Lehi reports mixed financial results with revenue increases and significant losses

Lennox City Council's recent meeting highlighted a significant financial update, revealing a mixed bag of revenue and expenditure trends for the city. General revenues for governmental funds saw a notable increase, with property tax rising by $227,000, sales tax by nearly $29,000, and building permits up by $136,000. However, contributions and donations took a hit, decreasing by $183,000, largely due to a previous categorization error involving funding from the Lehi School District for the pool parking lot.

The meeting also addressed the city's long-term debt, which rose by approximately $2 million for enterprise funds, primarily linked to capital projects. Notably, the general fund's long-term debt decreased by $377,000, with no new debt issued. Overall expenses across all funds increased by about 6%, totaling $351,000.

In a surprising turn, the swimming pool's financial performance exceeded expectations, with revenues up by $18,500 and expenses down by $1,200, resulting in a loss of only $35,000—much better than anticipated. The council's discussions underscored the importance of careful financial management as they navigate these changes, setting the stage for future budget considerations and community projects.