In the December 13 city council meeting, Lehi City Financial Director Dave Sanderson, submitted to the city council members and the mayor the annual CAFR (Comprehensive Annual Financial Review). The review listed the following financial highlights:
- The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $413,952,199. (net position).
- The total net position of $413,952,199 is comprised of $481,208,608 in net investment in capital assets, $8,818,103 restricted and ($76,074.512) unrestricted.
- The City’s total net position increased during 2015 by $37,407,082.
- The City’s governmental funds reported combined fund balances of $18,194.965 which is an increase of $1,118,357 from fund balance reported in 2015 of $17,076,608.
- The City’s total debt decreased by a net of $3,855,094.
Other facts that were presented in the report were as follows:
The City’s percentage increase in sales tax is among the top ten entities in the State of Utah.
The City administration will continue to examine utility rates and update them as needed. The demand for water, both culinary and pressurized irrigation is increasing in the City. For the fiscal year 2016, the City increased the culinary water fee $2.00 per month and the pressurized irrigation fee $1.00 per month to meet the increasing requirements of city residents.
The design for a new fire station is complete and construction will commence within the next few months.
New positions were funded in the 2017 budget within the fire department and the police department. Two new fire battalion chiefs were added and three new police officers were added. Additionally, three new positions were added in the public works utilities and two new positions in electric operations.
These factors were considered in preparing the budget for the 2017 fiscal year. The 2017 budget is balanced without a property tax increase.
Lehi City continues to expand with new residential and commercial development. For example, Vivint constructed a 125,000-square foot office building in Lehi where it employs approximately 320 people. Development in much of the open space in the western party of Lehi City is currently in the planning process and 1,095 acres are being developed into commercial and residential properties. Within the next few years, Lehi is expected to gain 3,933 residential units in this area which will add approximately 12,000 new residents to the city.