Park City's four redevelopment agency funds held $11.8 million at the end of FY2024

The Park City Redevelopment Agency's four funds had combined fund balances of $11,801,512 in FY2024, up from $7,598,320 in FY2022 and $9,488,952 in FY2023, according to the "Change in Fund Balance" table in the city's FY2026 budget volume. ^[1]

The FY2026 budget lists $11,113,739 for the four funds combined. ^[1]

By fund

Lower Park Ave RDA Special Revenue (fund 023): $1,262,193 in FY2022, $2,654,316 in FY2023, $4,430,146 in FY2024; budget $7,852,485 for FY2026. ^[1]

Main Street RDA Special Revenue (fund 024): $1,460,076, $1,138,237 and $1,159,879; budget $1,161,253 for FY2026. ^[1]

Redevelopment Agency-Lower Park (fund 033): $3,281,547, $3,649,297 and $4,297,945; budget $631,246 for FY2026. ^[1]

Redevelopment Agency-Main St (fund 034): $1,594,504, $2,047,102 and $1,913,542; budget $1,468,755 for FY2026. ^[1]

Planned FY2026 spending

The FY2026 budget shows $885,823 in materials, supplies and services, $200,000 in capital and $5,872,122 in interfund transfers across the four funds. ^[1] The budget's all-funds revenue table lists property taxes as a single line and does not show a separate tax increment line. ^[1]

Background from 2012

In August 2012 the Park Record reported that the Lower Park Avenue Redevelopment Agency was scheduled to expire in 2015, and that a proposed extension would run to 2030 and require a vote of the Taxing Entity Committee. ^[2] This review did not locate the county auditor's or the state's current project-area reports for the agency; the state's database pages did not load.