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Council amends FY2026 CDRA budget; clarifies county library levy exclusion for Innovation CRA
Summary
Herriman council approved a resolution to amend the FY2026 CDRA budget to reflect tax-increment variances and passed an interlocal-agreement amendment clarifying Salt Lake County’s library tax levy is excluded from Innovation CRA contributions.
Herriman — On July 8 the Herriman City Council approved amendments to the fiscal year 2026 Community Development and Renewal Agency (CDRA) budgets and adopted an interlocal-agreement amendment clarifying county tax-levy treatment for the Innovation CRA.
Kyle, speaking for finance staff, reviewed year-end adjustments to CDRA funds. He said the Town Center CDA received about $352,003.90 less tax increment than forecast, which reduces the anticipated increase in fund balance by about $341,000 though the CDA will remain in positive balance and staff expect future projects (an "elevated" development) to improve receipts. Kyle also described small changes in the Business Center CDA (about a $9,700 tax decrease offset by higher interest receipts), additional affordable-housing set-asides tied to higher-than-expected collections in Herriman Anthem and innovation-area increases largely tied to personal-property acquisitions (Bullfrog), and a $5,000 anticipated transfer from the general fund to cover a Herriman North CRA sales-tax obligation agreement.
With no public comment, the council closed the hearing, and a motion to approve Resolution R2026-04 amending the FY2026 CDRA budget passed (motion by Matt; second by Jared). Later, Blake presented a staff recommendation to approve a clarifying amendment to the interlocal agreement with Salt Lake County for the Innovation CRA that explicitly excludes the county library tax levy from the county’s contribution to the CRA. Blake said the language memorializes what the county had intended and will not change the project-area budget; the council approved Resolution R2026-05 (motion by Tara; second by Teddy).
Both votes were approved by voice; council directed staff to carry forward the revised budget figures and to file the interlocal amendment consistent with the county’s intent. Council did not change any existing participation agreements at the meeting beyond updating budget figures and approving the clarifying language.
The council indicated staff would continue year-end closing steps for financial statements and follow up on any technical accounting adjustments required for the budget amendment.
