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Council adopts FY2026 budget amendments covering grants, project overruns and an IRS arbitrage payment
Summary
Herriman approved Resolution R20-2026 to align the current-year budget with actuals: new rodeo sponsorships (~$36,350), ice-ribbon revenue and expense adjustments, replacement of damaged equipment, an IRS arbitrage payment (~$335,000) tied to Main Street reconstruction bonds, grant reimbursements, and other capital adjustments.
Herriman City Council approved several amendments to the fiscal-year 2026 budget to align budgeted amounts with actual revenues and expenditures.
Kyle presented the changes: additional rodeo sponsorship revenue of about $36,350 will offset event expenses; the ice ribbon budget will see a revenue reduction of roughly $17,860 and expenses increase by about $30,650; public-works requests include replacing a tack trailer destroyed by fire and a four-wheeler and creating a $159,000 reserve for future storage needs. Kyle also told the council the city paid an IRS arbitrage rebate related to the Main Street reconstruction bond, approximately $335,000, because investment returns on bond proceeds exceeded bond interest and the funds were not spent quickly enough.
Grant activity recognized in the packet includes a grazing grant of about $64,000 and an appraisal-invoice reimbursement of $6,600. Kyle also noted an ERP replacement project and a UDOT conduit agreement for Porter Rockwell have produced overruns that are reflected in the amendment. The city recognized about $145,000 in vehicle-sale revenue for future vehicle purchases.
Council opened and closed the public hearing with no public commenters and approved Resolution R20-2026 by roll-call vote.
Next steps: staff will implement the budget changes and track the capital and grant-funded items.
