Holladay's fiscal 2025 audit shows an $8.43 million General Fund balance

Holladay's financial statements for the fiscal year ended June 30, 2025, audited by HBME, LLC, were included in the City Council's Dec. 11, 2025 packet. The auditor's report is dated Dec. 8, 2025, and its opinion states that the statements present fairly, in all material respects, the city's financial position. ^[1]

The auditor's other reports

The auditor, HBME, LLC, also issued separate reports dated Dec. 8, 2025. The report on state compliance gives an opinion that the city complied, in all material respects, with the state compliance requirements it tested. The control reports say the auditor did not identify any deficiencies in internal control over compliance that it considered material weaknesses, and that such deficiencies may exist that it did not identify. ^[4]

General Fund

The General Fund reported total revenues of $25,133,407 and total expenditures of $19,516,518. Other financing sources and uses, net, were negative $6,800,093. Its total fund balance fell by $1,183,204, from $9,613,607 to $8,430,403. ^[1]

Of that $8,430,403, the balance sheet lists $8,367,346 as unassigned and $63,057 as nonspendable. The management's discussion and analysis says the unassigned balance was $7,778,855 a year earlier and equals 33.3% of General Fund revenues, compared with 33.6% in 2024. ^[1]

Redevelopment agency and capital projects

The redevelopment agency fund's total balance was $2,888,900. It is made up of $3,724,159 restricted for housing projects and an unassigned deficit of $835,259. ^[1]

The balance sheet shows a $1,200,000 interfund note payable from the redevelopment agency fund to the Capital Projects Fund, with a matching receivable in that fund. The management's discussion and analysis says the note was issued in 2009 to fund community development spending, and that the agency expects tax revenue from rising property values in its development areas to reduce the deficit over time. ^[1]

The Capital Projects Fund's total balance was $28,397,635, including $25,973,426 assigned, $1,224,209 restricted and $1,200,000 nonspendable. All governmental funds together held $41,547,105. The management's discussion and analysis gives the combined figure as $41,457,105. ^[1]

Debt

The long-term debt table lists $17,176,000 in sales tax revenue bonds at June 30, 2025: $9,236,000 in governmental activities and $7,940,000 in business-type activities. The total was $18,460,000 in 2024. With $1,884,026 in unamortized premium, bonds payable were $19,060,026. ^[1]

The city also owed Salt Lake County $150,000 on a note, down from $187,500. Including $150,897 in compensated absences, long-term liabilities totaled $19,360,923. ^[1]

The management's discussion and analysis says $3,561,000 of the bonds are secured by Class C road funds and sales tax revenues and that $7,940,000 relates to stormwater projects. It says the city has no general obligation debt. ^[1]

The debt note lists the Series 2022 sales tax revenue bonds in two parts. The roads bonds were issued at $7,100,000, with $5,675,000 remaining at June 30, 2025. The stormwater bonds were issued at $8,730,000, with $7,940,000 remaining. The original amounts are principal, not net proceeds. ^[3]