The Ledger is starting a review of Cottonwood Heights' public financial records, beginning with the city's audited report for the year ended June 30, 2025, its fiscal 2027 budget filings and redevelopment records for Hillside Plaza and Canyon Centre.
Cottonwood Heights' General Fund balance fell $1,695,491 in fiscal 2025, and a July 2026 staff memo cited that in proposing a $3.5 million property tax increase. An Aug. 18 agenda proposes cutting the increase from 42% to 25%. The final signed ordinances have not been reviewed.
Cottonwood Heights' General Fund balance fell $1,695,491 in fiscal 2025, and a July 2026 staff memo cited that in proposing a $3.5 million property tax increase. An Aug. 18 agenda proposes cutting the increase from 42% to 25%. The final signed ordinances have not been reviewed.
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In June 2025 Cottonwood Heights issued $20,075,000 of the $30 million in general obligation bonds voters authorized for Hillside Plaza. The city's audit says the proceeds retired the $13,157,000 sales tax bond used to buy much of the shopping center, with $5,206,948 still unspent at June 30, 2025.
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The independent auditor's fiscal 2025 schedule of findings lists two instances of state-law noncompliance: cash held beyond the three-banking-day deposit deadline, and the Highways and Public Improvements department spending $313,319 more than its final budget. City management said both have been addressed.
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Cottonwood Heights' redevelopment agency adopted an amended Canyon Centre plan and budget on Feb. 18, 2025. The plan replaces office use with housing, a 125-room hotel and retail, and the budget projects $15,218,257 in lifetime tax increment, including $8,700,447 to repay a Salt Lake County parking structure loan.
