Cottonwood Heights: late deposits, Hillside Plaza bonds and taxes
The Ledger's review of Cottonwood Heights's budgets, audits, debt and redevelopment money. Every story in the series, sorted by subject, with the figures the records show and links to the official documents.
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Auditing Cottonwood Heights: the city's budget, debt and redevelopment records
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.
Read the explainer →Key figures
- $40.5 millionBonds payable at June 30, 2025Auditing Cottonwood Heights: the city's budget, debt and redevelopment records →
- $5.9 millionGeneral Fund balance at June 30, 2025Auditing Cottonwood Heights: the city's budget, debt and redevelopment records →
- $313,319FY2025 Highways and Public Improvements spending over final budgetCottonwood Heights' 2025 audit found late cash deposits and a department over budget →
- $20.1 millionHillside Plaza GO bonds issued June 2025Cottonwood Heights' Hillside Plaza bonds paid off 2023 debt, leaving $5.2 million unspent →
- $5.2 millionUnspent restricted GO proceeds at June 30, 2025Cottonwood Heights' Hillside Plaza bonds paid off 2023 debt, leaving $5.2 million unspent →
- $3.5 millionProperty tax increase proposed in July 2026 memoCottonwood Heights moved to raise taxes after a $1.7 million reserve drop, then to cut it →
- $8.7 millionProjected lifetime increment for county parking loan repaymentCanyon Centre plan swaps office space for housing and a hotel →
- $4.89 millionPaid to Unified Fire Authority, the city's largest payee in FY2026, as reported to the stateTransparent Utah: Cottonwood Heights highest-paid vendors FY2026 →
Debt and bonds
Cottonwood Heights' Hillside Plaza bonds paid off 2023 debt, leaving $5.2 million unspent
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.
Redevelopment money
Canyon Centre plan swaps office space for housing and a hotel
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.
Budgets, reserves and taxes
Cottonwood Heights moved to raise taxes after a $1.7 million reserve drop, then to cut it
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.
Contracts and spending
No story in the series on this yet.
Audits and compliance
Cottonwood Heights' 2025 audit found late cash deposits and a department over budget
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.