Eagle Mountain's general fund balance rose from $12.4 million to $18.1 million between fiscal 2024 and 2025

Eagle Mountain's general fund ended fiscal 2024 (June 30, 2024) with a total fund balance of $12,425,426, of which $10,796,280 was unassigned, on revenues of $34,872,186 and expenditures of $27,651,188. ^[1]

It ended fiscal 2025 with a total fund balance of $18,117,371, of which $11,785,671 was unassigned and $2,107,781 was committed by council resolution, on revenues of $36,963,748 and expenditures of $30,986,393. ^[2]

Outstanding bonds

The fiscal 2025 report lists these balances at June 30, 2025 and June 30, 2024: sales tax revenue bonds $20,415,000 and $21,170,000; revenue bonds $12,642,000 and $14,151,000; special assessment bonds $210,000 and $240,000; leases payable $368,056 and $470,902. It lists a subscription payable of $486,478 at June 30, 2025. ^[2]

The 2022 sales tax revenue bonds

On Feb. 15, 2022 the council voted 4-0 to set parameters for sales tax revenue bonds, Series 2022, at not more than $25 million, a maximum 5 percent interest rate and a 31-year maturity. Bond counsel said the true interest cost would be closer to 2.5 percent. The motion was amended from $22 million to $25 million. ^[3]

At a March 15, 2022 public hearing, the City Administrator listed estimated project costs of $9 million for Eagle Mountain Boulevard, $4 million for Mid Valley Road Phase 2, $9 million for Old Airport Road Phase 2 and $1 million for a Cedar Pass Ranch water line, with impact fees paying debt service. No one spoke at the hearing. ^[4] The council's June 21, 2022 budget amendment added $146,500 for issuance costs of the 2022 sales tax bond. ^[5]

Not retrieved

The reports' legal debt margin tables and debt notes with original amounts and rates were not retrievable for this review.