Auditing Millcreek: what city records show about its budget, debt and Millcreek Common

The Utah Ledger is reviewing Millcreek's public financial records in a series called Auditing Millcreek. The series uses the city's audited financial statements, its adopted budget, council minutes and public notices, and it reports only what those records state. Older records are labeled with the years they cover.

The budget

The council adopted the fiscal 2026-27 budget, Ordinance 26-45, on June 22, 2026. ^[1]

The adopted budget book lists $44,183,500 in total General Fund expenditures for fiscal 2027. ^[2]

The council set certified property tax revenue at $12,014,317 and lowered the tax rate from 0.001267 to 0.001248, according to the June 22 minutes. Finance staff projected General Fund balance at about 35 percent. ^[3]

On Sept. 28, 2026, the council adopted Ordinance 26-67, the first amendment to the fiscal 2027 budget. ^[4] The proposed amendment in the meeting packet raised the General Fund's budgeted use of fund balance by $116,600, to $546,782. ^[5]

The 2025 audit

Millcreek's financial statements for the year ended June 30, 2025 carry an independent auditor's report dated Dec. 5, 2025. ^[6] Jeff Miles of the firm HBME told the council on Dec. 8, 2025 that the city received a clean, unmodified opinion and that the auditors found no deficiencies in internal controls. ^[7]

The General Fund's balance fell $854,315 in fiscal 2025, from $15,248,366 to $14,394,051. ^[6]

Debt

At June 30, 2025, the city had $50,485,000 in sales tax revenue bonds outstanding: $17,205,000 from a 2019 series and $33,280,000 from a 2021 series. It also reported a $4,579,830 note payable. ^[6]

In August 2025, after that date, the city's Community Reinvestment Agency issued two more bond series for the eastern part of Millcreek Common. ^[6][8]

Redevelopment

The Community Reinvestment Agency's fiscal 2027 budget covers its City Center, West Millcreek, Woodland Avenue, Olympus Hills and MedTech areas and its housing fund. Its board adopted that budget on June 22, 2026. ^[9]

The adopted budget book separates Millcreek Common Phase II, in Fund 451, from East Common and Millcreek North, in Fund 452. ^[2]

Stories in this series

The 2025 redevelopment bonds for East Common; what the fiscal 2027 budget sets aside for East Common, Millcreek North and Phase II; the new transportation utility fee; and the fiscal 2025 audit and the city's fraud risk self-assessment.