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MSD audit shows Brighton holding strong reserves; council asks for breakout of resort funds
Summary
MSD director of finance presented audited 2023 financial statements showing assets exceeded liabilities by $34.8M district-wide; Brighton's unrestricted fund balance was reported at roughly $3.8M. Council asked for a clearer breakout of tourism/resort funds versus MSD budget items.
Stuart Nicole, director of finance for the Greater Salt Lake Municipal Services District (MSD), reviewed the 2023 audited financial statements and told the council the district's net position exceeded liabilities by about $34.8 million, up roughly $4.1 million from 2022.
Focusing on Brighton, Stuart said the town had about $4.7 million in assets at Dec. 31, 2023, with roughly $3.8 million in cash and total liabilities of about $261,000. He reported an unrestricted Brighton fund balance of about $3.8 million and noted the town's net change in fund balance for 2023 was roughly $1.57 million, which the auditor's presentation combined with resort/tourism revenue.
Council members asked for a clearer breakout between MSD-administered funds and resort sales-tax/tourism revenues. Stuart offered to provide a more detailed breakout (by line item) for Brighton and to follow up with page references and figures.
Councilors asked whether the unrestricted fund balance could be used for hiring or other operating needs; Stuart said, "Essentially, yes," while also noting that accounting rules limit how much can be held and that excess above certain thresholds would be rolled into capital funds.
No action was taken; staff agreed to provide the requested breakout and further documentation.
