Auditing Woods Cross: what city records show about its audit, reserves, debt and City Hall plans

The Utah Ledger is reviewing Woods Cross's public financial records in a series called Auditing Woods Cross. The series reports what audits, budgets, council minutes, packets and public notices state, and labels each figure with the year and basis it was reported on.

Woods Cross's fiscal year runs from July 1 through June 30. The audit of the year ended June 30, 2025 was presented to the City Council on Nov. 18, 2025. ^[1][2]

The audit

The auditing firm K&C, CPAs issued an unmodified opinion on the city's fiscal 2025 financial statements in a report dated Nov. 5, 2025. ^[1]

Marcus Arbuckle of Keddington & Christiansen told the council the city's internal controls were adequate, according to the approved minutes. The minutes say his one recommendation was that the justice court and the city reconcile their records each month, and that the administration accepted it and had a process in place. ^[2]

Reserves and spending

The General Fund, which pays for most day-to-day services, took in $10,199,178 in fiscal 2025 and spent $9,014,291. Its fund balance rose $295,858, to $6,343,927, after transfers and other items. Of that balance, $2,861,071 was unassigned. ^[1]

The General Fund transferred $1,025,640 to other city funds that year, including $1,000,000 to the Capital Projects Fund and $25,640 to the Redevelopment Agency. Transfers move money between city funds; they are not spending on a project. ^[1]

Across all city activities, total net position, a measure that includes capital assets such as roads and utility systems, was $59,421,992 on June 30, 2025. ^[1]

Debt

The city reported $14,172,449 in debt on June 30, 2025. Governmental debt of $9,345,449 was made up of 2017 sales tax revenue bonds ($3,955,000, plus a $183,449 unamortized premium), 2021 sales tax revenue bonds ($2,328,000) and a 2022 excise tax road revenue bond ($2,879,000). ^[1]

The water system's $4,827,000 in revenue bonds consisted of 2014 bonds ($3,400,000), 2016 bonds ($760,000) and 2023 bonds ($667,000). ^[1]

Those balances predate two later borrowing actions. July 7, 2026 council minutes describe an $8,000,000 Series 2025 water bond authorization, including a $500,000 contingency, from an Aug. 19, 2025 meeting. ^[7]

And on Oct. 7, 2026, the Local Building Authority of Woods Cross City posted notice that it intends to issue no more than $33,000,000 in lease revenue bonds, over no more than 31 years, for a city hall and parks. The notice estimates annual principal and interest of $2,303,367 and sets a public hearing for Nov. 3, 2026. ^[6]

Redevelopment

The Redevelopment Agency fund reported $1,011,745 in revenue in fiscal 2025, including $845,515 in property taxes, and $618,043 in expenditures. It ended the year with a $1,766,652 fund balance. ^[1]

Budget and property taxes

The final fiscal 2027 budget presented on Aug. 4, 2026 lists $10,044,488 in General Fund revenue and the same amount in expenditures. It includes a $995,285 property tax increase line labeled for the new City Hall. ^[3]

The council adopted Resolution 2026-1010, the final fiscal 2027 budget and the 2026 tax rate, on a 3–2 roll-call vote that night, according to the minutes. ^[4]

For comparison, the fiscal 2026 final budget listed $8,860,418 in General Fund revenue and expenditures. ^[8]

The State Tax Commission lists Woods Cross's 2026 general operations rate as 0.001905, with $3,119,051 in budgeted property tax revenue. Budgeted revenue is not the same as taxes collected. ^[5]