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Council reviews audited financials and holds public hearing on proposed $20M bond; hearing closed without comment
Summary
Finance staff presented the FY audits (one minor compliance finding) and outlined a proposed sales-and-franchise-tax revenue bond (parameters up to $20M; anticipated issuance ~$17M). Council held a public hearing with no public comment and closed it; no bond sale authorization was taken at the meeting.
At the Jan. 22 meeting, Herriman finance staff presented the city’s audited financial statements for the fiscal year ended June 30 and held a public hearing on parameters for a proposed sales‑and‑franchise‑tax revenue bond.
Kyle (finance staff) told the council the annual audit was completed Dec. 31 and that the auditor issued one compliance finding related to exceeding budgeted expenditures in the police fund, triggered by a lease reconciliation for animal services. Kyle said the city will hire a senior accountant to monitor debt service and interfund activity more closely.
On fund balances, Kyle reported the general fund’s unrestricted fund balance at about $8,000,000…
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