Holladay's General Fund reserve and 2022 audit: records from 2018 through 2025
Minutes from 2021, 2023 and 2025 give the city's reserve levels, the state limit and the 2022 audit's single compliance finding.
Continuing story: Auditing Holladay
Holladay council minutes from 2021 to 2025 record the city's General Fund reserve, the state limit and the results of the 2022 audit. [1][2][3]
2021: reserve and the state limit
At the March 25, 2021 council retreat, the minutes state that the legal General Fund balance limit had risen from 25% to 35% and that Holladay's was about 31%, with roughly $5 million in the General Fund balance and $5.8 million in the Capital Fund balance. [1]
2022 audit, presented January 2023
The auditor reported an unmodified opinion and one state compliance finding, on deficit fund balances in the redevelopment agency and stormwater funds. The minutes say the RDA deficit fell by nearly $600,000. They say General Fund unassigned balance rose from $3.4 million in 2018, and operating revenues grew from $15.1 million in 2018 to $23.4 million in 2022. [2]
2025: draft policy
In April 2025 the council reviewed draft financial policies. They would keep the General Fund reserve at no less than 15% of budgeted revenues. The minutes say it was 33.6% the previous year and that the state range is 5% to 35%. [3]
Sources
- Holladay City Council · Retreat minutes, Mar. 25, 2021
- Holladay City Council · Minutes, Jan. 19, 2023 (2022 financial audit)
- Holladay City Council · Work session minutes, Apr. 3, 2025
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.