HomeMy WebLinkAboutEagle Mountain City - Public Financial ReportFor Eagle Mountain City, UT
FY2021 APFR | 1
Table of Contents
Introduction...........................................2
Vision, Mission, Objectives.............................3
Community Profile..........................................4
Quick Facts.....................................................5
Operating Information.....................................6
Community Statistics......................................7
Financial Highlights........................................8
Net Position.....................................................9
Governmental Funds.....................................10
General Fund.................................................12
Property Tax Summary................................14
Proprietary Funds..........................................15
2021 Highlights.............................................16
Looking Forward...........................................17
2 | Eagle Mountain City
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Introduction
We are pleased to present Eagle Mountain City’s Fiscal Year 2021 Annual Popular Financial Re-
port (APFR). This report and the City’s Annual Comprehensive Financial Report (ACFR) report
on the financial health of our organization. An APFR is a summary of the information contained
in the ACFR. Whereas the ACFR will have information regarding all City funds, the APFR
shows only selected funds and is not meant to replace the ACFR.
Although the numbers used in the APFR come from an audited source, we have presented them
in a condensed, easy to understand, non-GAAP format. GAAP reports deal with the presentation
of segregated funds as well as full disclosure of all material financial and non-financial events
in notes to the financial statements, while non-GAAP reports do not contain such notes. Citizens
who wish to review audited GAAP basis financial statements can refer to Eagle Mountain City’s
ACFR, which contains more detailed information and is available from the Finance Department
or on the City’s website at emcity.org.
Eagle Mountain City has received the Government Finance Officers Association’s “Certificate of
Achievement in Financial Reporting” award for each of the last ten fiscal years beginning with
fiscal year 2010. The ACFR report shows the audited financial statements along with statistical
trend data for the City.
This report is intended to be a synopsis of the ACFR, but it is also a glimpse on some of our pri-
mary achievements this year and our challenges for the future. It is based on audited financial
documents and is a summary of our financial outcomes during the 2021 fiscal year (July 1, 2020 -
June 30, 2021). We are pleased to present this report to help Eagle Mountain City residents better
understand how the City operates financially.
FY2021 APFR | 3
July 1, 2020 - June 30, 2021
Vision, Mission, Objectives
Vision
Mission
Strategic Goals
Eagle Mountain City is committed to being Utah’s most
Dynamic and Desirable City.
The mission of Eagle Mountain City is to provide quality
services, facilities, and opportunities that create, sustain, and enhance a
safe, livable, and dynamic community for its
residents, businesses, and visitors.
1. Quality Services
2. Customer Service & Public Image
3. Transparency & Accountability
4. Economic Development
5. Community Involvement
6. Safety for City Employees
4 | Eagle Mountain City
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Community Profile
Eagle Mountain City is a community of over 50,000 residents. The City was incorporated just
over 25 years ago in 1996 with only 250 residents. Eagle Mountain saw rapid growth during the
early 2000’s and has continued to see significant growth following the 2008 recession. A recent
report published by the Utah Foundation projected that Eagle Mountain’s population will expand
to nearly 120,000 by the year 2050.
Eagle Mountain is situated west of Utah Lake in Utah County and is conveniently located near
the population centers of Salt Lake City and Provo. At over 50 square miles, Eagle Mountain is
one of the largest cities in the state geographically. The City is within 40 miles of three of Utah’s
largest universities—Brigham Young University, the University of Utah and Utah Valley Univer-
sity. The famous Pony Express Trail runs through the City and is the source of the name for the
City’s annual festival, Pony Express Days.
Eagle Mountain was recognized in 2013 as the youngest city in America by CNN Money and
continues to maintain a very young population. Eagle Mountain is a safe community and provides
its residents with many recreational opportunities. The City’s master plan includes more than 50
miles of jogging, cycling and horse riding trails. It also is home to a large all-abilities regional
park, mountain bike park, skate park, and an ATV trail system spanning more than 85 miles.
FY2021 APFR | 5
July 1, 2020 - June 30, 2021
Quick Facts
City Info
Eagle Mountain Incorporated December 3, 1996
Became a city May 31, 2001
Total land area 50.41 square miles
Government
Form of Government Strong Mayor
Tom Westmoreland (2022 - 2026)
C i t y C o u n c i l
Brett Wright (2022 - 2026)
Carolyn Love (2020 - 2024)
Colby Curtis (2020 - 2024)
Jared Grey (2020 - 2024)
Donna Burnham (2022 - 2026)
Demographics
Residents 52,500 est.
Race and Ethnicity
White (Non-Hispanic) 85.4%
Hispanic and Latino 10.2%
Black & African American 0.4%
Asian 0.2%
Hawaiian & Other Pacific Islander 0.1%
American Indian and Alaska Native 0.7%
Two or more races 4.2%
Some other race 2.1%
Gender
Male 51.6%
Female 48.4%
Median Age 19.0
Median Household Income $87,094
Median Home Price $314,900
Home Ownership 91.6%
Persons per Household (Own) 4.43
Education
High School Graduates 96.7%
Bachelor’s Degree or Higher 35.4%
6 | Eagle Mountain City
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Operating Information
Police*2017 2018 2019 2020 2021
Sworn Officers 16 16 18 19 20
Fire**
Fire Hydrants 1,123 1,284 1,424 1,574 -
Public Works***
Streets (miles)154 164 187 199 205Sewer plant capacity (gallons)1,200,000 1,200,000 1,200,000 1,200,000 2,400,000
Sanitary sewers (miles)†95 96 115 120 133
Parks & Recreation
Developed parks (acres)124 155 160 176 200
Playgrounds 23 25 27 43 46
Baseball/softball diamonds 7 7 7 7 7
Soccer/football fields 5 5 6 6 10
Water
Water pipe (miles)137 148 170 183 196
Total water storage (gallons)9,000,000 9,000,000 9,700,000 13,200,000 13,350,000
Building 2017 2018 2019 2020 2021
Permits issued 1,437 1,554 1,470 2,038 2,588
Inspections conducted 8,000 10,813 9,963 12,539 15,378
Police*
Physical arrests 492 582 540 336 222
Warrants served 86 55 53 24 27Traffic violations 1,420 1,142 2,212 2,682 2,030
Officer initiated calls -6,597 6,701 6,651 4,767
Citizen initiated calls -7,944 8,754 9,936 11,056
Streets
Snow removal (miles plowed)10,981 3,491 8,763 11,188 5,422
Crack seal (sq. ft.)462,000 16,698,305 232,407 0 0
Asphalt Repairs (sq. ft.)˜365,731 284,060 150,819 180,162 9,126
Parks & Recreation
Youth sports registrations 1,011 1,074 1,250 1,265 1,773
Total sports programs (youth/adult)1/7 1/7 1/5 1/5 1/5
Water
New meters installed 657 763 830 1,284 1,216
Water meters replaced 318 712 135 481 1,564Average daily pumped (gallons)4,903,000 5,824,838 6,136,501 6,102,658 9,266,630
Average daily consumption (gallons)4,858,875 5,122,255 5,409,144 6,630,942 8,355,727
* The City contracts with the Utah County Sheriff's Department for police services.
** Unified Fire Authority acquired the assets and took over operations of the City's Fire Department in January of 2013. Fire hydrants are still owned by the City but no longer reported.
*** Questar Gas acquired the assets and took over operations of the City's natural gas utility in March of 2015.
Capital Asset Statistics
Performance Metrics
† Efforts to significantly increase the use of GIS for data collection discovered a significant difference in data points related to water and sewer lines. GIS data will be used going forward.
FY2021 APFR | 7
July 1, 2020 - June 30, 2021
Community Statistics
Principal Employers
Alpine School District...............................................................1018
Tyson Fresh Means Inc.............................................................463
Eagle Mountain City...................................................................165
E2 Optics, LLC...........................................................................130
Suntec Concrete, Inc..................................................................130
Ridley’s Family Markets............................................................114
JobMatch.....................................................................................76
Stadion, LLC.............................................................................66
Western Partitions, Inc..............................................................65
Gotta Dance Performing Arts Studio...........................................36
Dairy Queen Chill & Grill DB.....................................................37
TM Crushing LLC.......................................................................27
Principal Property Taxpayers
Kern River Gas Transmission Company
Direct Communications
Pacificorp
Vestin Mortgage
Star West Eagle Mountain Property
Wagstaff Investments LLC
Irie Investments LLC
Meadows Ranch Holdings LLC
Maverik Inc
8 | Eagle Mountain City
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The following pages contain basic financial information for Eagle Mountain City’s most recent-
ly completed fiscal year, but also historical data from the past five fiscal years. The APFR will
summarize financial information for the following:
Governmental Funds
• General Fund: The City’s basic operating fund for many City operations
• Special Revenue Funds: Intended to report specific revenue sources that are limited
to a specific purpose
• Impact Fees: These are fees collected from developers to help pay for the increased
impact their developments will have on existing City infrastructure. These can be used
to expand the capacity of City infrastructure such as roads or the sewer system.
• Cemetery Fund: This fund is used to account for the revenue and expenditures that
are directly tied to the operation of the City’s cemetery.
• Debt Service: Although most City debt is directly tied to the operation of a few of the
City’s utilities, the City does have several special assessment areas that operate to help
pay for a specific project in an area of the City. The taxpayers in that area are assessed
a fee to pay for those projects.
• Capital Projects: Any capital projects that have restricted funding attached to it
is accounted for in this special fund.
Proprietary Funds
These funds are used to account for all City operations that are financed by revenues generated
by the operations themselves. They are also referred to as Enterprise Funds or Business-like
Funds, due to the fact that they operate more like a private business. The City has the following
Proprietary Funds:
• Water Fund: The City’s Water Utility provides culinary water services to all of Eagle
Mountain City.
• Sewer Fund: The City’s Sewer Utility operates and maintains the entire sewer sys-
tem, including the pipes, lift stations and the 1.2 million gallon sewer treatment plant.
• Electric Fund: The City sold the Electric Utility to Rocky Mountain Power in March
of 2015.
• Gas Fund: The City sold the Gas Utility to Questar Gas (now Dominion Energy) in
March of 2015.
• Solid Waste: The City contracts with ACE Disposal for solid waste service, but col-
lects the monthly fees on behalf of the company.
• Storm Drain. The City’s Storm Drain Utility operates and maintains the entire storm
drain system.
Financial Highlights
FY2021 APFR | 9
July 1, 2020 - June 30, 2021
Net Position
2021 2020 2021 2020 2021 2020 Net Assets Page
ASSETS
Current and other assets 56,508,403$ 44,567,784$ 52,121,450$ 49,011,823$ 96,689,234$ 93,579,607$ Cash, restricted cash, accounts rec, other
Capital Assets 120,764,687 108,408,054 123,605,813 120,904,812 244,370,500 229,312,866 Capital assets
Other Non-Current Assets (1,769,138) (1,380,744) 1,769,138 1,380,744 Internal balances, note receiveable, prepaid bond insurance
Total Assets 175,503,952 151,595,094 177,496,401 171,297,379 353,000,353 322,892,473
DEFERRED OUTFLOWS - -
LIABILITIES
Current Liabilities 16,215,466 16,380,929 11,028,200 11,560,587 27,243,666 27,941,516 Accounts payable, deposits, bond interest
Non-Current Liabilities 2,946,108 3,976,381 19,765,657 21,470,002 22,711,765 25,446,383 Long term
Total Liabilities 19,161,574 20,357,310 30,793,857 33,030,589 49,955,431 53,387,899
DEFERRED INFLOWS - -
NET POSITION
Net Investment in Capital Assets 119,838,195 105,517,474 104,644,731 101,889,316 224,482,926 207,406,790
Restricted 5,950,178 5,629,857 23,710,217 20,270,583 29,660,395 25,900,440
Unrestricted 28,292,235 18,283,015 18,984,840 17,016,866 47,277,075 35,299,881
Total Net Position 154,080,608$ 129,430,346$ 147,339,788$ 139,176,765$ 301,420,396$ 268,607,111$
Governmental Activities Business-Type Activities Total
A City’s net position is a good indicator of its long-term financial health. Net position is cal-
culated by adding up all of the city’s assets (Cash, investments, land, buildings, infrastructure,
etc.) and then subtracting out all of the city’s liabilities (Accounts payable, bond interest, etc.).
Current assets and liabilities can be turned into cash within the year or are due within a year.
Non-Current assets and liabilities either can’t be turned into cash easily or are not due within the
year.
The two charts below show the net position for Eagle Mountain City in Fiscal Year’s 2020 and
2021 and then a historic look back for each year from 2017.
$84,892.27 $87,906.72
$99,598.46
$129,430.35
$154,080.61
$65,765.73
$88,107.67
$109,841.28
$139,176.77
$147,339.79
2017 2018 2019 2020 2021
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Gov. Activities Business-Type Activities
10 | Eagle Mountain City
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Governmental Funds
Governmental Funds are those funds that are used for the general government operations. For
Eagle Mountain City, the largest of these funds is the General Fund (discussed in greater de-
tail later). Other Governmental Funds include the Special Revenue Funds, Capital Projects and
some Debt Service Funds.
The following table shows the Fiscal Year 2021 revenues and expenditures for the Governmen-
tal Funds, followed by the five year history for revenues and expenditures.
General Fund
General Fund
Capital Projects
Special Revenue
Impact Fee Parks
Non-Major
Governmental
Funds
Total
Governmental
Funds
Revenues 27,759,154$ 64,292$ 4,567,904$ 4,971,447$ 32,794,893$
Expenditures 16,540,314 7,149,156 143,257 2,107,751 25,797,221
Excess revenue over (under)
expenditures
Govtl IS
Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
11,218,840$ 2,863,696$ 6,997,672$ (7,084,864)$ 4,424,647$
Information gathered from the Statement of Revenues, Expenditures, and Changes in Fund Balances for the Governmental
funds on page 25 of CAFR. Excludes “Other Financing Sources.”
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
2017 2018 2019 2020 2021
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Revenue Expenditures
FY2021 APFR | 11
July 1, 2020 - June 30, 2021
REVENUES 2017 2018 2019 2020 2021
Taxes 5,734,815$ 6,344,105$ 7,258,837$ 9,073,784$ 11,847,831$
Special Assessments 307,641 258,551 225,728 170,868 228,219
Licenses & Permits 2,895,474 3,454,239 4,745,362 5,939,075 10,434,703
Intergovernmental 1,336,283 1,520,620 1,479,142 2,217,260 3,944,005
Charges for Services 1,686,659 1,304,991 1,347,173 1,476,898 1,632,420
Impact Fees 3,308,604 3,402,318 3,250,639 5,356,167 9,007,320
Miscellaneous 666,876 1,310,833 2,304,165 1,496,089 268,299
Total 15,936,352$ 17,595,657$ 20,611,046$ 25,730,141$ 37,362,797$
EXPENDITURES
Current:
General Government 3,027,034 3,294,126 3,421,616 3,455,632 4,147,767
Public Safety 2,332,378 2,550,530 2,688,014 3,024,814 3,918,627
Public Works 4,799,868 5,087,135 6,683,232 6,732,075 7,015,979
Planning & Zoning 487,486 492,349 469,353 447,889 517,105 15,859,495 18,101,770
Community Development 1,217,788 2,122,126 2,026,336 2,199,085 2,502,292
Debt Service:
Principal Retirement 180,000 155,000 140,000 220,000 551,766
Bond Issuance Costs
Interest & Fiscal Charges 70,618 64,152 54,588 49,238 155,128
Capital Outlay 4,444,671 6,597,297 8,906,776 5,015,276 7,131,814
Total 16,559,843$ 20,362,715$ 24,389,915$ 21,144,009$ 25,940,478$
Excess revenues over
(under) expenditures (623,491)$ (2,767,058)$ (3,778,869)$ 4,586,132$ 11,422,319$
OTHER FINANCING SOURCES
Sale of capital assets 336,983
Proceeds from capital lease 257,732
Proceeds from issuance of long-term debt 2,000,000
Contributions 2,614,261 1,316,880 -
Bond Proceeds
Transfers In 6,527,733 6,091,881 6,050,244 12,578,357 351,840
Transfers Out (3,843,012) (2,983,780) (4,654,862) (6,185,461) (351,840)
Total 2,684,721$ 3,108,101$ 4,009,643$ 9,709,776$ 594,715$
Net Change in Fund Balance 2,061,230 341,043 230,774 3,112,150 12,017,034
Fund Balance - Beg of Year 5,849,729 7,726,666 8,067,709 3,545,342 22,594,392
Restatement of net position (see Note 17)(184,293)
Fund Balance - End of Year 7,910,959$ 8,067,709$ 8,298,483$ 6,657,492$ 34,611,426$
Govtl IS
Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
The following table demonstrates the total revenue and expenditures for all Governmental
Funds for the past five fiscal years.
This table shows the additional financing sources that have occurred during the previous year.
These sources are not directly tied to the operation of the Governmental Funds, which is why
they are accounted for separately. These include: Transfers in or out, contributions, and bond
proceeds.
Governmental Funds
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General Fund Revenues
The main revenue sources for the General Fund are the property, sales, and franchise taxes collect-
ed from residents and businesses. Other sources of revenue include the fees charged for building a
home or an entire subdivision, funds from other government sources, charges for sports participa-
tion, and more. Most City revenue sources saw an increase from Fiscal Year 2020, which is a result
of increased growth, a recovering economy, with a minor dip in demand for special services.
Taxes
Special Assessments
Licenses & Permits
Intergovernmental
Charges for Service
Impact Fees
Miscellaneous
Total
11,847,831
228,219
10,434,703
3,944,005
1,632,420
9,007,320
268,299
20,611,046
General Fund revenues saw a 45% growth since FY
2020, which largely came from new growth. This shows
that the City is growing and is in a strong financial posi-
tion, while maintaining a low burden to residents.
Information gathered from the Statement of Revenues,
Expenditures, and Changes in Fund Balances for the
Governmental funds on page 25 of CAFR. Excludes
“Other Financing Sources.”
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
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2017 2018 2019 2020 2021
Taxes, 32%
Special Assessments, 1%
Licenses & Permits, 28%
Inter-governmental, 11%
Charges for Service, 4%
Impact Fees, 24%
Miscellaneous, 1%
FY2021 APFR | 13
July 1, 2020 - June 30, 2021
General Fund Expenditures
General Government, 23%
Public Safety, 22%
Public Works,
39%
Planning/ Zoning, 5%
Community Development, 10%
The City’s General Fund provides many of the basic services that residents enjoy. A large portion
is devoted to general government operations such as the Administration. Planning. and Finance
Departments or the Recorder’s Office. Public safety services provided by a contract with the Utah
County Sheriff’s Office takes up the next largest portion. Other services provided by the General
Fund include road maintenance, snow plowing, parks and recreation, and more.
General Government
Public Safety
Public Works
Planning/Zoning
Community Development
Total
4,147,767
3,918,627
7,015,979
517,105
2,502,292
18,101,770
General Fund expenditures saw a 14%
increase since FY 2020. This is largely due
to increased Public Safety costs and Capital
Outlays.
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
GeneralGovernment Public Safety Public Works Planning & Zoning CommunityDevelopment
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14 | Eagle Mountain City
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Property Tax Summary
320,000$ Appraised value
176,000$ Taxable value
Alpine School District 1,215.10$
United Fire Authority 280.19$
Eagle Mountain City 127.42$
Utah County 150.13$
Central Utah Water Conservancy District 70.40$
Total Property Tax Bill 1,843.25$
Eagle Mountain City receives a portion of the property taxes collected on all real property located
within the City. Those dollars support critical government functions such as public safety and road
maintenance, and other services such as parks and recreation, the library, and more.
This chart shows what an Eagle Moun-
tain City household would pay in prop-
erty tax on a $320,000 home.
The average household pays $127.42
per year to the City in property tax,
which is only 35 cents a day. For that 35
cents a day, residents get police services,
safe roads, parks, sports and recreation
programs, planning services, and much
more.What can you get for 35 cents a day?
66%
15%
7%
8%
4%
Alpine School District
United Fire Authority
Eagle Mountain City
Utah County
Central Utah WaterConservancy District
FY2021 APFR | 15
July 1, 2020 - June 30, 2021
Proprietary Funds
The City’s Proprietary Funds provide a variety of municipal services to the residents. Currently, the
City operates Water, Sewer, and Storm Drain Utilities. In March of 2015, the City sold its Gas and
Electric Utilities, which it no longer operates, but are still reported in the CAFR and this report. In
addition to the four major Proprietary Funds, the City also operates one “non-major” Proprietary
Fund: Five Year Proprietary Funds Operating Revenues
Five Year Proprietary Funds Operating Expenditures
Information gathered from the Statement of Revenues, Expenditures, and Changes in Fund Balances for the Proprietary
funds on page 28 of CAFR. Excludes “Non-operating Revenue (expense) and other financing sources.
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Water Sewer Storm Drain Non-Major
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$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Water Sewer Electric Gas Storm Drain Non-Major
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Water expenditures for
2021 appear very high
due to CWP Water
Share purchases being
reclassified. Additional
explanation can be
found on Note 12 of
the 2021 ACFR (page
65)
16 | Eagle Mountain City
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FY 2021 Highlights
During the 2020-2021 fiscal year, Eagle Mountain City saw increased economic growth, increased
building, and high-quality services provided to the residents of the City. Among the accomplish-
ments and highlights for the City were the following:
•Processed a record-breaking 1,609 new construction residential building
permits, an increase of 139 over FY2020. 2,672 building permits were
processed overall.
•Pony Express Pkwy was widened from Mid-Valley Rr. area down to Eagle
Mountain Blvd. and construction began on Airport Rd.
•The Cory Wride Regional Park Phase 2 project was completed, Woodhaven
Park opened, and Smith Ranch Regional Park planning started.
•The Utility Billing offices were renovated and dedicated Customer Service
personnel were designated and reassigned under the Administrative Services
Director.
•Third year recognized as a Tree City USA city by the Arbor Day
Foundation.
•Google announced plans to purchase land in Eagle Mountain City with the
intent to begin construction on a new large data center in the near future.
•Eagle Mountain held a number of successful events including the Pony
Express Days, Christmas Village, Halloween Town, ShopFest Utah, and
more.
•22 new commercial businesses and 122 home-based businesses were opened
during FY 2019.
FY2021 APFR | 17
July 1, 2020 - June 30, 2021
Looking Forward
As we close the books on Fiscal Year 2020, Eagle Mountain City is looking forward to the future
and the opportunities and challenges each new year brings. Included in Eagle Mountain City’s
5-Year Plan for the future are four main categories: Transportation, Commercial Development,
Parks & Trails, and Employee Recruitment. As we look to Fiscal Year 2022, each of these four ar-
eas will play a large role in how the City operates. The City is seeking opportunities to increase the
inventory and diversity of its parks and trails systems, including additional investment into Cory B.
Wride Memorial Park. A number of commercial and industrial locations have either already opened
for business, or will open, bringing jobs and increased economic activity to Eagle Mountain City.
Past financial decisions, including the decision to sell the City’s gas and electric utilities, have placed
the City in a strong financial position. The City is looking to take advantage of this position to
improve City services and expand our capacity to provide our residents with the best facilities and
services possible.
Eagle Mountain is experiencing levels of growth not seen since the Great Recession, and is prepar-
ing for much more growth. This will stretch the City’s infrastructure and staff, but the City is plan-
ning and preparing to deal with this increase.
The City has positioned itself well to enjoy the benefits of future expansion, especially in resi-
dential and commercial development, and will continue to seek to become the most dynamic and
desirable city.
Prepared by:
Finance & Executive Departments
Kimberly Ruesche, Finance Director
Alejandro Palacios, Senior Accountant
Tara Freeman, City Treasurer
Evan Berrett, Assistant to the City Administrator