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Salt Lake City finance projects relatively flat sales tax, reduces fund‑balance draw by $14M for FY25‑26
Summary
Deputy budget director Andrew Reed told the council the general fund is still driven by property and sales taxes, that use of fund balance has been reduced by about $14 million, and that the administration remains conservative on sales‑tax projections while monitoring economic uncertainty.
Salt Lake City's finance staff updated the council on revenue assumptions for the FY25‑26 budget, reporting that property and sales taxes remain the largest revenue sources and that the city has reduced its planned draw on fund balance by roughly $14 million compared with the prior year.
Deputy Budget Director Andrew Reed presented a revenue overview and said property tax and sales tax make up roughly 65–68% of general fund revenues, depending on whether fund balance is used. He said the city is "very conservative" in sales‑tax forecasts and uses state and…
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