Eagle Mountain: audits, reserves and the property tax rate
The Ledger's review of Eagle Mountain'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 Eagle Mountain: a facts-only look at the city's public finance records
The Ledger is reviewing Eagle Mountain's budgets, audits, debt, redevelopment areas and legal disputes using published records, and reports only what those records state.
Read the explainer →Key figures
- $18.1 millionEagle Mountain general fund balance at June 30, 2025Eagle Mountain's general fund balance grew from $12.4 million to $18.1 million by 2025 →
- $778.5 millionTax increment budgeted for Sweetwater CRA #4Eagle Mountain's Sweetwater area 4 has a $778.5 million tax increment budget →
- $1.13 millionLoss reported from August 2022 email-impersonation fraudEagle Mountain reported a $1.13 million payment-fraud loss from August 2022 →
- $2.13 millionAdditional property tax revenue at the 0.000900 rateEagle Mountain council set, repealed and reset its 2026 property tax rate in August →
- $2.4 millionGeneral fund balance over the 35 percent limit, fiscal 2023Eagle Mountain audits, fiscal 2019-2023: clean opinions, repeated state budget findings →
- $14.3 millionFive taxing entities' increment for the three Sweetwater #1 phases, year-end 2024County records show three phases of Eagle Mountain's first Sweetwater data-center area →
- $904,464Increment from the city's levy in the three Sweetwater #1 phases, year-end 2025County records show three phases of Eagle Mountain's first Sweetwater data-center area →
- $13.0 millionEstimated additional increment retained for the school district under the January 2026 amendmentsEagle Mountain's agency approved the Sweetwater #4 data-center deal in December 2025 →
- $1.7 millionGap between the amended budget's printed total uses and the sum of its listed usesEagle Mountain's agency approved the Sweetwater #4 data-center deal in December 2025 →
- $10 millionMaximum principal of the agency's Series 2026 bonds authorized June 2, 2026Eagle Mountain authorized up to $10 million in bonds and a Mid-Valley retail area →
- $26.9 millionSales tax increment requested in the Mid-Valley draft budgetEagle Mountain authorized up to $10 million in bonds and a Mid-Valley retail area →
- $15.3 millionPaid to SHAKY DOG HOLDINGS INC, the city's largest payee in FY2026, as reported to the stateTransparent Utah: Eagle Mountain City highest-paid vendors FY2026 →
Redevelopment money
Eagle Mountain authorized up to $10 million in bonds and a Mid-Valley retail area
In June the Redevelopment Agency authorized up to $10 million in sales tax and tax increment revenue bonds for road work tied to a planned retail development. In August the council adopted the Mid-Valley project area plan and approved a participation agreement with Terra Smith's Eagle Mountain LLC, 4-1.
Eagle Mountain's agency approved the Sweetwater #4 data-center deal in December 2025
The Redevelopment Agency board approved a participation agreement with Stadion LLC on Dec. 16, 2025 and amended the Sweetwater #4 plan and budget on Jan. 6, 2026. The packet agreement ties reimbursement to occupancy and received increment, and the amended budget's printed total differs from the sum of its parts.
County records show three phases of Eagle Mountain's first Sweetwater data-center area
Utah County's year-end reports for tax years 2024 and 2025 list three Sweetwater #1 phases, triggered in 2021, 2023 and 2024, that send property tax increment to Eagle Mountain's Redevelopment Agency. The reports record what taxing entities' increment went to the agency, not what the agency paid any developer.
Eagle Mountain's Sweetwater area 4 has a $778.5 million tax increment budget
Since 2021 the city has approved tax-increment agreements and data-center development agreements; the area 4 budget noticed in December 2025 lists $778,540,678 in increment from five taxing entities.
Budgets, reserves and taxes
Eagle Mountain's general fund balance grew from $12.4 million to $18.1 million by 2025
The city's annual reports show the general fund balance and the outstanding sales tax revenue bonds, revenue bonds and special assessment bonds at June 30, 2024 and 2025.
Eagle Mountain council set, repealed and reset its 2026 property tax rate in August
The council approved a higher city property tax rate on Aug. 6, 2026, residents filed a referendum application, and on Aug. 18 the council repealed that rate and approved 0.000900.
Contracts and spending
No story in the series on this yet.
Audits and compliance
Eagle Mountain audits, fiscal 2019-2023: clean opinions, repeated state budget findings
Council minutes record unmodified financial opinions from the city's auditor for fiscal 2019 through 2023, along with state compliance findings on spending over budget and, for three of those years, general fund balance above the limit.
Eagle Mountain reported a $1.13 million payment-fraud loss from August 2022
The city's October 2024 release says an email impersonation scheme in August 2022 cost $1.13 million, with $400,000 recovered so far, and announced a settlement with its construction contractor.
Other findings
Eagle Mountain's council has denied 26 items since 2020, 15 of them without a no vote
From a $23,048 change order to rezones and RV parking rules, the council's approved minutes record 26 denials or failed motions to approve between January 2020 and September 2026.
Eagle Mountain council split votes rose from 7% of votes in 2020 to 18% in 2026
The Ledger counted every recorded vote on an agenda item in the council's approved minutes since January 2020. At least one member voted no on 96 of 941, and the share has climbed since 2024.
A lawsuit filed in 2026 challenges the city's use of the Eagle Mountain rodeo grounds
FOX 13 reported in March 2026 that the Eagle Mountain Founders Group sued over the rodeo grounds; the city denied the claims.