Auditing Lehi
The Ledger's review of Lehi'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 Lehi: what the city's own records show about its money
A records-only review of Lehi's budgets, audits, debt and redevelopment deals from fiscal 2020 through the fiscal 2027 budget.
Read the explainer →Key figures
- $241.2 millionLong-term obligations, June 30, 2025Auditing Lehi: what the city's own records show about its money →
- $32.5 millionGeneral fund balance, June 30, 2025Auditing Lehi: what the city's own records show about its money →
- $451.3 millionProjected 30-year payments to Texas Instruments in the 2023 planLehi's 2023 Texas Instruments deal sends 70% of the plant's tax increment to TI through 2052, with no maximum set →
- $34.6 millionTax increment notes owed to developers, June 30, 2025Lehi's redevelopment agency owed developers $34.6 million in mid-2025 for Adobe, outlet mall and office projects →
- $70.1 millionFiber bonds issued, 2021 and 2025Lehi has issued $70 million in bonds, through fiscal 2025, for its city-owned fiber network →
- $7.96 millionUnpaid balance of 2004 Cabela's bonds forgiven in September 2024Lehi's 2004 Cabela's bonds ended in 2024 with $7.96 million unpaid and forgiven →
- $29.2 millionPaid to UAMPS, the city's largest payee in FY2026, as reported to the stateTransparent Utah: Lehi City highest-paid vendors FY2026 →
Debt and bonds
Lehi council voted 4-1 in 2025 to back a Thanksgiving Point science building with city sales tax bonds
The Nov. 18, 2025 vote authorized sales tax revenue bonds for a nonprofit's building; S&P rated an anticipated $27.42 million issue. The lone no vote cited constitutional limits on lending public credit.
Lehi's 2004 Cabela's bonds ended in 2024 with $7.96 million unpaid and forgiven
The $9 million in bonds were repaid only from 87.5% of the Cabela's store's sales tax. When they matured in September 2024, bondholders forgave the remaining balance, as the bond terms required.
Redevelopment money
Lehi's redevelopment agency owed developers $34.6 million in mid-2025 for Adobe, outlet mall and office projects
Three noninterest notes, payable only from tax increment, cover the Adobe campus, the Outlets at Traverse Mountain and the West Timpanogos office park. Lehi paid down $1.56 million in fiscal 2025.
Lehi's 2023 Texas Instruments deal sends 70% of the plant's tax increment to TI through 2052, with no maximum set
In January 2023 Lehi's redevelopment agency extended the Micron-era incentive for 30 years. Its plan projected $451 million to Texas Instruments; fiscal 2025 payments to TI were $4.84 million.
Subsidies
Lehi has issued $70 million in bonds, through fiscal 2025, for its city-owned fiber network
The city sold $53.9 million in bonds in 2021 and $16.3 million in 2025 to build citywide fiber, pledging its energy sales tax. The fiber fund ended fiscal 2025 with a $3.4 million deficit.
Contracts and spending
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