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CRA adopts FY24–25 budget amendment after annual true-up
Summary
The Salt Lake City Community Reinvestment Agency unanimously approved a resolution to amend its fiscal year 2024–25 budget after staff presented an annual “true up” of property-tax revenue and related transfers.
The Salt Lake City Community Reinvestment Agency unanimously adopted a resolution amending its fiscal year 2024–25 budget after staff presented the agency’s annual “true up” of property-tax revenue.
Kate Wearett, council policy staff, told the board the amendment adjusts the agency’s conservative revenue estimates to match confirmed property-tax receipts and related activity. She said the amendment includes revenue adjustments “totalling about $4,800,000, mainly interest,” transfers of roughly $7,300,000 to transition holding accounts for consideration in the FY26 budget, and a roughly $1,800,000 transfer to the Salt Lake City Public Library tied to a tax-increment receipt error.
The amendment was considered in a public hearing with no members of the public registered to comment. Board member Dugan moved to close the public hearing; the board approved that procedural motion unanimously. Dugan then moved that the board adopt a resolution approving the amendment; board member Lopez Chavez seconded the motion. The motion carried unanimously.
Board members and staff said a follow-up briefing is available after the public hearing for any additional questions or clarifications.
The board’s action was adoption of the resolution as presented; the amendment will be implemented through the agency’s budget and accounting processes and reflected in the agency’s FY25 financial records.
