Auditing Lake Point: What the young city's first audits show

Lake Point was incorporated in 2022 and is in Tooele County, according to the notes to its fiscal 2025 financial statements. This series reviews the city's public financial records: its audits, budgets and the findings its auditor has reported. ^[1]

The budget

In the year ended June 30, 2025, the General Fund took in $2,244,598 and spent $1,465,387. Sales tax brought in $662,124 and property tax $424,780. ^[1]

The city's management discussion says it recognized $107,500 in grant revenue during the year. ^[1]

A tentative fiscal 2027 budget dated June 15, 2026 lists General Fund revenues and expenditures of $1,934,297.24 each. A June 24, 2026 agenda lists a public hearing and a resolution on adopting the fiscal 2027 budget. ^[3][4]

Reserves and capital

The General Fund ended fiscal 2025 with a fund balance of $918,157, of which $760,236 was unassigned and $157,921 was restricted, including Class C road money, transit tax and grant funds. ^[1]

The city created a Capital Projects Fund in fiscal 2025 "to better track spending for future capital-intensive projects," the management discussion says. The General Fund transferred $851,856 into it. With $4,856 in interest and no spending, it ended the year with $856,712 assigned to capital projects. ^[1]

The statement of net position reports total net position of $45,074,799 and total liabilities of $102,641. Of the net position, $43,299,930 is net investment in capital assets, which the management discussion says consists of land and roads. It attributes the large figure to a contribution of capital assets in the prior year valued at $44,394,664. ^[1]

The audit opinion and findings

K&C, CPAs of Woods Cross issued an unmodified opinion on the city's financial statements, saying they "present fairly, in all material respects" the city's financial position. ^[1]

The same report lists four findings: a material weakness in financial close and reporting, and three state budget-compliance findings labeled significant deficiencies. Management responded that it agrees and "will work to correct them." Separate stories in this series cover the findings and the budget records that followed. ^[1]

The June 24, 2026 meeting

The fiscal 2026 audit has not been published. The June 24, 2026 minutes posted on the state's public notice website are a scanned image. ^[2][4]