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Salt Lake City CRA previews budget ‘true-up,’ flags $1.8M library accounting error
Summary
Salt Lake City Community Reinvestment Agency staff on Wednesday briefed the board on a fiscal‑year “true‑up” budget amendment that reconciles tax‑increment revenues with county receipts and corrects an accounting error that would transfer about $1.8 million back to the Salt Lake City library.
Salt Lake City Community Reinvestment Agency staff on Wednesday briefed the board on “budget amendment number 2” for fiscal 2024–25, a routine year‑end true‑up that reconciles conservative tax‑increment estimates against county receipts.
The amendment, staff said, reflects about $4.88 million in additional revenues compared with the budget proposed earlier in the fiscal year, and makes corresponding changes to legally required pass‑throughs and discretionary accounts. “Every year at this time of the year, you have a true up amendment for the budget for the community reinvestment agency,” said Kate Warep, council policy analyst.
The true‑up adjusts…
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