Auditing North Salt Lake: what the city's audit and budget show

This series looks at North Salt Lake's public financial records: its annual audit, its adopted budget and the council actions behind them. Each story cites the records it relies on. Where a record leaves a question open, the story says so.

The city's fiscal year runs from July 1 to June 30. The latest audited year is fiscal 2025, which ended June 30, 2025. The latest adopted budget covers fiscal 2027, which began July 1, 2026. ^[1][6]

The audit

K&C, CPAs, of Woods Cross issued an unmodified opinion dated Dec. 31, 2025, on the city's fiscal 2025 financial statements. The opinion says the statements present fairly, in all material respects, the city's financial position. The city's transmittal letter says fiscal 2025 was the first year of audit services under its contract with the firm. ^[1][12]

The auditor's summary of results reports no material weaknesses or significant deficiencies in internal control over financial reporting, and no noncompliance material to the financial statements. It lists no financial-statement findings and no federal-award findings or questioned costs. ^[2]

The single federal program audited as a major program was assistance listing 97.039, Hazard Mitigation Grant Program, with $1,102,703 in federal expenditures. The summary also marks the city as not qualifying as a low-risk auditee. ^[2][11]

In a separate report, the auditor said the city complied in all material respects with the state compliance requirements it tested. Those areas were budgetary compliance, fund balance, justice court, restricted taxes, fraud risk assessment, governmental fees, cash management, impact fees and Utah Retirement Systems. ^[10]

Size, debt and reserves

On the audited full-accrual basis, the city's assets and deferred outflows exceeded its liabilities and deferred inflows by $141,730,825 at June 30, 2025. Of that, $106,938,549 was net investment in capital assets, which management notes is not available for future spending. ^[3]

The General Fund, the city's main operating fund, spent $14,146,301 in fiscal 2025. Its unassigned fund balance was $3,853,878, and another $1,500,000 was assigned as a contribution to the Hatch Park expansion. ^[4]

The city reported $24,931,426 in outstanding long-term debt at June 30, 2025, down $1,384,000 for the year. Most of it was sales tax revenue bonds, totaling $22,169,000. The rest was water revenue bonds, a lease revenue bond, a golf course note payable and an equipment lease. Management says all of the bonded debt is secured by specific revenue sources. ^[5]

Redevelopment

The city's redevelopment agency funds ended fiscal 2025 with a combined fund balance of $5,031,169, after collecting $2,839,111 in tax increment. The agency has three project areas: Eaglewood Village, Redwood Road and Highway 89. In fiscal 2025, the Redwood Road area contributed $740,000 toward debt payments on the Hatch Park expansion. ^[4][8]

The fiscal 2027 budget for the agency projects $3,280,140 in tax revenue and an ending fund balance of $6,548,392. These are budget projections, not audited balances. ^[9]

The fiscal 2027 budget

The final fiscal 2027 General Fund budget lists $14,691,640 in revenue and $15,372,150 in expenditures, a gap of $680,510 before other financing. With $573,110 in transfers and other financing sources, the planned decline in fund balance is $107,400. The budget projects a General Fund balance of $4,425,026 at the end of fiscal 2027. ^[6]

The budget includes $1,983,020 for the fire department line, which pays for services from the South Davis Metro Fire Agency. The city paid that agency $1,844,310 in fiscal 2025. ^[6][13]

On June 16, 2026, the council adopted Resolution 2026-26R, the fiscal 2027 budget, on a 4-0 vote; Councilmember Alisa Van Langeveld was excused. The minutes record Finance Director Heidi Voordeckers giving total budgeted expenses of $37,146,201. That total does not include redevelopment agency funds, which were approved separately. It is a sum of appropriations across funds, so it includes transfers between funds. ^[7]

The city's final budget document carries a "Final Budget" cover. Its detailed worksheets keep a "FY 2027 TENTATIVE BUDGET - UPDATED 6.2.26" footer. ^[6]

What this series covers

The stories that follow look at the golf course fund's long-standing debt to another city fund, the financing of the Hatch Park expansion, the June 2026 utility rate increase and the city's property tax rate alongside a proposed fire-district tax increase.