Continuing story · Midway: general fund balance and capital budget · all updates, newest first →
Midway: general fund balance and capital budget · From the recordsAuditing Midway: What the city's audit and budget show
The Utah Ledger's new series on Midway's public finances starts with the city's fiscal 2025 audit and its fiscal 2027 budget: an $8.3 million general fund, one bond issue for open space, and a renewal agency with a $97,633 balance.
Continuing storyMidway: general fund balance and capital budget
This series examines Midway's public finances through its own records. It starts with the two main ones: the audited financial statements for the year that ended June 30, 2025, and the budget for the year that began July 1, 2026. [1][2]
Gilbert & Stewart, CPA, PC, of Provo signed the auditor's report on Feb. 9, 2026. It says the financial statements present fairly, in all material respects, the city's financial position. The report contains no qualification. [1]
The general fund
The general fund pays for most day-to-day city services. In fiscal 2025 it collected $8,380,930, including $5,460,621 in taxes, and spent $4,945,345. General government was the largest category, at $3,170,961. [1]
The fund transferred $1,696,357 to other funds, including $1,349,922 to capital projects and $327,057 to the Municipal Building Authority fund. Its balance rose from $1,628,253 to $3,367,481, all of it unassigned. [1]
The fiscal 2027 budget sets general fund revenue and spending at $8,310,450 each. It separately budgets $3,869,408 in the capital improvements fund, $7,827,447 in the water fund and $1,349,444 in the Municipal Building Authority fund. [2]
Reserves
At June 30, 2025, Midway's governmental funds held $18,489,561 in combined fund balances. The capital projects fund held $12,065,513, of which $10,590,192 was assigned to capital projects and $1,384,258 was restricted for Class C roads and transportation and trail impact fees. [1]
The fiscal 2025 audit included a finding that the general fund balance exceeded a 35% threshold, which is covered in a separate story in this series. [3]
Debt
Midway's only bonds outstanding at June 30, 2025 were 2020 general obligation bonds issued through the Municipal Building Authority on May 14, 2020, for $4,820,000. The audit says the proceeds were for the preservation of open space and related improvements. [1]
The city owed $3,960,000 on those bonds after paying $190,000 of principal during the year, with $200,000 due within one year. The audit also lists an unamortized bond premium of $278,346 and a net pension liability of $394,163 for governmental activities. [1]
The fiscal 2027 budget lists open space bond payments of $185,000 in principal and $137,294 in interest. [2]
Redevelopment
The Midway City Community Development and Renewal Agency is reported in the audit as a blended component unit with its own fund. Its fund balance at June 30, 2025 was $97,633. [1]
The general fund transferred $525 to the agency in fiscal 2025, and the fiscal 2027 budget lists $525 for the agency's fund. [1][2]
Budget figures are authorizations, not spending. Fund totals in the budget are listed separately and are not added together here. Debt figures are balances as of June 30, 2025.
Sources
- Midway City · FY2025 financial statements with independent auditor's reports midwaycityut.gov
- Midway City · FY2027 beginning budget, adopted June 16, 2026 midwaycityut.gov
- Midway City Council · Feb. 17, 2026 draft minutes (June 2, 2026 meeting packet) midwaycityut.gov
Background explainer by The Utah Ledger. AI-assisted reporting; paragraphs link to their sources.
No corrections or significant updates to this story. Report an error · Corrections log
