Holladay: reserves, road bonds and City Hall bonds
The Ledger's review of Holladay's budgets, audits, debt, redevelopment money and officials' disclosures. 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 Holladay: what city records show about money and debt, 2020 to 2026
The Ledger reviewed Holladay's audited fiscal 2025 statements, council minutes and bond records: reserves, debt, the Local Building Authority and the Cottonwood Mall redevelopment area. Every figure comes from a linked city record.
Read the explainer →Key figures
- 31%Holladay's General Fund balance against the 35% state limit, per March 2021 retreat minutesHolladay's General Fund reserve and 2022 audit: records from 2018 through 2025 →
- $19 millionMaximum amount of Series 2022 sales tax revenue bondsHolladay's 2022 sales tax revenue bonds: up to $19 million for roads and stormwater →
- $10,260,000Expected 2025 bond proceeds for City Hall and Spring Lane ParkHolladay's 2025 lease revenue bonds for City Hall and Spring Lane Park →
- $122.5 millionCottonwood Mall area increment cap, per June 2025 city manager overviewHolladay's Cottonwood Mall urban renewal area, 2008 to 2025: caps and subsidy shares →
- $50.4 millionProjected fiscal 2026-27 expenditures in May 2026 work meeting minutesHolladay's May 2026 budget work meeting lists $50.4 million in fiscal 2026-27 spending →
- $8.43 millionHolladay General Fund total balance, June 30, 2025 (audited)Holladay's fiscal 2025 audit shows an $8.43 million General Fund balance →
- $835,259Holladay RDA fund unassigned deficit within a $2.89 million positive total, June 30, 2025Holladay's fiscal 2025 audit shows an $8.43 million General Fund balance →
- $2.5 millionRoyal Holladay Hills housing money described as a forgivable loan at Dec. 18, 2025 voteHolladay council approves Royal Holladay Hills affordable housing deal 6-0 →
- $9.1 millionSpring Lane Park renovation option backed at Aug. 6, 2026 work meetingHolladay council backs $9.1 million Spring Lane Park option, adopts design plan →
- $8.24 millionPaid to Unified Police Department of, the city's largest payee in FY2026, as reported to the stateTransparent Utah: Holladay City highest-paid vendors FY2026 →
Debt and bonds
Holladay council backs $9.1 million Spring Lane Park option, adopts design plan
Approved minutes show the council supported a $9.1 million full renovation of Spring Lane Park on Aug. 6, 2026 and adopted a design plan 6-0 on Aug. 20. The building authority's budget amendment appears in the city's Aug. 6 recording, but its own minutes have not been posted.
Holladay's 2022 sales tax revenue bonds: up to $19 million for roads and stormwater
Council records from March to June 2022 show the bond limit, rating and interest cost for Series 2022 sales tax revenue bonds.
Holladay's 2025 lease revenue bonds for City Hall and Spring Lane Park
Council and building authority records from August 2025 to August 2026 show the financing model, bond amounts and budget figures for City Hall and Spring Lane Park.
Redevelopment money
Holladay council approves Royal Holladay Hills affordable housing deal 6-0
After discussions in November and early December 2025, the City Council approved an affordable housing agreement with the redevelopment agency and KMW Development on Dec. 18, 2025. Later agency agendas proposed a $2.5 million budget amendment and an amendment to the agreement.
Holladay's Cottonwood Mall urban renewal area, 2008 to 2025: caps and subsidy shares
City records from 2021 to 2025 describe the area's $122.5 million increment cap, its 75% shares, a 2025 signal prefunding and a proposed $2.5 million housing payment.
Budgets, reserves and taxes
Holladay's fiscal 2025 audit shows an $8.43 million General Fund balance
Holladay's audited financial statements for the year ended June 30, 2025 show the General Fund's total balance fell by $1,183,204 after transfers, the redevelopment agency fund held $2,888,900 overall, and $17,176,000 in sales tax revenue bonds remained outstanding.
Holladay's General Fund reserve and 2022 audit: records from 2018 through 2025
Minutes from 2021, 2023 and 2025 give the city's reserve levels, the state limit and the 2022 audit's single compliance finding.
Holladay's May 2026 budget work meeting lists $50.4 million in fiscal 2026-27 spending
Minutes of the May 14, 2026 work meeting record projected spending, revenue, unassigned fund balance and the building authority transfer.
Contracts and spending
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Other findings
In three Holladay ordinance votes since 2023, the member who moved approval voted no
Fuel price signs, short-term rentals in the PO zone and roadway classifications each failed with no votes in favor, including from the council member who made the motion.