Sandy's FY2024 audit: clean opinion, $9.49 million general fund balance, $45.8 million in redevelopment fund

Eide Bailly LLP of Lehi gave Sandy City an unmodified opinion on its financial statements for the fiscal year ended June 30, 2024 (FY2024), in a report dated December 19, 2024. ^[1]

The opinion says the statements are presented fairly, in all material respects. Another firm audited the city's investment in Trans-Jordan Cities, which accounts for $12,025,288 of assets. ^[1]

General fund, FY2024

The general fund took in $74,484,743 and spent $71,095,271, and its fund balance rose by $843,306 to $9,493,192 from $8,649,886. ^[1]

Of the ending balance, $8,938,169 was unassigned, $498,887 assigned and $56,136 nonspendable (prepaid assets). The report's highlights section says the unassigned amount is 12.6 percent of general fund expenditures. ^[1]

Redevelopment Agency fund

The Redevelopment Agency, reported as a special revenue fund, ended FY2024 with a fund balance of $45,798,200, up $3,443,640 from $42,354,560. ^[1]

The fund's revenues were $12,810,045, of which $10,358,695 was taxes. Its expenditures were $4,450,698, and $5,367,736 was transferred out. ^[1]

The report says the agency received $419,152 more in transient room tax and $1,561,125 more in interest earnings than budgeted. ^[1]

Earlier audit

In a Feb. 25, 2020 council meeting, auditor Jim Andres of Percy, Bowler, Taylor and Kern presented the audit then under review. The minutes record that the only finding he cited concerned posting of minutes within three days of approval. ^[2]

Not retrieved

The Ledger could not retrieve the separate Government Auditing Standards report dated December 19, 2024 or the report for FY2025.