,489,699 777,427 2,078,374 4,345,500
2,768,457 — 2,768,457
545,027 — 560,900 1,105,927
— — — (36,000)
(1,414,223) (852,934) (512,767) (2,973,503)
(2,405,990) — (604,663) (3,210,259)
(506,728) (852,934) (556,530) (2,345,378)
196,274 1,504,776 267,750 2,140,432
196,274 1,504,776 267,750 2,140,432
2,585,231 1,284,699 3,221,646 6,967,764
6,677,477 30,069,107 8,031,690 50,657,275
9,262,708 31,353,806 11,253,336 57,625,040
$ 7,404,359 $ 31,353,806 $ 11,253,336 $ 55,686,030
1,858,349 — — 1,939,010
$ 9,262,708 $ 31,353,806 $ 11,253,336 $ 57,625,040
$ (351,815) $ (257,790) $ 618,988 $ (678,390)
1,968,540 — 760,237 3,436,316
108,356 25,683 — 220,117
4,596 327,632 (107,093) 225,435
(161,716) (240,095) 57,717 (247,008)
(207,025) — (124,303) (331,328)
30,761 — 286,867 264,915
(31,193) — — (43,705)
720,977 — 786,701 1,507,678
313,138 — 247,577 614,506
(1,007,962) — (1,077,242) (2,143,258)
19,329 — (17,397) 1,932
1,757,801 113,220 813,064 3,505,600
$ 1,405,986 $ (144,570) $ 1,432,052 $ 2,827,210
181
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
STREET LIGHTING UTILITY FUND
Year ended June 30, 2023
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 $ 4,289,130 $ 4,289,130 $ 4,174,722 $ 4,174,722 $ 114,408
Interest income 171,632 171,292 22,500 22,500 148,792
Contributions and nonoperating grants (36,000) (36,000) 25,000 25,000 (61,000)
Transfers in — — 80,000 80,000 (80,000)
Total revenues and other sources 4,424,762 4,424,422 4,302,222 4,302,222 122,200
Expenses and other uses:
Personnel services 213,647 271,490 392,792 392,792 121,302
Operating and maintenance — — 6,994 6,994 6,994
Charges and services 4,055,717 4,054,195 2,924,454 2,929,725 (1,124,470)
Depreciation and amortization 707,539 — — — —
Expenses before debt service and capital outlay 4,976,903 4,325,685 3,324,240 3,329,511 (996,174)
Debt Service
Principal — 98,430 100,485 100,485 2,055
Interest 78,204 93,099 93,100 93,100 1
Infrastructure — 152,292 2,240,000 2,256,415 2,104,123
Total expenses and other uses 5,055,107 4,669,506 5,757,825 5,779,511 1,110,005
Change in net position $ (630,345) $ (245,084) $ (1,455,603) $ (1,477,289) $ 1,232,205
182
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
REFUSE COLLECTION FUND
Year ended June 30, 2023
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Refuse collection fees $ 15,249,801 $ 15,249,801 $ 15,533,746 $ 15,533,746 $ (283,945)
Fixed asset disposition proceeds — 545,027 74,000 74,000 471,027
Gain on fixed asset disposition 325,691 — — — —
Rental and other 209,899 — — — —
Proceeds from debt — — 4,816,800 4,816,800 (4,816,800)
Interest income 196,274 196,274 36,432 36,432 159,842
Equity in joint venture income 981,224 981,224 — — 981,224
Transfer in 1,762,126 1,762,126 997,126 997,126 765,000
Total revenues and other sources 18,725,015 18,734,452 21,458,104 21,458,104 (2,723,652)
Expenses and other uses:
Personnel services 5,654,765 5,885,779 6,029,059 6,029,059 143,280
Operating and maintenance 427,299 427,299 278,599 479,599 52,300
Charges and services 7,760,911 7,745,947 10,052,438 9,851,438 2,105,491
Depreciation 1,968,540 — — — —
Transfers out 272,427 272,427 275,000 275,000 2,573
Total expenses before debt service and
capital outlay 16,083,942 14,331,452 16,635,096 16,635,096 2,303,644
Debt service:
Principal — 1,850,728 2,531,546 2,531,546 680,818
Interest 59,677 59,677 47,325 47,325 (12,352)
Capital outlay - purchase of equipment — 2,405,990 5,738,704 8,774,404 6,368,414
Total expenses and other uses 16,143,619 18,647,847 24,952,671 27,988,371 9,340,524
Change in net position $ 2,581,396 $ 86,605 $ (3,494,567) $ (6,530,267) $ 6,616,872
183
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
HOUSING LOANS FUND
Year ended June 30, 2023
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 $ 411,008 $ 1,201,737 $ 15,166,000 $ 15,459,793 $ (14,258,056)
Property disposition proceeds — — 200,000 200,000 (200,000)
Interest income 1,504,776 1,504,776 851,000 851,000 653,776
Transfers in 1,019,189 1,019,189 — 924,856 94,333
Total revenues and other sources 2,934,973 3,725,702 16,217,000 17,435,649 (13,709,947)
Expenses and other uses:
Charges and services 661,537 682,228 24,629,254 26,932,093 26,249,865
Operating and maintenance 7,261 7,261 — — (7,261)
Transfers out 241,762 241,762 — 100,000 (141,762)
Expenses before debt service
and capital outlay 910,560 931,251 24,629,254 27,032,093 26,100,842
Debt service:
Principal — 714,897 960,000 960,000 245,103
Interest 138,037 138,037 190,000 190,000 51,963
Total expenses and other uses 1,048,597 1,784,185 25,779,254 28,182,093 26,397,908
Change in net position $ 1,886,376 $ 1,941,517 $ (9,562,254) $ (10,746,444) $ 12,687,961
184
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
GOLF FUND
Year ended June 30, 2023
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Admissions and fees $ 7,376,699 $ 7,376,699 $ 6,368,182 $ 6,368,182 $ 1,008,517
Equipment and facility rental 2,308,313 2,308,313 2,245,887 2,245,887 62,426
Retail sales and concessions 959,417 959,417 882,258 882,258 77,159
Interest income 267,750 267,750 — — 267,750
Fixed asset disposition proceeds 560,900 560,900 — — 560,900
Other revenue 4,635 4,635 11,675 11,675 (7,040)
Transfers in 2,078,374 2,078,374 2,052,674 2,078,374 —
Total revenues and other sources 13,556,088 13,556,088 11,560,676 11,586,376 1,969,712
Expenses and other uses:
Personnel services 4,409,972 4,887,900 4,606,093 4,652,893 (235,007)
Operating and maintenance 1,658,852 1,527,464 1,474,818 1,574,843 47,379
Charges and services 3,201,015 3,201,015 3,225,867 3,156,742 (44,273)
Depreciation 760,237 — — — —
Total expenses before debt service
and capital outlay 10,030,076 9,616,379 9,306,778 9,384,478 (231,901)
Debt Service:
Principal — 382,391 358,725 377,168 (5,223)
Interest 135,298 135,298 154,011 135,568 270
Capital outlay-purchase of equipment — 373,306 4,906,502 5,472,177 5,098,871
Total expenses and other uses 10,165,374 10,507,374 14,726,016 15,369,391 4,862,017
Change in net position $ 3,390,714 $ 3,048,714 $ (3,165,340) $ (3,783,015) $ 6,831,729
185
Major Enterprise Funds
Budgetary Comparison Schedule
186
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
DEPARTMENT OF AIRPORTS FUND
Year ended June 30, 2023
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Airfields $ 148,356,337 $ 148,356,337 $ 151,979,800 $ 151,979,800 $ (3,623,463)
Terminals 14,970,365 14,970,365 26,985,100 26,985,100 (12,014,735)
Landside 103,903,250 103,903,250 94,900,800 94,900,800 9,002,450
Lease Revenue 11,363,674 11,363,674 10,724,700 10,724,700 638,974
General aviation 4,128,025 4,128,025 3,304,300 3,304,300 823,725
State aviation tax 3,007,521 3,007,521 3,224,300 3,224,300 (216,779)
Other revenue 11,442,091 11,442,091 4,350,100 4,350,100 7,091,991
Equipment disposition proceeds — 98,949 — — 98,949
Interest income 30,645,109 30,645,108 2,000,000 2,000,000 28,645,108
Passenger facility charges 49,282,454 49,282,454 — — 49,282,454
Customer facility charges 15,177,082 15,177,082 — — 15,177,082
Contributions for aid in construction 62,471,709 62,471,709 4,799,500 4,799,500 57,672,209
Airline revenue sharing (13,844,449) (13,844,449) — — (13,844,449)
Total revenues and other sources 440,903,168 441,002,116 302,268,600 302,268,600 138,733,516
Expenses and other uses:
Personnel services 61,413,708 61,413,708 62,544,500 63,524,271 $ 2,110,563
Accrued compensated absences and other
post employment benefits (2,425,095) — — — —
Operating and maintenance 20,147,750 20,147,750 17,494,200 21,378,300 1,230,550
Charges and services 92,097,826 92,944,076 101,119,900 111,059,100 18,115,024
Loss on capital asset disposition 7,293 (106,242) — — 106,242
Depreciation and amortization 148,449,313 — — — —
Bond Issuance costs 381,981 — 3,500,000 3,500,000 3,500,000
Transfers out — — — 150,000 150,000
Total expenses before capital outlay 320,072,776 174,399,292 184,658,600 199,611,671 25,212,379
Debt service:
Interest 117,346,361 136,370,783 136,333,200 136,333,200 (37,583)
Capital outlay:
Land — 776,005 — — (776,005)
Equipment — 7,829,447 7,760,600 7,760,600 (68,847)
Construction, including multi-year projects — 458,549,887 41,813,500 729,794,200 271,244,313
Total expenses and other uses 437,419,137 777,925,414 370,565,900 1,073,499,671 295,574,257
Change in net position $ 3,484,031 $ (336,923,298) $ (68,297,300) $ (771,231,071) $ (632,497,555)
187
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
WATER UTILITY FUND
Year ended June 30, 2023
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 $ 87,539,609 $ 86,517,015 $ 98,266,900 $ 98,266,900 $ (11,749,885)
Equipment disposition proceeds 154,203 154,203 40,500 40,500 113,703
Gain on sale of assets 247,129 ——— —
Interest income 4,453,174 4,454,255 883,164 883,164 3,571,091
Contributions and non-operating grants 4,076,028 4,076,028 1,953,620 38,894,307 (34,818,279)
Interfund service charge 3,177,284 3,177,284 3,171,284 4,588,844 (1,411,560)
Rental and other income 1,782,223 1,782,223 1,796,230 378,670 1,403,553
Impact fees 237,942 237,942 1,784,670 1,784,670 (1,546,728)
Transfers in 300,000 300,000 300,000 300,000 —
Total revenues and other sources 101,967,592 100,698,950 108,196,368 145,137,055 (44,438,105)
Expenses and other uses:
Personnel services 24,581,383 24,581,383 30,194,025 30,194,025 5,612,642
Accrued compensated absences and other
post employment benefits (837,734)————
Operating and maintenance 3,215,525 3,215,525 5,259,214 5,428,235 2,212,710
Charges and services 39,647,608 39,724,021 46,918,580 49,453,950 9,729,929
Depreciation and amortization 10,415,151 ————
Expenses before debt service and capital
outlay 77,021,933 67,520,929 82,371,819 85,076,210 17,555,281
Debt service:
Principal —1,005,000 1,023,750 1,023,750 18,750
Interest 5,910,225 5,910,225 5,074,303 5,074,303 (835,922)
Premium (704,351)————
Land and water rights —4,750 2,150,000 2,301,050 2,296,300
Buildings —11,838,983 9,250,000 57,035,120 45,196,137
Infrastructure —26,923,439 29,639,000 49,523,456 22,600,017
Improvements other than buildings ——100,000 112,083 112,083
Equipment —2,653,622 3,143,943 4,436,979 1,783,357
Total expenses and other uses 82,227,807 115,856,948 132,752,815 204,582,951 88,726,003
Change in net position $ 19,739,785 $ (15,157,998) $ (24,556,447) $ (59,445,896) $ 44,287,898
188
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
SEWER UTILITY FUND
Year ended June 30, 2023
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 $ 69,251,092 $ 69,251,092 $ 66,740,000 $ 66,740,000 $ 2,511,092
Equipment disposition proceeds 368 368 50,000 50,000 (49,632)
Gain on sale of assets 47,929 — — — —
Interest income 7,652,458 7,595,453 947,084 947,084 6,648,369
Impact fees 2,852,020 2,852,020 1,422,000 1,422,000 1,430,020
Debt proceeds — — 125,965,000 125,965,000 (125,965,000)
Legal settlement 5,780,176 5,780,176 — — 5,780,176
Contributions and non-operating grants 953,154 953,154 1,100,823 1,100,823 (147,669)
Rental and other income 1,299,902 1,299,902 406,000 406,000 893,902
Total revenues and other sources 87,837,099 87,732,165 196,630,907 196,630,907 (108,898,742)
Expenses and other uses:
Personnel services 11,156,646 11,156,646 13,827,671 13,827,671 2,671,025
Accrued compensated absences and other post
employment benefits (344,074) — — — —
Operating and maintenance 2,709,559 2,709,559 3,164,804 3,241,052 531,493
Charges and services 7,329,973 7,259,411 10,322,637 10,653,941 3,394,530
Depreciation and amortization 9,565,597 — — — —
Expenses before debt service and capital
outlay 30,417,701 21,125,616 27,315,112 27,722,664 6,597,048
Debt service:
Principal — 5,677,820 5,756,267 5,756,267 78,447
Interest 17,739,809 19,264,465 15,653,237 15,653,237 (3,611,228)
Infrastructure — 13,917,193 24,385,000 54,011,137 40,093,944
Buildings — 117,622,508 181,499,910 330,392,499 212,769,991
Improvements other than buildings — 12,968 — — (12,968)
Equipment —358,908 1,305,054 1,411,963 1,053,055
Total expenses and other uses 48,157,510 177,979,478 255,914,580 434,947,767 256,968,289
Change in net position $ 39,679,589 $ (90,247,313) $ (59,283,673) $ (238,316,860) $ 148,069,547
189
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
STORMWATER UTILITY FUND
Year ended June 30, 2023
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 $ 13,977,736 $ 13,977,736 $ 12,424,733 $ 12,424,733 $ 1,553,003
Gain on sale of assets 38,521 — — — —
Interest income 799,872 791,596 75,000 75,000 716,596
Impact fees 1,322,941 1,322,941 625,000 625,000 697,941
Contributions and non-operating grants 1,512,868 1,512,868 352,000 352,000 1,160,868
Transfers in 2,000,000 2,000,000 —2,000,000 —
Total revenues and other sources 19,651,938 19,605,141 13,476,733 15,476,733 4,128,408
Expenses and other uses:
Personnel services 4,377,851 4,377,851 4,612,954 4,612,954 235,103
Accrued compensated absences and other
post employment benefits (260,407)————
Operating and maintenance 313,171 313,171 306,197 306,197 (6,974)
Charges and services 2,912,529 2,923,208 4,864,250 5,185,672 2,262,464
Depreciation and amortization 3,141,636 ————
Expenses before debt service and
capital outlay 10,484,780 7,614,230 9,783,401 10,104,823 2,490,593
Debt service:
Principal —933,750 942,834 942,834 9,084
Interest 535,591 635,465 611,487 611,487 (23,978)
Land —850,000 890,000 953,064 103,064
Infrastructure —4,371,337 4,825,000 11,151,120 6,779,783
Buildings —955,041 800,000 2,145,537 1,190,496
Improvements other than buildings —51,060 100,000 302,109 251,049
Equipment —419,302 747,000 747,000 327,698
Total expenses and other uses 11,020,371 15,830,185 18,699,722 26,957,974 11,127,789
Change in net position $ 8,631,567 $ 3,774,956 $ (5,222,989) $ (11,481,241) $ 15,256,197
190
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
REDEVELOPMENT AGENCY FUND
Year ended June 30, 2023
Actual on
GAAP
basis
Budgetary Basis
Actual on
budgetary
basis
Budgeted Amounts
Original Final Variance
Revenues and other sources:
Operating income - rental and other $ 1,153,608 $ 1,557,701 $ 1,459,035 $ 1,459,035 $ 98,666
Contributions 32,252,004 32,252,004 41,362,198 47,796,602 (15,544,598)
Interest income loans reecivable 738,088 668,788 296,800 124,800 543,988
Interest income lease receivable 897,970 897,970 — — 897,970
Interest on Investments 4,995,349 4,349,711 583,000 583,000 3,766,711
Miscellaneous 332 332 — — 332
Loan principal receipts — 663,706 1,497,000 287,000 376,706
Change in equity interest in joint
venture (110,709) 730,929 — — 730,929
Proceeds from sale of capital assets — — — — —
Transfers in 22,627,900 22,627,900 15,633,013 20,992,047 1,635,853
Total revenues and other sources $ 62,554,542 $ 63,749,042 $ 60,831,046 $ 71,242,484 $ (7,493,443)
Expenses and other uses:
Personnel services $ 2,205,295 $ 2,320,519 $ 2,480,095 $ 2,526,900 $ (206,381)
Accrued compensated absences and
other post employment benefits 57,612 — — — —
Operating and maintenance 1,529,860 1,832,140 1,359,560 1,719,560 112,580
Charges and services 18,242,418 819,220 25,503,278 42,536,902 (41,717,682) Loans made to residents and
businesses 9,784,191 14,102,143 — — 14,102,143
Depreciation and amortization 650,024 — — — —
Transfers out — — 22,389,611 13,474,116 (13,474,116)
Total expenses before debt service 32,469,400 19,074,023 51,732,544 60,257,478 (41,183,455)
Debt service:
Principal — 5,815,000 6,225,000 6,295,000 (480,000)
Interest and fiscal charges 2,043,494 1,562,318 3,333,457 3,263,457 (1,701,139)
Capital Outlays — 10,695,343 2,009,898 97,945,719 (87,250,376)
Total expenses and other uses 34,512,894 37,146,684 63,300,899 167,761,654 (130,614,971)
Change in net position $ 28,041,649 $ 26,602,358 $ (2,469,853) $ (96,519,170) $ 123,121,528
191
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192
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.
193
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
June 30, 2023
Fleet
Management
Information Management
Services
ASSETS
Current assets:
Cash and cash equivalents
Unrestricted $ 19,766,121 $ 13,653,654
Restricted 1,126,957 —
Prepaid expenses 64,783 108,750
Inventory of supplies 1,102,691 —
Total current assets 22,060,552 13,762,404
Noncurrent assets:
Property and equipment, at cost:
Land and water rights — —
Buildings 948,512 60,411
Machinery and equipment 81,116,751 8,543,827
Construction in progress 6,364,728 626,915
Accumulated depreciation (64,147,868) (6,228,571)
Net property and equipment 24,282,123 3,002,582
Total noncurrent assets 24,282,123 3,002,582
Total assets 46,342,675 16,764,986
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows - Pension 479,575 1,760,864
Total deferred outflows 479,575 1,760,864
Total assets and deferred outflows of resources $ 46,822,250 $ 18,525,850
LIABILITIES
Current liabilities:
Accounts payable $ 927,535 $ 1,377,342
Accrued liabilities 127,867 201,486
Current portion of long-term compensated absences 36,538 336,834
Current portion of long-term debt: 2,840,770 —
Accrued interest, payable from unrestricted assets — —
Total current liabilities 3,932,710 1,915,662
Noncurrent liabilties:
Bonds, mortgages, and notes payable 4,818,481 378,036
Estimated claims liability — —
Long-term compensated absences liability 283,774 1,282,253
Net pension liability 236,189 1,010,703
Total noncurrent liabilities 5,338,444 2,670,992
Total liabilities 9,271,154 4,586,654
DEFERRED INFLOWS OF RESOURCES
Deferred inflows - Pension 6,922 21,035
Total deferred inflows 6,922 21,035
NET POSITION
Invested in capital assets 16,622,872 2,624,546
Unrestricted 20,921,302 11,293,615
Total net position 37,544,174 13,918,161
Total liabilities, deferred inflows of resources and net
position $ 46,822,250 $ 18,525,850
194
Risk
Management
Governmental
Immunity
Local Building
Authority Total
$ 8,760,038 $ 12,028,026 $ 55,939 $ 54,263,778
— — 2,810 1,129,767
231,131 9,750 — 414,414
— — — 1,102,691
8,991,169 12,037,776 58,749 56,910,650
— — 1,069,180 1,069,180
— — 27,661,384 28,670,307
81,154 — — 89,741,732
— — — 6,991,643
(81,154) — (3,515,252) (73,972,845)
— — 25,215,312 52,500,017
— — 25,215,312 52,500,017
8,991,169 12,037,776 25,274,061 109,410,667
106,288 107,530 — 2,454,257
106,288 107,530 — 2,454,257
$ 9,097,457 $ 12,145,306 $ 25,274,061 $ 111,864,924
$ 298,830 $ 839 $ 2,800 $ 2,607,346
16,769 19,103 — 365,225
26,267 3,464 — 403,103
— — 930,000 3,770,770
— — 131,734 131,734
341,866 23,406 1,064,534 7,278,178
— — 12,854,783 18,051,300
3,507,056 7,909,240 — 11,416,296
84,531 63,795 — 1,714,353
106,184 47,547 — 1,400,623
3,697,771 8,020,582 12,854,783 32,582,572
4,039,637 8,043,987 13,919,317 39,860,749
1,228 1,929 — 31,114
1,228 1,929 — 31,114
— — — 19,247,418
5,056,592 4,099,389 11,354,744 52,725,642
5,056,592 4,099,389 11,354,744 71,973,060
$ 9,097,457 $ 12,145,306 $ 25,274,061 $ 111,864,924
195
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
Year ended June 30, 2023
Fleet
Management
Information
Management
Services
Sales and charges for services $ 14,544,383 $ 27,373,915
Rental and other 25,847 512
Total operating revenue 14,570,230 27,374,427
Personnel services 4,448,200 11,791,877
Operating and maintenance 8,500,839 2,192,221
Charges and services 1,804,825 12,193,272
Depreciation and amortization 6,541,985 1,337,124
Total operating expenses 21,295,849 27,514,494
Operating income (loss) (6,725,619) (140,067)
Interest income — —
Interest expense (200,942) —
Gain on disposition of property and equipment 143,657 6,556
Total nonoperating revenues (expenses) (57,285) 6,556
Income before transfers (6,782,904) (133,511)
Transfers in 12,091,900 —
Transfers out (291,434) —
Change in net position 5,017,562 (133,511)
Net Position July 1, 2022 32,526,613 14,051,671
Net Position June 30, 2023 $ 37,544,174 $ 13,918,161
196
Risk
Management
Governmental
Immunity
Local
Building
Authority Total
$ 53,070,628 $ 3,775,947 $ — $ 98,764,873
200,000 2,000,000 668,575 2,894,934
53,270,628 5,775,947 668,575 101,659,807
1,291,979 987,569 — 18,519,625
11,936 718 — 10,705,714
49,164,700 3,210,707 1,275 66,374,779
— — 553,228 8,432,337
50,468,615 4,198,994 554,503 104,032,455
2,802,013 1,576,953 114,072 (2,372,648)
— — 3,664 3,664
— — (497,113) (698,055)
— — — 150,213
— — (493,449) (544,178)
2,802,013 1,576,953 (379,377) (2,916,826)
— 500,000 1,174,025 13,765,925
— — — (291,434)
2,802,013 2,076,953 794,648 10,557,665
2,254,579 2,022,436 10,560,095 61,415,394
$ 5,056,592 $ 4,099,389 $ 11,354,744 $ 71,973,060
197
SALT LAKE CITY CORPORATION
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
Year ended June 30, 2023
Fleet
Management
Information
Management
Services
Cash Flows from Operating Activities
Receipts from internal fund services $ 14,570,229 $ 27,374,427
Payments to suppliers (9,912,261) (14,037,363)
Payments to employees (4,598,431) (11,986,619)
Net cash provided by (used in) operating activities 59,537 1,350,445
Cash flows from noncapital and related financing activities:
Transfers in 12,091,900 —
Transfers out (291,434) —
Net cash provided by (used in) noncapital and related financing activities 11,800,466 —
Cash flows from capital and related financing activities:
Proceeds from issuance of debt (net of discount and issuance costs) 920,972 —
Proceeds from sale of equipment 301,708 14,803
Payment on long-term obligations (3,601,454) (661,989)
Payments for purchase and construction (8,615,060) (771,024)
Net cash provided by (used in) capital and related financing activities (10,993,834) (1,418,210)
Cash flows from investing activities:
Interest received on investments and loans — —
Net cash provided by investing activities — —
Net increase (decrease) in cash and cash equivalents 866,169 (67,765)
Cash and cash equivalents at beginning of year 20,026,909 13,721,419
Cash and cash equivalents at end of year 20,893,078 13,653,654
Cash and cash equivalent components:
Unrestricted 19,766,121 13,653,654
Restricted 1,126,957 —
Cash and cash equivalents at end of year 20,893,078 13,653,654
Cash flows from operating activities -
Operating income (loss) (6,725,619) (140,067)
Adjustments to reconcile operating income (loss) to net cash provided
by (used in) operating activities:
Depreciation and amortization 6,541,985 1,337,124
Increase (decrease) due to changes in:
Other current assets (93,705) (12,761)
Accounts payable 487,107 348,130
Deferred outflows (104,216) (648,086)
Accrued liabilities affecting operating activities (15,818) 56,910
Other liabilities — —
Pension assets 689,218 2,947,795
Pension liability 236,189 1,010,703
Deferred inflows (957,252) (3,686,640)
Compensation liability 1,648 137,337
Total adjustments 6,785,156 1,490,512
Net cash provided by (used in) operating activities $ 59,537 $ 1,350,445
198
Risk
Management
Governmental
Immunity
Local Building
Authority Total
$ 53,270,628 $ 5,775,947 $ 668,575 $ 101,659,806
(49,069,907) (3,849,568) 1,525 (76,867,574)
(1,242,522) (1,041,634) — (18,869,206)
2,958,199 884,745 670,100 5,923,026
— 500,000 1,174,025 13,765,925
— — — (291,434)
— 500,000 1,174,025 13,474,491
— — — 920,972
— — — 316,511
— — (1,842,825) (6,106,268)
— — — (9,386,084)
— — (1,842,825) (14,254,869)
— — 3,664 3,664
— — 3,664 3,664
2,958,199 1,384,745 4,964 5,146,311
5,801,839 10,643,282 53,785 50,247,234
8,760,038 12,028,026 58,749 55,393,545
8,760,038 12,028,026 55,939 54,263,778
— — 2,810 1,129,767
8,760,038 12,028,026 58,749 55,393,545
2,802,013 1,576,953 114,072 (2,372,648)
— — 553,228 8,432,337
27,494 — — (78,972)
106,729 (7,903) 2,800 936,863
(38,306) (19,457) — (810,065)
3,374 5,045 — 49,511
(68,804) (630,990) — (699,794)
580,299 92,951 — 4,310,263
106,184 47,547 — 1,400,623
(554,076) (135,236) — (5,333,204)
(6,708) (44,165) — 88,112
156,186 (692,209) 556,028 8,295,673
$ 2,958,199 $ 884,745 $ 670,100 $ 5,923,026
199
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
FLEET MANAGEMENT FUND
Year ended June 30, 2023
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary
basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Charges for maintenance $ 14,544,383 $ 14,544,383 $ 15,805,169 $ 15,805,169 $ (1,260,786)
Other revenue 25,847 25,847 958,903 958,903 (933,056)
Proceeds from note — — 1,000,000 1,000,000 (1,000,000)
Proceeds from sale of equipment 143,657 143,657 335,465 335,465 (191,808)
Transfers in 12,091,900 12,091,900 10,727,455 12,127,355 (35,455)
Total revenues and other sources 26,805,787 26,805,787 28,826,992 30,226,892 (3,421,105)
Expenses and other uses:
Personnel services 4,448,200 4,448,200 4,675,074 4,675,074 (226,874)
Operating and maintenance 8,500,839 8,500,839 9,100,089 9,153,089 (652,250)
Charges and services 1,804,825 1,804,825 2,229,774 2,345,274 (540,449)
Depreciation 6,541,985 — — — —
Transfers out 291,434 291,434 295,361 295,361 (3,927)
Total expenses before debt service
and capital outlay 21,587,283 15,045,298 16,300,298 16,468,798 (1,423,500)
Debt service:
Principal — 3,359,335 3,459,903 3,459,903 (100,568)
Interest 200,942 — 283,786 283,786 (283,786)
Capital outlay — — 10,382,044 25,153,404 (25,153,404)
Total expenses and other uses 21,788,225 18,404,633 30,426,031 45,365,891 (26,961,258)
Change in net position $ 5,017,562 $ 8,401,154 $ (1,599,039) $ (15,138,999) $ 23,540,153
200
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
INFORMATION MANAGEMENT FUND
Year ended June 30, 2023
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenue:
Charges for services $ 27,373,915 $ 27,373,915 $ 30,332,167 $ 35,838,772 $ 8,464,857
Gain on sale of equipment 6,556 — — — —
Proceeds from sale of equipment — 7,514 — — (7,514)
Miscellaneous revenue 512 512 — — (512)
Transfers in — — — 220,000 220,000
Total revenues and other sources 27,380,983 27,381,941 30,332,167 36,058,772 8,676,831
Expenses and other uses:
Personnel services 11,791,877 11,791,877 13,369,733 13,349,733 1,557,856
Operating and maintenance 2,192,221 2,192,221 766,559 1,296,689 (895,532)
Charges and services 12,193,272 12,193,272 11,992,609 13,276,896 1,083,624
Depreciation 1,337,124 — — — —
Total expenses before capital outlay 27,514,494 26,177,370 26,128,901 27,923,318 1,745,948
Debt Service:
Principal — 661,989 — — (661,989)
Capital outlay — 679,489 4,403,266 8,490,482 7,810,993
Total expenses and other uses 27,514,494 27,518,848 30,532,167 36,413,801 8,894,952
Change in net position $ (133,510) $ (136,907) $ (200,000) $ (355,029) $ (218,122)
201
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
RISK MANAGEMENT FUND
Year ended June 30, 2023
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Charges for services $ 53,070,628 $ 53,070,628 $ 53,229,000 $ 53,229,000 $ 158,372
Miscellaneous 200,000 200,000 200,000 200,000 —
Transfers in — — 1,250,000 1,250,000 1,250,000
Total revenues and other sources 53,270,628 53,270,628 54,679,000 54,679,000 1,408,372
Expenses and other uses:
Personnel services 1,291,979 1,291,979 971,189 971,189 (320,790)
Operating and maintenance 11,936 11,936 27,385 27,385 15,449
Premiums and other charges for services 49,164,700 49,164,700 53,680,426 53,680,426 4,515,726
Transfers out — 1,326,627 — — (1,326,627)
Total expenses 50,468,615 51,795,242 54,679,000 54,679,000 2,883,758
Change in net position $ 2,802,013 $ 1,475,386 $ — $ — $ 4,292,130
202
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
GOVERNMENTAL IMMUNITY FUND
Year ended June 30, 2023
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Interfund service charges $ 2,000,000 $ 2,000,000 $ 20,000 $ 2,020,000 $ 20,000
Property taxes 3,775,947 — 3,944,523 3,944,523 3,944,523
Transfers in 500,000 500,000 — 500,000 —
Total revenues 6,275,947 2,500,000 3,964,523 6,464,523 3,964,523
Expenses:
Personnel services 987,569 987,569 1,391,344 1,391,344 403,775
Operating and maintenance 718 718 10,000 10,000 9,282
Claims, charges and services 3,210,707 3,210,707 1,768,423 4,268,423 1,057,716
Total expenses 4,198,994 4,198,994 3,169,767 5,669,767 1,470,773
Change in net position $ 2,076,953 $ (1,698,994) $ 794,756 $ 794,756 $ 2,493,750
203
SALT LAKE CITY CORPORATION
BUDGET COMPARISON SCHEDULE
LOCAL BUILDING AUTHORITY FUND
Year ended June 30, 2023
Budgetary Basis
Actual on
GAAP
basis
Actual on
budgetary basis
Budgeted Amounts
VarianceOriginalFinal
Revenues and other sources:
Other income $ 668,575 $ 668,575 $ 681,300 $ 681,300 $ 12,725
Interest income 3,664 3,664 — — (3,664)
Transfers in 1,174,025 1,174,025 1,174,025 1,174,025 —
Total revenues and other sources 1,846,264 1,846,264 1,855,325 1,855,325 9,061
Expenses and other uses:
Charges and services 1,275 1,275 5,000 5,000 3,725
Depreciation and amortization 553,228 — — — —
Total expenses before debt service 554,503 1,275 5,000 5,000 3,725
Debt service:
Principal — 1,120,000 1,210,000 1,210,000 90,000
Interest 497,113 628,847 640,325 640,325 11,478
Total expenses and other uses 1,051,616 1,750,122 1,855,325 1,855,325 105,203
Change in net position $ 794,648 $ 96,142 $ — $ — $ (96,142)
204
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205
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 207
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 216
These schedules contain information to help the reader assess the City’s most
significant local revenue source, the property tax.
Debt Capacity 220
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 225
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 226
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.
206
SALT LAKE CITY CORPORATION
NET POSITION BY COMPONENT
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Governmental Activities
Net Investment in capital assets $ 529,134 $ 504,457 $ 601,185 $ 621,194 $ 642,013 $ 668,907 $ 563,203 $ 579,048 $ 639,083 $ 692,661
Restricted 32,670 73,564 61,065 45,981 57,371 58,630 83,296 102,077 101,247 194,727
Unrestricted 2,733 (38,242) (96,707) (79,375) (102,160) (86,548) 43,293 98,416 190,799 182,509
Total governmental activities net position $ 564,537 $ 539,779 $ 565,543 $ 587,800 $ 597,224 $ 640,990 $ 640,990 $ 779,542 $ 931,128 $ 1,069,897
Business-type activities
Net investment in capital assets $ 1,338,531 $ 1,479,894 $ 1,583,508 $ 1,523,569 $ 1,931,014 $ 1,902,167 $ 2,048,313 $ 2,186,042 $ 2,186,081 $ 2,168,322
Restricted 278,358 333,118 260,356 529,457 290,422 441,593 350,691 308,680 449,725 375,410
Unrestricted 433,252 315,364 373,693 267,204 81,255 70,532 106,912 71,683 (19,978) 179,977
Total business-type activities net position $ 2,050,142 $ 2,128,376 $ 2,217,557 $ 2,320,229 $ 2,302,690 $ 2,414,292 $ 2,414,292 $ 2,566,405 $ 2,615,828 $ 2,723,709
Primary Government
Net investment in capital assets $ 1,867,665 $ 1,984,351 $ 2,184,693 $ 2,144,762 $ 2,573,027 $ 2,571,075 $ 2,611,516 $ 2,765,090 $ 2,825,163 $ 2,860,983
Restricted 311,028 406,682 321,422 575,438 347,792 500,223 433,987 410,758 550,972 570,136
Unrestricted 435,986 277,122 276,986 187,829 (20,905) (16,017) 150,205 170,099 170,821 362,486
Total primary government net position $ 2,614,679 $ 2,668,155 $ 2,783,101 $ 2,908,029 $ 2,899,914 $ 3,055,282 $ 3,195,707 $ 3,345,947 $ 3,546,956 $ 3,793,605
207
SALT LAKE CITY CORPORATION
CHANGE IN NET POSITION
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
EXPENSES
Governmental Activities:
General Government $ 26,038 $ 8,051 $ 6,740 $ 14,006 $ 10,220 $ 29,168 $ 9,477 $ 14,976 $ 17,266 $ 41,232
City Council 2,345 2,122 3,126 3,565 3,554 3,941 4,116 3,646 3,785 4,333
Mayor 3,013 2,576 3,400 3,773 3,904 4,190 4,001 4,617 3,953 5,569
City Attorney 6,473 5,274 7,008 7,088 7,441 8,232 10,149 7,290 8,210 9,747
Finance 10,861 7,579 9,912 10,223 10,941 11,334 10,523 9,617 9,452 11,052
Justice Court 3,731 3,255 4,237 4,402 4,495 4,576 4,538 3,861 3,786 4,050
Human Resources 1,965 1,697 2,502 2,625 2,163 2,993 3,188 2,917 3,234 3,850
Fire 37,190 34,380 42,822 40,043 42,766 44,885 44,831 40,757 38,335 41,287
Combined Emergency Services (1) 6,991 5,220 7,143 7,121 7,448 8,201 8,293 6,360 7,424 8,600
Police 62,476 47,922 68,901 75,487 72,518 82,722 87,414 80,595 75,368 94,882
Community and Neighborhoods 31,253 29,444 36,799 37,492 36,059 36,751 43,507 59,715 62,242 64,180
Public Services 43,919 46,062 64,203 61,768 62,854 1,724 2,292 67,298 65,281 78,920
Transportation (4) — — — — — — 65,007 — — —
Economic Development (2) — — — 1,261 1,677 63,852 389 367 — 8,170
Unallocated infrastructure depreciation 10,531 8,564 8,626 8,671 9,038 9,540 9,769 10,098 11,484 13,143
Interest on long-term debt 12,466 12,950 16,627 12,093 20,857 1,489 10,540 4,938 15,359 10,752
Total governmental activities expenses 259,251 215,097 282,046 289,618 295,935 313,598 318,031 315,035 331,663 399,767
Business-type activities:
Airport Authority $ 145,791 $ 135,997 $ 152,432 $ 180,492 $ 198,267 $ 237,030 $ 252,664 $ 310,817 $ 404,480 $ 437,993
Water 58,335 51,497 59,268 63,454 62,761 68,035 68,071 72,582 71,131 82,228
Sewer 17,241 18,456 20,232 21,964 22,857 25,523 27,533 31,851 33,455 48,158
Storm Water 6,781 6,645 7,860 7,515 8,012 8,395 7,935 9,311 9,543 11,020
Street Lighting (1) 2,331 1,984 2,130 2,827 2,641 2,739 3,603 4,394 4,359 5,055
Refuse 11,462 11,428 12,786 13,117 13,114 13,985 14,303 14,631 15,159 15,871
Golf 8,774 5,932 7,460 8,456 8,081 8,389 7,971 8,103 8,684 10,165
Housing and Loan 1,082 1,630 959 888 2,925 1,839 3,423 1,177 28,290 807
Redevelopment Agency 12,238 29,154 37,129 37,455 27,473 28,914 31,124 32,863 37,755 34,513
Total business-type activities expenses 264,035 262,723 300,255 336,168 346,131 394,848 416,628 485,729 612,856 645,810
Total primary government expenses $ 523,286 $ 477,820 $ 582,301 $ 625,786 $ 642,066 $ 708,446 $ 734,659 $ 800,764 $ 944,519 $ 1,045,577
REVENUES
Governmental Activities:
Charges for Services:
General Government $ 16,655 $ 18,185 $ 18,574 $ 16,973 $ 15,105 $ 25,133 $ 23,760 $ 29,164 $ 30,826 $ 30,360
City Council 94 200 198 472 483 437 418 418 422 429
Mayor 493 463 189 369 303 275 274 277 274 1,323
City Attorney 1,228 796 832 911 874 901 896 896 895 1,336
Finance 12,251 12,926 12,820 12,812 26,501 27,457 22,047 19,503 28,192 26,049
Justice Court 3,342 2,964 3,514 3,398 3,296 3,015 2,394 1,795 1,805 2,266
Human Resources 1,298 961 1,017 930 895 1,080 1,036 1,036 1,036 633
Fire 3,358 6,803 9,947 6,500 7,291 7,440 7,084 7,163 8,689 8,442
Combined Emergency Services (1) 897 417 485 468 601 657 1,038 478 816 712
Police 9,301 3,857 4,499 5,518 2,471 6,563 10,628 10,580 11,775 13,779
Community and Neighborhoods 15,034 18,062 21,630 28,385 4,154 1,797 2,025 2,133 1,204 1,146
Economic Development (2) — — — 3,151 4,363 1,916 1,648 2,107 2,202 2,784
Public Services 5,205 9,654 11,645 12,205 9,741 9,735 9,828 8,825 13,428 15,527
Operating Grants and Contributions 22,360 7,069 4,969 2,076 — 10,394 8,079 31,019 53,077 64,853
Capital Grants and Contributions 11,485 14,745 15,772 13,919 16,422 12,800 24,174 19,273 29,545 32,331
Total governmental activities program revenues $ 103,002 $ 97,101 $ 106,092 $ 108,086 $ 92,501 $ 109,599 $ 115,328 $ 134,667 $ 184,184 $ 201,972
208
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Business-type activities:
Charges for Services:
Airport Authority $ 180,285 $ 188,853 $ 199,451 $ 216,241 $ 224,618 $ 248,598 $ 216,065 $ 197,347 $ 398,019 $ 348,634
Water 65,432 63,275 67,388 75,115 75,940 78,023 83,899 87,003 81,725 92,355
Sewer 19,785 21,026 23,545 25,238 34,346 39,986 45,109 51,485 62,172 76,496
Storm Water 8,152 8,287 8,530 8,445 8,657 9,606 10,579 10,763 14,215 14,065
Street Lighting (1) 3,208 3,280 3,265 4,223 4,208 4,302 4,259 4,231 4,581 4,289
Refuse 10,257 12,419 12,363 15,176 12,387 12,295 11,380 11,686 15,804 16,331
Golf 7,921 8,235 7,475 6,734 7,040 7,044 7,034 10,035 12,295 11,201
Housing and Loan 1,763 421 846 1,025 2,433 595 1,132 1,091 5,459 411
Redevelopment Agency (3) 2,290 2,135 2,215 1,745 5,894 3,622 684 2,389 37,755 2,969
Capital grants and contributions (3) 54,696 67,546 53,162 57,828 45,083 44,767 73,193 140,062 37,755 105,643
Total business-type activities program revenues 353,790 375,475 378,240 411,770 420,608 448,838 453,335 516,092 669,781 672,394
Total primary government program revenues $ 456,792 $ 472,576 $ 484,332 $ 519,856 $ 513,109 $ 558,437 $ 568,663 $ 650,759 $ 853,964 $ 957,301
Net (expense)/revenue
Governmental activities $ (156,248) $ (117,996) $ (175,954) $ (181,532) $ (203,434) $ (203,999) $ (202,704) $ (180,368) $ (147,479) $ (197,795)
Business-type activities 89,755 112,752 77,985 75,603 74,476 53,991 36,708 30,363 56,925 27,204
Total primary government net expense $ (66,494) $ (5,244) $ (97,969) $ (105,930) $ (128,957) $ (150,009) $ (165,996) $ (150,005) $ (90,554) $ (170,591)
General Revenues and Other Changes in Net Position
Governmental activities:
Taxes:
Property taxes, levied for general purposes $ 94,923 $ 98,062 $ 114,685 $ 118,782 $ 119,116 $ 122,282 $ 129,951 $ 136,635 $ 136,635 $ 146,170
Franchise taxes 27,881 28,133 27,973 28,418 27,286 27,238 26,863 11,750 11,750 12,757
Sales tax 57,908 60,849 62,709 65,812 72,208 103,727 120,778 175,106 175,106 188,409
Investment earnings 1,858 1,421 1,996 2,283 3,930 6,698 3,991 (5,693) (5,693) 18,237
Transfers (44,377) 2,627 (5,645) (11,506) (9,683) (12,168) (30,078) (18,734) (18,734) (29,009)
Total governmental activities 138,194 191,092 201,718 203,789 212,858 247,778 251,505 299,065 299,065 336,564
Business-type activities:
Investment earnings $ 6,602 $ 4,395 $ 5,552 $ 15,563 $ (101,698) $ 45,219 $ 24,838 $ 13,558 $ 13,947 $ 51,668
Transfers 44,377 (2,627) 5,645 11,506 9,683 12,168 30,078 18,734 18,734 29,009
Total business-type activities: 50,979 1,768 11,197 27,069 (92,016) 57,387 54,916 32,292 32,681 80,677
Total primary government $ 189,173 $ 192,859 $ 212,915 $ 230,858 $ 120,842 $ 305,165 $ 306,421 $ 331,356 $ 331,746 $ 417,241
Change in Net Position
Governmental activities $ (18,055) $ 73,095 $ 25,764 $ 22,257 $ 9,424 $ 43,778 $ 48,802 $ 118,697 $ 151,586 $ 138,769
Business-type activities 140,734 114,520 89,182 102,672 (17,539) 111,378 91,624 62,655 89,606 107,881
Total primary government $ 122,679 $ 187,615 $ 114,946 $ 124,929 $ (8,115) $ 155,156 $ 140,426 $ 181,351 $ 241,191 $ 246,650
(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 RDA reclassified Tax Increment revenues from Charges for Services to Contributions.
(4) Transportation was created as a new department in 2020.
209
SALT LAKE CITY CORPORATION
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Fund
Non-spendable $ 3,156,500 $ 6,847,368 $ 10,936,767 $ 11,427,654 $ 10,865,289 $ 12,550,163 $ 9,302,914 $ 2,212,414 $ 2,257,746 $ 2,484,423
Restricted — — — — — — — 12,139,443 20,423,209 21,157,932
Assigned 3,789,277 6,691,500 7,098,940 7,298,041 8,731,775 15,891,696 9,899,196 — — —
Unassigned 26,649,360 29,434,362 23,056,190 31,945,300 36,507,205 51,372,150 70,040,066 101,934,113 137,442,727 178,933,386
Total General Fund $ 33,595,137 $ 42,973,230 $ 41,091,897 $ 50,670,995 $ 56,104,269 $ 79,814,009 $ 89,242,176 $ 116,285,970 $ 160,123,682 $ 202,575,741
All other governmental funds
Non-spendable $ 3,515,958 $ 4,046,895 $ 6,318,978 $ 7,937,221 $ — $ — $ 750 $ 69,352 $ 81,062 $ 148,087
Restricted 80,809,258 80,892,464 66,829,911 50,575,884 70,144,335 72,903,342 72,276,994 95,566,196 125,867,645 223,070,434
Committed 1,803,185 494,867 498,933 807,045 1,490,604 2,305,531 2,733,500 3,666,892 4,782,191 6,190,152
Assigned 25,222,076 31,789,906 41,019,925 43,697,149 31,773,377 31,691,183 33,833,304 37,189,480 51,290,747 72,177,798
Unassigned — — — — — — 410,203 — — —
Total all other governmental funds $ 111,350,477 $ 117,224,132 $ 114,667,747 $ 103,017,299 $ 103,408,316 $ 106,900,056 $ 109,254,751 $ 136,491,920 $ 182,021,645 $ 301,586,471
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211
SALT LAKE CITY CORPORATION
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Revenues:
General property taxes $ 94,923,219 $ 98,061,588 $ 114,684,820 $ 118,781,679 $ 119,116,165 $ 122,282,030 $ 129,950,795 $ 130,832,830 $ 136,635,069 $ 146,170,152
Sales, use and excise taxes 57,908,018 60,849,368 62,709,499 65,812,192 72,208,200 103,726,901 120,778,266 136,182,444 175,106,499 188,409,346
Franchise taxes 27,881,251 28,132,535 27,972,665 28,418,423 27,286,331 27,238,435 26,863,146 23,952,168 11,750,309 12,756,615
Licenses 12,238,009 12,933,000 14,414,308 15,194,896 15,592,788 16,448,180 13,106,709 11,418,021 15,913,519 17,599,344
Permits 13,696,042 19,125,866 16,553,089 19,846,874 17,690,139 28,079,199 32,203,164 36,230,698 45,405,284 39,390,963
Fines and forfeitures 4,993,420 4,806,599 3,632,916 3,524,067 3,516,251 3,429,044 2,802,888 2,034,542 2,528,232 2,375,561
Assessments 1,617,463 1,481,908 1,717,909 1,520,023 1,542,731 2,221,543 553,248 2,382,919 2,120,750 1,581,962
Interest 1,773,241 1,384,400 1,725,498 1,918,902 3,481,352 6,385,907 3,918,928 1,680,001 (5,741,746) 18,238,569
Intergovernmental 30,446,938 21,806,791 27,518,703 28,912,864 20,634,430 23,641,518 26,503,556 43,194,915 71,377,414 83,847,654
Interfund service charges 10,070,874 10,372,337 11,051,279 11,450,521 11,413,982 16,363,849 20,574,064 20,971,348 21,717,361 25,857,520
Parking meter 3,220,203 3,294,774 3,324,616 3,463,592 3,404,582 3,509,898 2,771,331 1,915,888 2,997,333 2,616,329
Parking ticket 2,128,736 2,876,299 2,844,690 3,204,769 2,110,245 1,824,561 1,186,561 1,701,881 1,797,865 1,180,128
Charges for services 6,635,337 6,098,659 5,150,765 5,711,868 6,666,381 5,970,488 1,207,120 870,318 1,379,562 1,629,310
Rental and other income — — 887,017 1,199,688 1,047,047 1,152,867 5,208,006 5,475,845 7,087,172 8,518,771
Contributions 7,285,092 4,367,439 2,083,791 2,333,604 1,009,291 516,568 354,168 588,722 2,541,067 765,787
Miscellaneous 9,598,126 9,191,484 10,288,192 8,986,498 7,602,234 5,790,115 7,958,960 3,576,443 9,186,662 16,545,569
Total Revenues $ 284,415,969 $ 284,783,047 $ 306,559,757 $ 320,280,460 $ 314,322,149 $ 368,581,103 $ 395,940,910 $ 423,008,983 $ 501,802,352 $ 567,483,580
Expenditures:
City Council $ 2,299,541 $ 2,426,454 $ 2,721,621 $ 3,201,795 $ 3,137,125 $ 3,573,889 $ 3,759,472 $ 3,910,937 $ 4,178,561 $ 4,725,621
Mayor 2,659,319 2,635,082 2,456,932 2,752,337 2,856,010 3,121,458 3,862,232 3,495,653 4,158,916 5,120,100
City Attorney 5,615,937 5,324,431 5,442,492 5,549,139 5,896,933 6,643,806 6,788,279 6,840,902 7,195,428 8,683,519
Finance 6,850,904 6,146,789 6,367,181 6,658,550 6,759,597 7,596,941 7,827,573 7,872,632 8,519,579 10,039,270
Fire 35,737,908 37,049,088 38,203,990 38,251,674 39,165,845 42,266,968 42,336,507 40,360,501 45,671,210 48,025,803
Combined Emergency Services 6,877,038 6,439,631 6,976,571 6,916,570 7,377,133 8,066,766 8,337,076 7,697,181 8,860,503 10,109,426
Police 60,694,892 57,719,656 60,822,121 64,158,367 66,609,711 74,956,306 82,368,338 80,751,205 83,178,160 103,468,103
Community and Neighborhoods 22,213,755 27,129,564 28,256,219 28,489,773 28,770,263 30,346,901 31,742,909 49,828,864 58,465,624 55,729,459
Economic Development — — — 1,190,020 1,650,691 1,689,398 1,985,238 2,243,608 4,783,862 5,843,602
Justice Court 3,790,482 3,892,584 4,024,112 4,183,738 4,276,010 4,389,467 4,428,065 4,340,743 4,642,516 4,928,656
Human Resources 1,994,718 2,090,499 2,165,444 2,330,599 2,524,603 2,614,565 2,663,132 2,576,008 3,153,725 3,722,452
Public Services 34,577,616 37,806,472 41,567,552 42,053,566 42,647,148 45,880,531 46,703,582 45,952,402 54,190,829 64,167,797
Transportation — — — — — — 273,914 366,807 — —
Arts Council (1) 3,555,395 3,315,434 3,114,035 3,449,071 3,075,356 1,570,622 1,391,833 1,699,285 — —
Nondepartmental 23,207,263 23,547,487 27,761,151 26,450,242 27,602,288 29,585,365 35,162,898 37,572,779 43,892,793 52,459,213
Capital Improvement 111,087,275 38,074,057 34,340,213 32,506,631 31,823,086 25,425,953 34,081,787 32,643,280 44,913,364 47,211,498
Debt service:
Principal 34,360,941 65,642,758 45,471,871 24,024,992 23,745,487 24,845,252 31,991,991 24,804,145 19,856,897 19,273,120
Interest and other fiscal charges 11,687,259 14,226,360 15,194,085 11,194,490 11,416,231 9,721,047 15,360,100 7,859,429 16,741,916 27,203,980
Total Expenditures 367,210,243 333,466,346 324,885,590 303,361,554 309,333,517 322,295,235 361,064,926 360,816,361 412,403,883 453,578,497
Revenues over (under) expenditures $ (82,794,274) $ (48,683,299) $ (18,325,833) $ 16,918,906 $ 4,988,632 $ 46,285,868 $ 34,875,984 $ 62,192,622 $ 89,398,469 $ 113,905,083
(1) Arts Council now reports with Economic Development.
212
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Other financing sources (uses):
Issuance of debt $ 65,076 $ 66,795 $ 21,715 $ 6,460 $ 15,572 $ 1,225 $ 20,201 $ 20,455 $ 29,172 $ 86,040
Payment to refunding bond escrow agent — — — (6,431) — — (67,725) — — —
Premiums from issuance of debt 568 — 2,925 — — — 4,009 — 4,391 4
Proceeds from sale of property 707 707 3,533 661 1,390 299 419 455 131 63
Transfers in 53,160 35,940 37,895 38,069 39,996 32,410 36,721 41,478 58,981 100,767
Transfers out (35,415) (39,507) (52,179) (57,749) (56,123) (53,018) (80,517) (70,299) (101,260) (143,251)
Total other financing sources (uses) 84,097 63,935 13,888 (18,990) 836 (19,084) (86,892) (7,911) (8,585) 43,623
Net change in fund balances $ 1,303 $ 15,252 $ (4,438) $ (2,071) $ 5,824 $ 27,201 $ (52,016) $ 54,281 $ 80,814 $ 157,529
Debt service as a percentage of non-capital
expenditures 17.1 % 49.1 % 21.0 % 12.7 % 12.7 % 11.1 % 13.7 % 9.5 % 8.9 % 10.2 %
Debt service as a percentage of total
expenditures 12.5 % 24.0 % 18.7 % 11.6 % 11.4 % 10.7 % 13.1 % 9.1 % 10.0 % 11.4 %
213
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
2014 $ 80,298 $ 10,564 $ 4,061 $ 27,881 $ 57,908 $ 180,712
2015 83,513 10,594 4,171 28,133 60,849 187,260
2016 98,279 12,049 4,356 27,973 62,709 205,366
2017 105,927 8,272 4,583 28,418 65,812 213,012
2018 87,552 9,583 4,597 27,286 67,940 196,958
2019 90,172 10,441 4,326 27,238 99,404 231,581
2020 115,920 9,790 4,241 26,863 120,778 277,592
2021 115,093 11,607 4,133 23,952 136,182 290,967
2022 121,128 13,255 2,252 11,750 174,106 322,492
2023 112,416 11,822 4,563 12,757 172,197 313,756
214
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
2014 $ 25,000 $ 26,812 $ 7,098 $ 18,064 $ 29,228 $ 28,431 $ 2,657 $ (10,290) $ 127,000
2015 23,199 29,019 7,201 19,341 31,117 29,467 2,864 (9,938) 132,270
2016 27,023 28,500 6,931 22,142 33,409 30,859 3,110 (10,941) 141,033
2017 30,020 29,775 6,844 27,186 34,297 35,042 3,811 (12,169) 154,806
2018 32,742 31,028 6,799 29,181 35,323 39,041 4,441 (13,007) 165,548
2019 35,434 33,432 6,769 29,856 36,297 42,046 3,704 (14,077) 173,461
2020 35,638 34,645 7,031 25,372 27,974 37,634 3,129 (10,097) 161,326
2021 35,996 66,680 7,015 24,317 23,491 31,608 3,287 (7,710) 184,684
2022 45,158 83,480 8,182 35,378 48,813 48,015 3,485 (13,566) 258,945
2023 53,497 86,486 8,373 36,053 60,140 49,286 3,336 (13,844) 283,327
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.
215
SALT LAKE CITY CORPORATION
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
(amounts expressed in thousands)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Taxable Value Real Property (1)$ 17,352,611,888 $ 18,447,638,431 $ 19,620,930,860 $ 21,510,210,091 $ 23,166,703,215 $ 25,742,619,298 $ 28,457,991,692 $ 31,554,370,915 $ 34,035,019,599 $ 41,820,707,447
Taxable Personal Property 1,898,435,962 2,122,489,159 2,132,244,365 2,422,497,725 2,497,760,246 2,655,599,365 3,079,769,010 3,212,675,482 3,446,042,005 3,652,856,862
Total Taxable value (2)$ 19,251,047,850 $ 20,570,127,590 $ 21,753,175,225 $ 23,932,707,816 $ 25,664,463,461 $ 28,398,218,663 $ 31,537,760,702 $ 34,767,046,397 $ 37,481,061,604 $ 45,473,564,309
Estimated actual value $ 25,316,280,083 $ 26,971,066,587 $ 28,594,182,234 $ 31,386,040,131 $ 33,819,886,283 $ 37,255,665,617 $ 41,493,433,320 $ 45,901,481,982 $ 49,835,269,718 $ 61,263,585,394
Ratio of total taxable value to
estimated actual value 76.0 % 76.3 % 76.1 % 76.3 % 75.9 % 76.2 % 76.0 % 75.7 % 75.2 % 74.2 %
Total Direct Tax Rate 0.005036 0.004893 0.004862 0.004557 0.004286 0.003977 0.003878 0.003540 0.003424 0.003012
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.
216
SALT LAKE CITY CORPORATION
DIRECT AND OVERLAPPING PROPERTY TAX RATES
Last Ten Fiscal Years
(rates per $1 of assessed value)
Components of Direct Rate Overlapping Rates
Fiscal
Year
Discharge
of
Judgement
Interest
and
Sinking
Fund
General
Operations
Total
Direct Rate
Salt Lake City
Library
Salt Lake City
Schools
Salt Lake
County
Mosquito
Abatement
District
Central Utah
Water
Conservation
Metropolitan
Water
District
2014 0.000007 0.001064 0.003965 0.005036 0.000820 0.006651 0.003180 0.000132 0.000446 0.000409
2015 0.000040 0.001066 0.003787 0.004893 0.000782 0.006303 0.003036 0.000127 0.000422 0.000391
2016 0.000012 0.000989 0.003861 0.004862 0.000749 0.006497 0.002531 0.000121 0.000405 0.000373
2017 0.000030 0.000910 0.003617 0.004557 0.000705 0.006180 0.002371 0.000171 0.000400 0.000349
2018 0.000032 0.000772 0.003482 0.004286 0.000834 0.005748 0.002238 0.000160 0.000400 0.000325
2019 0.000049 0.000692 0.003236 0.003977 0.000766 0.005500 0.002025 0.000141 0.000400 0.000302
2020 0.000025 0.000648 0.003205 0.003878 0.000745 0.005393 0.001933 0.000133 0.000400 0.000289
2021 0.000015 0.000583 0.002942 0.003540 0.000683 0.005047 0.001948 0.000122 0.000400 0.000265
2022 0.000014 0.000556 0.002854 0.003424 0.000652 0.004809 0.001777 0.000115 0.000400 0.000253
2023 0.000037 0.000519 0.002456 0.003012 0.000587 0.003964 0.001394 0.000159 0.000400 0.000200
Source: Utah State Tax Commission
217
SALT LAKE CITY CORPORATION
PRINCIPAL PROPERTY TAX PAYERS
Current Year and Ten Years Ago
December 31, 2022 taxable valuation December 31, 2013 taxable valuation
Taxpayer
Taxable
Assessed
Value Rank
Percentage of
Total City
Taxable Assessed
Value
Taxable Assessed
Value Rank
Percentage of
Total City
Taxable Assessed
Value
LDS Church (City Creek Reserve, Deseret Title, Property Reserve)$ 1,281,589,549 1 3.06%$ 757,755,991 1 3.94%
Pacificorp 551,254,839 2 1.32% 415,304,997 2 2.16%
Delta Air Lines 398,635,830 3 0.95% 173,381,070 5 0.90%
Oakmont Properties 246,459,636 4 0.59%
Wasatch Plaza Holdings LLC 241,324,100 5 0.58% 134,893,400 3 0.70%
Questar Gas 219,370,696 6 0.52% 108,951,072 8 0.57%
Skywest Airlines 214,271,175 7 0.51% 177,600,484 4 0.92%
MPLD Husky LLC 210,682,000 8 0.50%
KBSIII 209,208,200 9 0.50%
Verizon Communications, Inc 172,784,768 10 0.41%
Qwest 161,451,071 7 0.84%
Inland Western Salt Lake City Gateway 121,057,400 9 0.63%
Boyer Properties 92,936,200 6 0.48%
Grand America Hotel 85,609,500 10 0.44%
$ 3,745,580,793 $ 2,228,941,185
Total City Taxable Assessed Value $ 41,827,451,750 $ 19,251,047,850
Source: State of Utah and Salt Lake County
218
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
2014 $ 96,505 $ 94,032 97.44 %$ 2,327 $ 96,359 99.85 %
2015 101,010 98,763 97.78 % 2,170 100,933 99.92 %
2016 105,826 103,764 98.05 % 1,995 105,759 99.94 %
2017 110,331 107,585 97.51 % 2,736 110,322 99.99 %
2018 110,751 108,500 97.97 % 2,207 110,707 99.96 %
2019 113,989 111,402 97.73 % 2,466 113,867 99.89 %
2020 122,801 120,693 98.28 % 1,812 122,505 99.76 %
2021 124,272 121,630 97.87 % 1,817 123,446 99.34 %
2022 133,935 131,026 97.83 % 1,729 131,026 97.83 %
2023 144,867 141,598 97.74 % — 141,598 97.74 %
(1) Property taxes are assessed January 1 and due by November 30. Payments are not considered delinquent until after November 30.
219
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 Business-type Activities
Total
Primary
Government
Debt
Debt as a
Percentage
of Personal
Income (1)
Per
Capita
Debt (1)
General
Obligation
Bonds
Special
Assessment
Bonds
Revenue
Bonds
Gov't
Bank
Notes
Payable
Lease
Revenue
Bonds
ISF Bank
Notes
Payable
Discounts /
Premiums
Revenue
Bonds
Notes
Payable
Discounts /
Premiums
2014 $ 168,468,249 1,403,000 145,656,584 13,697,163 14,679,511 12,908,684 — 127,806,100 13,542,280 — $ 498,161,571 10.24 %$ 2,668
2015 $ 155,383,027 1,092,000 158,659,372 13,446,081 14,637,260 13,992,118 — 133,082,026 18,917,800 — $ 509,209,684 9.94 %$ 2,707
2016 $ 141,774,839 779,000 152,180,076 12,177,210 21,546,804 12,817,493 — 124,306,030 19,672,287 — $ 485,253,739 8.30 %$ 2,564
2017 $ 128,161,987 548,000 141,752,091 10,877,435 30,465,962 12,050,580 — 1,314,528,924 19,447,295 — $ 1,657,832,274 29.39 %$ 8,694
2018 $ 127,100,000 373,000 128,505,000 9,513,210 27,340,000 12,485,463 9,356,662 1,181,180,000 19,023,112 133,674,644 $ 1,648,551,091 30.41 %$ 8,611
2019 $ 113,420,000 190,000 119,035,000 9,225,734 26,550,000 13,782,429 8,873,645 2,023,560,000 17,115,266 205,111,966 $ 2,536,864,040 42.49 %$ 13,064
2020 $ 102,045,000 — 115,845,000 8,263,371 25,465,000 15,247,377 10,577,589 2,014,790,000 16,534,858 197,284,816 $ 2,506,053,011 39.16 %$ 12,495
2021 $ 106,525,000 — 105,310,000 7,259,227 24,345,000 12,253,469 11,256,588 2,157,895,000 280,937,922 228,370,373 $ 2,934,152,579 44.39 %$ 14,691
2022 $ 114,105,000 — 109,235,000 13,321,090 13,710,000 13,208,161 13,231,447 3,390,437,999 12,749,288 (31,092) $ 3,679,966,893 52.86 %$ 18,356
2023 $ 123,320,000 — 168,130,000 11,977,969 12,500,000 10,154,635 15,796,746 3,355,142,190 13,070,833 (27,637) $ 3,710,064,736 38.59 %$ 18,506
Note: Lease and subscription liabilies for governmental and business-type activities are included in the amounts above. Details regarding the City's outstanding debt can be found in Note
6 of the notes to the financial statements.
(1) - Demographic information is found on page 210.
220
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
2014 $ 168,468 $ 4,430 $ 164,038 0.65%$ 878
2015 155,383 4,677 150,706 0.56% 801
2016 141,775 1,975 139,800 0.49% 739
2017 128,163 1,829 126,334 0.40% 663
2018 127,100 17,401 109,699 0.32% 573
2019 113,420 19,162 94,258 0.25% 485
2020 102,045 5,252 96,793 0.23% 483
2021 102,045 5,252 96,793 0.21% 485
2022 114,105 4,943 109,162 0.22% 545
2023 123,320 13,449 109,871 0.18% 537
221
SALT LAKE CITY CORPORATION
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 2023
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
$45,473,564,309 $61,263,585,394 204,657
Total governmental activities direct debt $ 2,117,456 100.00%$ 298,779,218 0.66%0.49%$1,459.90
Overlapping debt:
Salt Lake County (3)125,452,633 26.00% 32,617,685
Central Utah Water Conservancy District (4)123,254,854 16.91%20,842,396
Salt Lake City School District (4) 4,180,000 100% 4,180,000
Total Overlapping debt (5)$ 252,887,487 57,640,080.39
Total debt applicable to the City $ 356,419,298.35 0.78%0.58%$1,741.54
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 (12/31/22).
(4) Salt Lake City School District and Central Utah Water Conservancy District GO bonds per ACFR (6/30/22).
(5) Overlapping debt is calculated using all debt from Salt Lake City School District and debt from Salt Lake County allocated by geographical percentage.
222
SALT LAKE CITY CORPORATION
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
(amounts expressed in thousands)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Purposes - 4%
Debt Limit $ 1,012,651 $ 1,078,843 $ 1,143,767 $ 1,255,442 $ 1,352,795 $ 1,490,227 $ 1,659,737 $ 1,836,059 $ 1,993,411 $ 2,450,543
Less: Total net debt applicable to limit (2) 164,038 150,706 139,800 126,334 109,699 94,258 96,793 96,793 109,162 109,871
Legal Debt Margin $ 848,613 $ 928,137 $ 1,003,967 $ 1,129,108 $ 1,243,096 $ 1,395,969 $ 1,562,944 $ 1,739,266 $ 1,884,249 $ 2,340,672
Total net debt applicable to the limit as a
percentage of debt limit 16.20 % 13.97 % 12.22 % 10.06 % 8.11 % 6.33 % 5.83 % 5.27 % 5.48 % 4.48 %
Water, sewer and lighting - 4%
Debt Limit $ 1,012,651 $ 1,078,843 $ 1,143,767 $ 1,255,442 $ 1,352,795 $ 1,490,227 $ 1,659,737 $ 1,836,059 $ 1,993,411 $ 2,450,543
Total net debt applicable to limit — — — — — — — — — —
Legal Debt Margin $ 1,012,651 $ 1,078,843 $ 1,143,767 $ 1,255,442 $ 1,352,795 $ 1,490,227 $ 1,659,737 $ 1,836,059 $ 1,993,411 $ 2,450,543
Total net debt applicable to the limit as a
percentage of debt limit — % — % — % — % — % — % — % — % — % — %
Total - 8% (1)
Debt Limit $ 2,025,302 $ 2,157,685 $ 2,287,535 $ 2,510,883 $ 2,705,591 $ 2,980,453 $ 3,319,475 $ 3,672,119 $ 3,986,822 $ 4,901,087
Total net debt applicable to limit 164,038 150,706 139,800 126,334 109,699 94,258 96,793 96,793 109,162 109,871
Legal Debt Margin $ 1,861,264 $ 2,006,979 $ 2,147,735 $ 2,384,549 $ 2,595,892 $ 2,886,195 $ 3,222,682 $ 3,575,326 $ 3,877,660 $ 4,791,216
Total net debt applicable to the limit as a
percentage of debt limit 8.10 % 6.98 % 6.11 % 5.03 % 4.05 % 3.16 % 2.92 % 2.64 % 2.74 % 2.24 %
(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 2023
Total estimated actual value $ 61,263,585
Debt limit (8% of total estimated actual value) 4,901,087
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 123,320
Less: Amount set aside for repayment of general obligation debt 13,449
Total net debt applicable to limit 109,871
Legal debt margin $ 4,791,216
223
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
2014 $ 58,323 — 58,323 6,465 4,531 5.30 %$ 438 559 88 0.68 %
2015 $ 60,943 — 60,943 6,586 4,406 5.54 %$ 371 299 67 1.01 %
2016 $ 63,727 — 63,727 8,110 7,391 4.11 %$ 332 311 54 0.91 %
2017 $ 68,082 — 68,082 9,285 5,128 4.72 %$ 244 313 42 0.69 %
2018 $ 72,322 — 72,322 9,570 6,985 4.37 %$ 241 231 28 0.93 %
2019 $ 108,894 — 108,894 10,020 5,984 6.80 %$ 212 175 18 1.10 %
2020 $ 125,604 — 125,604 10,260 5,737 7.85 %$ 41 190 6 0.21 %
2021 $ 130,859 — 130,859 10,535 3,497 9.33 %$ 33 —— 0.00 %
2022 $ 171,078 — 171,078 2,020 3,267 32.36 %$ 20 —— 0.00 %
2023 $ 180,281 — 180,281 5,360 3,261 20.91 %$ 29 — — 0.00 %
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
2014 $ 331,683 177,519 154,164 12,860 8,677 7.16 %
2015 $ 341,731 180,960 160,771 12,532 9,541 7.28 %
2016 $ 354,161 210,349 143,812 9,264 8,821 7.95 %
2017 $ 388,238 220,679 167,558 11,572 2,964 11.53 %
2018 $ 406,269 215,619 190,650 11,834 10,868 8.40 %
2019 $ 437,553 222,618 214,935 10,437 10,560 10.24 %
2020 $ 424,623 240,680 183,943 55,910 15,022 2.59 %
2021 $ 408,403 259,097 149,307 18,458 101,034 1.25 %
2022 $ 522,565 283,720 238,845 284,889 154,225 0.54 %
2023 $ 592,878 326,488 266,390 37,897 156,253 1.37 %
(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.
224
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)
2014 186,740 $ 27,430 $ 5,122,278 144,645 1,367 24,007 3.7 %
2015 188,141 31,065 5,844,600 145,634 1,473 24,447 3.6 %
2016 189,267 29,803 5,640,724 147,619 1,517 24,127 3.4 %
2017 190,679 28,428 5,420,623 149,552 1,499 24,211 3.3 %
2018 191,446 31,188 5,970,818 150,894 1,603 23,726 3.1 %
2019 194,188 32,954 6,399,271 153,512 1,505 23,336 2.7 %
2020 200,567 34,711 6,961,881 160,824 1,651 22,921 7.4 %
2021 199,723 33,095 6,609,833 159,379 1,614 20,782 3.2 %
2022 200,478 34,728 6,962,200 161,986 1,471 20,244 2.5 %
2023 204,657 $ 46,972 $ 9,613,149 167,819 1,520 19,317 2.7 %
(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.
225
SALT LAKE CITY CORPORATION
FULL-TIME EQUIVALENT CITY GOVERNMENT BY FUNCTIONS
Last Ten Fiscal Years
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
DEPARTMENT
General Fund
Attorney's Office 56.70 53.75 53.25 50.25 51.25 49.25 50.25 50.25 55.25 58.50
City Council 25.88 28.00 28.00 30.00 33.00 33.00 35.00 35.00 35.00 36.00
Communications Bureau 81.00 81.00 81.00 94.00 97.00 97.00 100.00 100.00 108.00 100.00
Community and Neighborhood 193.55 200.25 206.00 190.00 192.00 195.00 207.00 207.00 176.00 190.00
Economic Development — — — 11.00 13.00 15.00 16.00 18.00 18.00 22.00
Finance 57.20 58.20 63.70 64.70 65.70 68.70 69.70 69.70 71.70 76.70
Fire 336.00 340.00 340.00 341.00 345.00 347.00 366.00 366.00 374.00 392.00
Human Resources 22.26 22.56 22.56 22.56 22.66 21.05 22.05 21.20 26.05 31.40
Justice Courts 44.50 47.00 44.00 44.00 44.00 44.00 44.00 42.00 42.00 42.00
Mayor's Office 24.00 25.00 21.00 21.00 23.00 23.00 24.00 26.00 30.00 32.00
Police 533.00 533.00 558.00 555.00 565.00 620.00 711.00 711.00 720.00 750.00
Public Lands — — — — — — — — 117.35 143.35
Public Services (1) 242.13 286.03 294.40 298.75 306.75 332.35 341.35 329.35 249.00 261.00
General Fund Total 1,616.22 1,674.79 1,711.91 1,722.26 1,758.36 1,845.35 1,986.35 1,975.50 2,022.35 2,134.95
Enterprise Funds
Airport 557.30 557.30 555.30 555.30 564.80 570.80 563.80 610.80 610.80 619.30
Golf 40.40 40.65 40.65 34.65 33.65 34.65 34.65 34.65 33.65 33.65
Public Utilities 387.00 390.00 392.00 394.00 397.00 411.00 427.00 435.00 452.00 459.00
Redevelopment Agency 14.00 15.80 15.80 16.50 16.00 16.00 19.00 32.00 32.00 32.00
Sustainability 49.60 53.95 53.95 57.95 57.95 63.00 63.00 63.00 63.00 63.00
Enterprise Fund Total 1,048.30 1,057.70 1,057.70 1,058.40 1,069.40 1,095.45 1,107.45 1,175.45 1,191.45 1,206.95
Internal Service Funds
Information Management Services 68.25 70.00 70.00 70.00 71.00 71.00 71.00 69.00 84.00 92.00
Fleet Management 41.00 40.00 41.00 42.00 45.00 45.00 45.00 45.00 45.00 46.00
Government Immunity 6.54 5.50 6.50 6.50 6.50 8.50 8.50 8.50 9.00 9.00
Risk Management 2.80 6.24 5.74 5.74 5.64 6.25 6.25 6.10 7.75 7.40
Internal Service Fund Total 118.59 121.74 123.24 124.24 128.14 130.75 130.75 128.60 145.75 154.40
Funding Our Future
Special Revenue Fund Total — — — — — — 3.00 3.00 3.00 —
TOTAL POSITIONS 2,783.11 2,854.23 2,892.85 2,904.90 2,955.90 3,071.55 3,227.55 3,282.55 3,362.55 3,496.30
Source: Salt Lake City Mayor's Recommended Budget, Staffing Document Summary.
(1) Public Services was split in 2022, creating a Public Lands department.
226
SALT LAKE CITY CORPORATION
PRINCIPAL EMPLOYERS
Current Year and Ten Years Ago
December 31, 2022 December 31, 2013
Employer
Number
Employees Rank
Percent
of all
Employees
Number
Employees Rank
Percent
of all
Employees
SALT LAKE COUNTY 7,000
- 9,999 1 1.00%
- 1.50%5,000
- 6,999 2 0.90 %
- 1.30%
UNIVERSITY HOSPITAL**7,000
- 9,999 2 0.70%
- 1.00%7,000 -9,999 1 1.30 %-1.90%
AMAZON SLC1 4,000
- 4,999 3 0.60%
- 0.70%
DELTA AIRLINES 4,000
- 4,999 4 0.40%
- 0.60%3,000 -3,999 5 0.60 %-0.80%
ASSOCIATED REG & UNIV PATHOLOGY 3,000
- 3,999 5 0.40%
- 0.60%
PREMIER EMPLOYEE SOLUTIONS LLC 3,000
- 3,999 6 0.40%
- 0.60%
PRIMARY CHILDREN'S MEDICAL CENTER 3,000
- 3,999 7 0.40%
- 0.60%3,000 -3,999 8 0.60 %-0.80%
DISCOVER PRODUCTS INC.2,000
- 2,999 8 0.40%
- 0.60%3,000 -3,999 6 0.60 %-0.80%
L3 TECHNOLOGIES, INC.2,000
- 2,999 9 0.30%
- 0.40%3,000 -3,999 7 0.60 %-0.80%
VA SALT LAKE CITY HEALTH CARE
SYSTEM 2,000 -2999 10 — %
- — %2,000 -2,999 10 0.40 %-0.60%
UNIVERSITY OF UTAH**4,000
- 4,999 3 0.80 %-0.90%
C.R. ENGLAND 3,000
- 3,999 4 0.60 %-0.80%
UPS 2,000
- 2,999 9 0.40 %-0.60%
37000 -50990 5.51 %- 7.59 %35000 -47990 6.60 %-9.10%
* - Estimated total number of people employed in
Salt Lake City.
671772 527250
** - University Hospitals have been separated from the University of Utah.
Source: Workforce Services - Based on yearly averages
227
SALT LAKE CITY CORPORATION
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function
Fire
Medical Calls 23,277 23,030 24,297 24,024 22,045 21,417 22,086 22,292 25,363 26,100
Fire Calls 5,385 5,542 5,777 6,406 6,776 6,891 7,132 7,884 8,978 8,923
Average dispatch time on medical emergencies :56 :58 :49 :46 :55 :53 :52 :53 1:34 1:29
Average time responding to life threatening emergencies 4:38 3:54 2:11 4:00 4:00 3:49 4:54 N/A 2:39 2:53
Police (calendar year)
Median Priority 1 Response Time In Minutes (1)5:44 5:44 5:40 6:00 6:19 6:02 5:36 12.55 11:34 10:15
Community Development
Percent of business license inspections conducted
within 30 days TBD 100 100%100 1 100%100 %100 %100 %100 %
Number of building inspections conducted
per day 134 136 161 160 167 207 239 195 182 218
Percent of transportation service requests
completed within 10 working days 91%81%84%80%82%92%87 %84%86%81%
Public Services
Forestry - Number of trees pruned per month (average)463 325 244 392 278 266 442 292 281 353
Water
Total million gallons water delivered 30,168 27,853 25,991 24,491 25,438 23,954 24,423 25,127 21,196 22,845
Per capita delivered - gallons per day 242 185 207 193 198 184 186 191 157 166
Airport
Total enplaned passengers (in thousands)10,294 10,834 11,293 11,850 12,420 13,090 10,096 7,710 12,802 13,143
Cargo pounds (in thousands)325,535 330,712 350,906 367,050 380,286 407,899 399,971 424,521 404,492 359,431
Sewer
Total Plant Flow (million gallons)10,212 10,087 10,418 10,554 10,211 12,217 11,849 10,492 10,945 10,842
Total influent (TBOD) biochemical
oxygen demand (in thousand pounds)17,401 17,864 18,765 19,659 26,985 29,729 21,333 22,869 17,890 20,061
Housing & Loan
Rehab Loans 109 108 80 72 113 60 35 26 17 7
Rehab units 124 125 89 217 113 74 35 26 31 29
First Time Home Buyer projects 10 8 4 4 8 7 7 2 5 1
Storm Water Utility
Line Installation (Linear Feet)12,547 5,872 5,960 11,039 11,940 6,899 13,013 13,541 25,427 16,560
Refuse Collection
Recycling Contamination Rate in Curbside Cans 7%5.7%7%7%15%23.5%19.7%16%15.8%15.3%
Percentage of waste stream recycled 16%17%17.2%17%15%12.8%12.1%12.1%12.2%12.2%
Golf
Number of golf rounds (9 holes equivalent)423,432 415,831 365,671 343,670 355,655 350,550 374,139 455,556 441,087 425,698
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.
228
SALT LAKE CITY CORPORATION
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
Function 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fire
Number of stations 14 14 14 14 14 14 14 14 14 14
Sworn fire fighters 323 323 328 328 324 329 338 345 347 361
Non-sworn civilian employees.13 13 13 13 17 18 18 23 27 31
Police protection:
Number of officers with power of arrest 437 417 447 457 508 589 589 589 604 604
Number of other police employees 96 111 111 108 120 122 122 117 124 146
Public Services
Recreation and culture:
Number of municipal parks (2)126 126 130 81 81 81 81 81 81 81
Number of municipal playgrounds 58 65 67 71 71 77 77 77 77 77
Number of municipal golf courses 9 8 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 1,858 1,855 1,849 1,850 1,840 1,854 1,863 1,873 1,888 1,893
Street Lighting
Number of Street Lights 15,511 16,405 15,533 15,565 15,615 15,668 15,677 15,690 15,851 15,883
Municipal water plants:
Number of service connections 90,435 90,451 91,467 91,545 91,802 92,026 94,013 92,374 91,990 92,034
City 56,700 56,710 55,409 55,435 55,577 55,656 55,772 55,958 56,147 56,258
County 33,735 33,741 36,058 36,110 36,225 36,370 38,241 36,416 35,843 35,776
Water supplied to conduits (gallons/year)
per thousand 30,168,610 27,853,330 25,990,768 24,490,890 26,231,120 32,840,422 29,331,670 31,027,510 26,023,720 27,442,799
Water shed managed (square miles)190 190 190 190 190 190 190 190 190 190
Number of fire hydrants 10,384 10,441 10,494 9,687 9,747 9,835 9,899 9,768 9,870 10,160
City 6,519 6,547 6,592 6,361 6,387 6,460 6,496 6,552 6,628 6,751
County 3,865 3,894 3,902 3,326 3,360 3,375 3,403 3,216 3,242 3,409
Sewer Utility
Number of sewer connections 49,779 49,835 49,917 49,924 50,019 50,119 50,235 50,310 50,394 50,515
Miles of sanitary sewer lines 653 653 654 655 655 656 667 677 679 679
Storm Water Utility:
Miles of storm water lines 341 342 343 345 348 351 351 356 359 364
Public Libraries 5 6 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%
229
Federal Awards Reports in Accordance with the Uniform
Guidance and State of Utah Compliance Report
June 30, 2023
Salt Lake City Corporation
Salt Lake City Corporation
Table of Contents
June 30, 2023
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 ..................................................................................14
Schedule of Findings and Questioned Costs ........................................................................................................15
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, the financial statements of the governmental
activities, the business-type activities, the 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, 2023, 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 29,
2023.
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.
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
misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a
timely basis. 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.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section 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. We identified a certain deficiency in internal control, described in
the accompanying Schedule of Findings and Questioned Costs as item 2023-001 that we consider to be a
material weakness.
2
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
entity’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 entity’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Salt Lake City, Utah
December 29, 2023
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 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, 2023.
State compliance requirements were tested for the year ended June 30, 2023 in the following areas:
Budgetary Compliance
Fund Balance
Justice Court
Restricted Taxes and Other Related Restricted Revenue
Fraud Risk Assessment
Governmental Fees
Open and Public Meetings Act
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, 2023.
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). 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.
Other Matters
The results of our auditing procedures disclosed instances of noncompliance, which are required to
be reported in accordance with the Guide and which are described in the accompanying Schedule of
Findings and Questioned Costs as items 2023-003 and 2023-004. Our opinion on compliance is not
modified with respect to these matters.
5
Government Auditing Standards require the auditor to perform limited procedures on the Salt Lake
City Corporation’s response to the noncompliance findings identified in our audit described in the
accompanying Schedule of Findings and Questioned Costs. Salt Lake City Corporation’s response was
not subjected to the other auditing procedures applied in the audit of compliance and, accordingly,
we express no opinion on the response.
Report On Internal Control over Compliance
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 or significant deficiencies, as defined above. However, material weaknesses or significant
deficiencies in internal control over compliance may exist that were not identified.
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 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 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 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.
Salt Lake City, Utah
December 29, 2023
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, 2023. 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, 2023.
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
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 and therefore, material weaknesses or significant
deficiencies may exist that were not identified. We did not identify any deficiencies in internal control
over compliance that we consider to be material weaknesses. However, as discussed below, we did
identify certain deficiencies in internal control over compliance that we consider to be significant
deficiencies.
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.
8
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.
We consider a deficiency in internal control over compliance described in the accompanying schedule of
findings and questioned costs as item 2023-002 to be a significant deficiency.
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.
Government Auditing Standards requires the auditor to perform limited procedures on Salt Lake City
Corporation’s response to the internal control over compliance findings identified in our compliance
audit described in the accompanying schedule of findings and questioned costs. Salt Lake City
Corporation’s response was not subjected to the other auditing procedures applied in the audit of
compliance and, accordingly, we express no opinion on the response.
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 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, 2023, 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 29, 2023, 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 auditing standards
generally accepted in the United States of America. 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
December 29, 2023
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14
Salt Lake City Corporation
Notes to Schedule of Expenditures of Federal Awards
Year Ended June 30, 2023
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, 2023. 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 HOME Investments Partnership Program in the schedule consist of advances
made on the loans during the year. The amount advanced during the year ended June 30, 2023, was $140,000.
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, 2023 was $13,112,999.
15
Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2023
Section I – Summary of Auditor’s Results
FINANCIAL STATEMENTS
Type of auditor's report issued Unmodified
Internal control over financial reporting:
Material weaknesses identified YesSignificant deficiencies identified not considered
to be material weaknesses None Reported
Noncompliance material to financial statements noted?No
FEDERAL AWARDS
Internal control over major program:
Material weaknesses identified NoSignificant deficiencies identified not
considered to be material weaknesses Yes
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 Yes
Identification of major programs:
Federal Financial Assistance Listing
Airport Improvement Program 20.106Emergency Rental Assistance 21.023Coronavirus State and Local Fiscal Recovery Fund 21.027
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
16
Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2023
Section II – Financial Statement Findings
2023-001 Account Reconciliation
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 that in aggregate represent
a material adjustment to the financial statements. Audit adjustments were proposed that
impacted property tax receivable, housing loans receivable and subscription asset and liability.
Cause: Multiple schedules supporting financial statement balances contained errors leading to
inaccurate financial reporting. These issues were not reconciled or reviewed by an appropriate
individual prior to the initial financial close or during the financial statement preparation
process.
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 items, as well as continuing to provide training to those performing
considered qualified to review all journal entries and year end reconciliations.
Views of Responsible Officials: Management has reviewed the errors with the responsible
employees. Some of these errors occurred due to a lack of review by those responsible.
Management is developing plans to ensure each failure is fixed and processes identified to
ensure adjustments and reconciliations are complete and accurate. These plans include review
by division leaders and secondary review by the accounting reporting team. Their performance
will be monitored to ensure they are able to perform their tasks. If those tasks cannot be
accomplished, the tasks will be reassigned.
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Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2023
Section III – Federal Award Findings and Questioned Costs
2023-002 Department of Treasury
Federal Financial Assistance Listing 21.027
Award number SLT-4512
COVID-19 Coronavirus State and Local Fiscal Recovery Fund
Reporting
Significant Deficiency in Internal Control and Immaterial Instance of Noncompliance
Criteria: The quarterly Project and Expenditure Report should include all expenditures made in
the reporting period.
Condition: The original project and expenditure reports provided to the auditors did not include
all expenditures made during the reporting periods selected for testing.
Cause: The City’s internal controls related to preparation of the reports did not identify all
expenditures made in the reporting periods selected for testing.
Effect: The original reports submitted to the Department of Treasury were not complete.
Questioned Costs: None reported
Context/Sampling: We examined all four quarterly Project and Expenditure Reports for the audit
period. We noted errors in one report.
Repeat Finding from Prior Year(s): No
Recommendation: We recommend that the City enhance internal controls to ensure all program
expenditures are appropriately reported.
Views of Responsible Officials: Management agrees with the finding.
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Salt Lake City Corporation
Schedule of Findings and Questioned Costs
Year Ended June 30, 2023
Section IV – State of Utah Compliance Findings
2023-003 Open and Public Meetings Act
Immaterial Instance of Noncompliance with State Compliance Requirements
Criteria:Under UCA 52-4-201 and UCA 52-4-203(4)(f), the City is required to post minutes and
any public materials for work meetings to the Utah Public Notice Website within three days of
the minutes being approved.
Condition: There were two instances where meeting minutes were not posted to the Utah Public
Notice Website within three days of the minutes being approved.
Cause: The City’s process for posting work meeting minutes to the Utah Public Notice Website
was not sufficient to meet the required timeframe.
Effect: The City was not in compliance with UCA 54-4-201 and UCA 52-4-203(4)(f) in relation to
posting work meeting minutes to the Utah Public Notice Website.
Recommendation: We recommend that the City review it’s processes for timely posting of work
minutes to the Utah Public Notice Website.
Views of Responsible Officials: Management agrees with the finding.
2023-004 Fund Balance
Immaterial Instance of Noncompliance with State Compliance Requirements
Criteria: Under UCA 10-6-116(2), the City’s unrestricted (committed, assigned, and unassigned)
general fund balance should not exceed 35% of the total revenue of the general fund for the
fiscal year under audit.
Condition: The unrestricted general fund balance exceeded 35% of the total revenue of the
general fund.
Cause: The City’s process for maintaining the proper unrestricted general fund balance in
proportion to total revenue was not sufficient to ensure compliance.
Effect: The City was not in compliance with UCA 10-16-116(2).
Recommendation: We recommend that the City review it’s processes to ensure the unrestricted
general fund balance does not exceed 35% of the total revenue of the general fund.
Views of Responsible Officials: Management agrees with the finding.
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1
December 29, 2023
To the Honorable Mayor and Members of the City Council
Salt Lake City Corporation
Salt Lake City, Utah
We have audited the financial statements of Salt Lake City Corporation (the City) as of and for the year ended
June 30, 2023, and have issued our report thereon dated June 30, 2023. Professional standards require that
we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit under Generally Accepted Auditing Standards
and Government Auditing Standards and our Compliance Audit under the Uniform Guidance
As communicated in our letter dated September 15, 2022, our responsibility, as described by professional
standards, is to form and express an opinion about whether the financial statements that have been prepared
by management with your oversight are presented fairly, in all material respects, in accordance with
accounting principles generally accepted in the United States of America and to express an opinion on
whether the City complied with the types of compliance requirements described in the OMB Compliance
Supplement that could have a direct and material effect on each of the City’s major federal programs. Our
audit of the financial statements does not relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the financial statements are free of material
misstatement. An audit of financial statements includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting.
Accordingly, as part of our audit, we considered the internal control of the City solely for the purpose of
determining our audit procedures and not to provide any assurance concerning such internal control.
Our responsibility, as prescribed by professional standards as it relates to the audit of the City’s major federal
program compliance, is to express an opinion on the compliance for each of the City’s major federal programs
based on our audit of the types of compliance requirements referred to above. An audit of major program
compliance includes consideration of internal control over compliance with the types of compliance
requirements referred to above as a basis for designing 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 internal control over
compliance. Accordingly, as a part of our major program compliance audit, we considered internal control
over compliance for these purposes and not to provide any assurance on the effectiveness of the City’s
internal control over compliance.
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We are also responsible for communicating significant matters related to the audit that are, in our
professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to
communicate to you.
We have provided our comments regarding internal controls during our audit in our 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 dated December 29,
2023. We have also provided our comments regarding compliance with the types of compliance requirements
referred to above and internal controls over compliance during our audit in our Independent Auditor’s Report
on Compliance with Each Major Federal Program and Report on Internal Control Over Compliance Required
by the Uniform Guidance dated December 29, 2023.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and other firms utilized in the engagement,
if applicable, have complied with all relevant ethical requirements regarding independence.
Significant Risks Identified
As stated in our auditor’s report, professional standards require us to design our audit to provide reasonable
assurance that the financial statements are free of material misstatement whether caused by fraud or error. In
designing our audit procedures, professional standards require us to evaluate the financial statements and
assess the risk that a material misstatement could occur. Areas that are potentially more susceptible to
misstatements, and thereby require special audit considerations, are designated as “significant risks.” We have
identified the following as significant risks:
• Management Override of Controls – Professional standards require auditors to address the possibility of
management overriding controls. Accordingly, we identified as a significant risk that management of the
Salt Lake City Corporation may have the ability to override controls that the City has implemented.
• Revenue Recognition – Exchange Revenue – We identified revenue recognition as a significant risk
because the possibility of errors in recording exchange revenue due to incorrect calculations or
over/under billing.
• Revenue Recognition – Non-Exchange Revenue – We identified grant and intergovernmental revenue
recognition as a significant risk because of possible misstatements due to errors in determining if
eligibility, timing or other grantor restrictions have been met.
• Improper Capitalization – Given the dollar amount and volume of capital asset expenditures, we
considered there is a significant risk that capital expenditures are not properly reconciled and classified
as a capital asset additions.
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Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the
significant accounting policies adopted by the City is included in Note 1 to the financial statements. As
described in Note 1, the City changed accounting policies related to accounting for software subscriptions to
adopt the provisions of GASB Statement No. 96 , Subscription-Based Information Technology Arrangements.
Accordingly, the accounting change has been retrospectively applied to the financial statements beginning
July 1, 2022. No matters have come to our attention that would require us, under professional standards, to
inform you about (1) the methods used to account for significan uusual transactions and (2) the effect of
significant accounting policies in controverisial or emerging areas for which there is a lack of authoritative
guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management and are based
on management’s current judgments. Those judgments are normally based on knowledge and experience
about past and current events and assumptions about future events. Certain accounting estimates are
particularly sensitive because of their significance to the financial statements and because of the possibility
that future events affecting them may differ markedly from management’s current judgments.
The most sensitive accounting estimates affecting the financial statements are:
• Environmental Remediation Liability - Management’s estimate of the environmental remediation liability
is based on estimated costs, including equipment, labor, and monitoring, to remediate all future
obligations. We evaluated the estimated remaining costs, including supporting engineering estimates,
and considered the key factors and assumptions used to develop the estimate and determined that it is
reasonable in relation to the basic financial statements taken as a whole.
• Pensions - Management’s estimate of the net pension liability is an allocation of an amount determined
by the Utah Retirement Systems (URS) in accordance with the parameters of GASB Statement No. 68.
The estimate is prepared by the URS for all of Salt Lake City Corporation and then allocated to the
various funds within the Salt Lake City Corporation. We evaluated the report provided by the URS and
the allocation made by Salt Lake City Corporation detailing the key factors and assumptions used to
develop the estimate and determined that it is reasonable in relation to the basic financial statements
taken as a whole.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive because of
their significance to financial statement users. The most sensitive disclosures affecting the City’s financial
statements relate to Long-Term Obligations and Pension Plans in Note 6 and 14, respectively, to the financial
statements.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the
audit.
4
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely
misstatements identified during the audit, other than those that we believe are trivial, and communicate
them to the appropriate level of management. Further, professional standards require us to also
communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of
transactions, account balances or disclosures, and the financial statements as a whole. Uncorrected
misstatements or matters underlying those uncorrected misstatements could potentially cause future-period
financial statements to be materially misstated, even though the uncorrected misstatements are immaterial
to the financial statements currently under audit. There were no uncorrected misstatements.
The following misstatements that we identified as a result of our audit procedures were brought to the
attention of, and corrected by, management:
Overstatement of Property Tax Receivable (General Fund) $13,950,746
Understatement of Deferred Property Taxes (General Fund) 13,950,746
Overstatement of Subscription Asset (Govt Wide) $820,705
Overstatement of Subscription Liability (Govt Wide) 820,705
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter,
whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter,
which could be significant to the City financial statements or the auditor’s report. No such disagreements
arose during the course of the audit.
Circumstances that Affect the Form and Content of the Auditor’s Report
For purposes of this letter, professional standards require that we communicate any circumstances that affect
the form and content of our auditor’s report. As described in Note 1 to the financial statements, the City has
adopted the provisions of GASB Statement No. 96, Subscription-Based Information Technology Arrangements
(SBITAs). We have included an emphasis of matter paragraph in our report regarding this adoption.
Representations Requested from Management
We have requested certain written representations from management which are included in the management
representation letter dated December 29, 2023.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters. Management informed us that, and to our knowledge, there were no consultations with other
accountants regarding auditing and accounting matters.
5
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the City, we generally discuss a variety of matters,
including the application of accounting principles and auditing standards, significant events or transactions that
occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and
strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a
condition to our retention as the City’s auditors.
Other Information Included in Annual Reports
Pursuant to professional standards, our responsibility as auditors for other information, whether financial or
nonfinancial, included in the City’s annual reports, does not extend beyond the financial information
identified in the audit report, and we are not required to perform any procedures to corroborate such other
information. However, in accordance with such standards, we have:
• Read the information and considered whether such information, or the manner of its presentation,
was materially inconsisitent with its presentation in the financial statements. We did not note any
material inconsistencies during our review.
Our responsibility also includes communicating to you any information which we believe is a material
misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its
manner of presentation, is materially inconsistent with the information, or manner of its presentation,
appearing in the financial statements.
The financial statements include the financial statements of the Department of Airports, Water Utility Fund and
Sewer Utility Fund, departments of Salt Lake City, the Redevelopment Agency Fund, and Local Building
Authority, blended component units of the City, and the Salt Lake City Library, a discretely presented component
unit of the City. We consider these entities to be significant components of the consolidated financial
statements. Consistent with the audit of the consolidated financial statements as a whole, our audit included
obtaining an understanding of the above organizations and their environments, including internal control,
sufficient to assess the risks of material misstatement of the financial statements of the City and completion of
further audit procedures.
The financial statements include the equity method investment in the Joint Venture City/County Landfill with
Salt Lake County and the Utah Performing Arts Center Agency (UPACA), a discretely presented component unit,
which are considered to be a significant components of the financial statements of the City. The financial
statements of Salt Lake County were audited by other auditors. Eide Bailly assumed responsibility for the audit
of the financial statements of Salt Lake County and no reference is made in the auditor’s report to the other
auditor. Consistent with the audit of the financial statements as a whole, our audit included obtaining an
understanding of Salt Lake County and its environment, including internal control, sufficient to assess the risks of
material misstatement of the financial statements of the Joint Ventures with the City and completion of further
audit procedures. Additionally, our audit procedures included required correspondence with the other auditor,
obtaining and reading their auditor’s report and the related financial statements, and other procedures as
considered necessary.
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The financial statements include the equity method investment in the Sugarhouse Park joint venture between
the City and Salt Lake County as well as the Arts Council, which for the purpose of our audit, we did not consider
to be a significant component of the financial statements of the City. The financial statements of Salt Lake
County and the Arts Council were audited by other auditors. Eide Bailly assumed responsibility for the audit of
the financial statements of Salt Lake County and the Arts Council and no reference is made in the auditor’s
report to the other auditors. Consistent with the audit of the financial statements as a whole, our audit included
obtaining an understanding of the investment in Salt Lake County and the Arts Council, sufficient to assess the
risks of material misstatement of the financial statements of the City and completion of further audit
procedures, as determined necessary.
This report is intended solely for the information and use of the Mayor and Members of the City Council, and
management of the City and is not intended to be, and should not be, used by anyone other than these specified
parties.
Salt Lake City, Ut
Management’s Response to Auditor’s Findings:
Summary Schedule of Prior Audit Findings and
Corrective Action Plan
June 30, 2023
Prepared by Management of
Salt Lake City Corporation
Summary Schedule of Prior Audit Findings
Finding 2022-001
Initial Fiscal Year Finding Occurred: 2022
Finding Summary: During the audit there were multiple audit adjustments identified that in the aggregate
represented a material adjustment to the financial statements.
Status: Management implemented an additional step in the annual close process where additional testing was
done on all unreconciled cash items at the end of the year. In addition, all property sales were subjected to
undergo a formal review with the City Finance Team in order to ensure all sales are properly recorded. Ongoing
training with Treasury staff was also implemented in the current year to ensure reconciliations were done in a
timely manner.
Finding 2022-002
Initial Fiscal Year Finding Occurred: 2022
Finding Summary: During the audit there was a lease identified that was not properly accounted for in
accordance with GASB 87.
Status: Management has continued to review and monitor all new lease/rental agreements for GASB 87
compliance. We have also added a review step to the lease calculation process whereby an additional review of
the calculation is done by another staff member.
Finding 2022-003
Initial Fiscal Year Finding Occurred: 2022
Finding Summary: The original SEFA provided to the auditors for major program determination did not include
the loan received under the WIFIA program.
Status: Management added a step to the annual close process of contacting each department throughout the
City to determine if there were any new Federal programs that needed to be considered for the SEFA.
Finding 2022-004
Initial Fiscal Year Finding Occurred: 2022
Finding Summary: Total expenditures in the Arts Council Fund exceeded the appropriated expenditures in the final
adopted budget.
Status: Management worked closely with the Arts Council to ensure they were aware of their budget and
expenditures throughout the year to avoid going over budget in the current year. The Arts Council successfully
ended the year under their allotted budget.
Corrective Action Plan
Finding 2023-001
Finding Summary: Eide Bailly LLP identified multiple audit adjustments that in the aggregate
resulted in a material adjustment to the financial statements.
Responsible Individuals: Russell Sundquist
Corrective Action Plan: Management agrees that the financial statements would have been misstated without
the audit adjustments. Management believes the errors would have been corrected during the final
reconciliations. However, due to staff resources and time constraints, account reconciliations and audit review
occur simultaneously. Although the goal is to have everything reconciled, sometimes auditors will review work
that has not yet been reconciled resulting in a similar comment.
Anticipated Completion Date: December 2023
Finding 2023-002
Federal Agency Name: Department of the Treasury
Program Name: COVID-19 Coronavirus State and Local Fiscal Recovery Fund
CFDA #21.027
Finding Summary: The original project and expenditure reports provided to the auditors did not include all
expenditures made during the reporting periods they selected for testing.
Responsible Individuals: Aaron Price
Corrective Action Plan: This is the result of an end of year timing issue wherein the reporting deadline to the
Federal Government occurred prior to year-end close, resulting in a reconciling item being accurately reported
within the City’s fiscal year despite being reported to the Federal Government in a subsequent quarter, but still
accurately within the Federal Government’s fiscal year. Moving forward, greater efforts will be used to reconcile
year end grant transactions prior to federal reporting, however, this is considered to be a non-recurring issue
given the nature of the grant.
Anticipated Completion Date: December 2023
Finding 2023-003
Finding Summary: Eide Bailly LLP identified two instances where meeting minutes were not posted
to the Utah Public Notice Website within three days of the minutes being
approved.
Responsible Individuals: Cindy Lou Trishman, City Recorder
Corrective Action Plan: The Recorder’s Office will adjust the process for approved minutes to be
uploaded after a signature is obtained, to upload them to UPNW prior to
signature completion but with approval date. The signed record with the seal
will be maintained in the City’s permanent repository.
Anticipated Completion Date: Training is occurring, and the implementation is immediate.
Finding 2023-004
Finding Summary: The unrestricted general fund balance exceeded 35% of total revenue of the
general fund.
Responsible Individuals: Mary Beth Thompson, CFO
Corrective Action Plan: The Finance Department has put into place a monthly projection model for both
revenues and expenditures. This model will help the department monitor both
the revenues received and the expenditures spent in a timely manner to ensure
that the City of Salt Lake won’t be over the 35% unrestricted fund balance in the
future.
Anticipated Completion Date: December 2023