A records-only review of Salt Lake City's budgets, audits, debt and redevelopment agency, drawn from the city's annual financial reports, its independent auditor, a state legislative audit and Salt Lake County.
Salt Lake County's tax-year 2025 report lists the downtown project area at $26.2 million. The agency held $337 million in net position at mid-2025 and owes developers under several reimbursement agreements.
Salt Lake County's tax-year 2025 report lists the downtown project area at $26.2 million. The agency held $337 million in net position at mid-2025 and owes developers under several reimbursement agreements.
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The city's total debt about doubled from fiscal 2020 to fiscal 2025, to $5.19 billion. General obligation bonds, the kind backed by property taxes, were $125.1 million.
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Eide Bailly reported a material weakness in each of the last three audits. In fiscal 2024 the city produced no quarterly financial reports and filed an incorrect, late deposit report, auditors found.
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The city's general fund balance peaked at $202.6 million in fiscal 2023, when auditors reported it exceeded the state limit. It ended fiscal 2025 at $142.9 million.
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The council approved new water, sewer and stormwater impact fees on Oct. 6, 2026. The city's proposal roughly tripled the water fee for the smallest meter, to $5,577 from $1,871.
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In its response to the Legislature's audit, the city said it would finish rate studies and financial plans by June 2027, complete and implement a sewer rate study by July 2027, and have a new billing system in place by summer 2027. It said the billing project was 36% complete.
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The Legislature's auditor general also found a 2025 change in sewer billing raised average bills for schools, charities and churches by about 110.8%. The city agreed with all recommendations.