Auditing Midvale: What the city's budget, audit and debt records show

Auditing Midvale is a series that follows the city's money through its own records: the annual budget, the audited annual comprehensive financial report, and the decisions of the City Council and the Redevelopment Agency of Midvale City. Every figure links to the official document it comes from.

Midvale's fiscal year runs from July 1 to June 30. The latest audited report covers fiscal 2025, which ended June 30, 2025. The current budget covers fiscal 2027, which began July 1, 2026. ^[1][2]

The 2026-27 budget

At an Aug. 11, 2026 special meeting, the council voted 5-0 to adopt Resolution 2026-R-43, the city's operating and capital budgets for the year ending June 30, 2027. Staff said an interim budget adopted June 16, 2026 had served as the operating budget from July 1. ^[2]

The adopted budget sets General Fund revenues and expenditures at $24,179,095 and Public Safety Fund revenues and expenditures at $15,080,546. ^[2]

The approved budget book lists a $201,575 use of General Fund balance for fiscal 2027. Its fiscal 2025 actual column shows General Fund revenues of $29,191,087 and expenditures of $30,679,172. ^[3]

The budget book's financial policies call for a General Fund reserve of 15% of budgeted General Fund revenues and say debt service shall not exceed 15% of General Fund expenditures. ^[3]

The fiscal 2025 audit

Keddington & Christensen, a Woods Cross accounting firm, audited the fiscal 2025 statements. Its report, dated Jan. 15, 2026, says they present fairly, in all material respects, the city's financial position as of June 30, 2025, in accordance with generally accepted accounting principles. ^[1]

The council took up Resolution 2026-R-05, acknowledging completion and receipt of the annual audit, on Jan. 20, 2026. The city's public notice says the report was presented and reviewed at that meeting. ^[4][5]

The report's financial highlights put the city's total net position at $151,817,313, up $9,055,793 during the year. Governmental fund balances totaled $31,514,270, down $6,251,604, or 19.8%. ^[1]

Reserves

The General Fund's unassigned balance was $8,451,073 at June 30, 2025, or 27.7% of revenues, according to the report's financial highlights. The city's policy minimum is 15%. A later page of the same report prints the figure as $8,451,173, or 26.8%. ^[1]

General Fund expenditures rose from $20,610,613 in fiscal 2024 to $23,077,166 in fiscal 2025, and exceeded revenues by $1,957,500, the report says. ^[1]

Debt

The city reported $69,274,119 in long-term obligations at June 30, 2025, down $5,416,743, or 7.24%, from $74,690,862 a year earlier. ^[1]

The largest pieces were $30,370,000 in tax revenue bonds, $24,274,000 in water, sewer and storm water revenue bonds, and $4,390,000 in lease revenue bonds. The total also includes direct borrowings, bond premiums and compensated absences. The report says the city has no general obligation bonds outstanding. ^[1]

Redevelopment

The transmittal letter describes three redevelopment project areas: Bingham Junction, Jordan Bluffs and Main Street. It says Jordan Bluffs consists of 268 acres in the southwest corner of the city. ^[1]

Other stories in this series examine the agency's 2025 change to the Jordan Bluffs developer reimbursement cap, two 2026 business-loan decisions and the public safety property tax the council adopted in August 2026.