Auditing Eagle Mountain
The Ledger's review of Eagle Mountain's budgets, audits, debt, redevelopment money and officials' disclosures. Every story in the series, sorted by subject, with the figures the records show and links to the official documents.
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Auditing Eagle Mountain: a facts-only look at the city's public finance records
The Ledger is reviewing Eagle Mountain's budgets, audits, debt, redevelopment areas and legal disputes using published records, and reports only what those records state.
Read the explainer →Key figures
- $18.1 millionEagle Mountain general fund balance at June 30, 2025Eagle Mountain's general fund balance rose from $12.4 million to $18.1 million between fiscal 2024 and 2025 →
- $778.5 millionTax increment budgeted for Sweetwater CRA #4Eagle Mountain's data-center redevelopment areas: a $778.5 million increment budget for Sweetwater area 4 →
- $1.13 millionLoss reported from August 2022 email-impersonation fraudEagle Mountain reported a $1.13 million payment-fraud loss from August 2022 →
- $2.13 millionAdditional property tax revenue at the 0.000900 rateEagle Mountain council set, repealed and reset its 2026 property tax rate in August →
- $2.4 millionGeneral fund balance over the 35 percent limit, fiscal 2023Eagle Mountain audits, fiscal 2019-2023: clean opinions and repeated state budget findings →
- $14.3 millionFive taxing entities' increment for the three Sweetwater #1 phases, year-end 2024County records show three phases of Eagle Mountain's first Sweetwater data-center area, tax years 2024 and 2025 →
- $904,464Increment from the city's levy in the three Sweetwater #1 phases, year-end 2025County records show three phases of Eagle Mountain's first Sweetwater data-center area, tax years 2024 and 2025 →
- $13.0 millionEstimated additional increment retained for the school district under the January 2026 amendmentsEagle Mountain's agency approved the Sweetwater #4 data-center deal in December 2025 →
- $1.7 millionGap between the amended budget's printed total uses and the sum of its listed usesEagle Mountain's agency approved the Sweetwater #4 data-center deal in December 2025 →
- $10 millionMaximum principal of the agency's Series 2026 bonds authorized June 2, 2026Eagle Mountain authorized up to $10 million in bonds and adopted a Mid-Valley retail project area in 2026 →
- $26.9 millionSales tax increment requested in the Mid-Valley draft budgetEagle Mountain authorized up to $10 million in bonds and adopted a Mid-Valley retail project area in 2026 →
Redevelopment money
Eagle Mountain authorized up to $10 million in bonds and adopted a Mid-Valley retail project area in 2026
In June the Redevelopment Agency authorized up to $10 million in sales tax and tax increment revenue bonds for road work tied to a planned retail development. In August the council adopted the Mid-Valley project area plan and approved a participation agreement with Terra Smith's Eagle Mountain LLC, 4-1.
Eagle Mountain's agency approved the Sweetwater #4 data-center deal in December 2025
The Redevelopment Agency board approved a participation agreement with Stadion LLC on Dec. 16, 2025, and amended the Sweetwater #4 plan and budget on Jan. 6, 2026. The packet version of the agreement ties reimbursement to occupancy and to increment the agency actually receives, and the amended budget's printed total differs from the sum of its parts.
County records show three phases of Eagle Mountain's first Sweetwater data-center area, tax years 2024 and 2025
Utah County's year-end reports for tax years 2024 and 2025 list three Sweetwater #1 phases, triggered in 2021, 2023 and 2024, that send property tax increment to Eagle Mountain's Redevelopment Agency. The reports record what taxing entities' increment went to the agency, not what the agency paid any developer.
Eagle Mountain's data-center redevelopment areas: a $778.5 million increment budget for Sweetwater area 4
Since 2021 the city has approved tax-increment agreements and data-center development agreements; the area 4 budget noticed in December 2025 lists $778,540,678 in increment from five taxing entities.
Budgets, reserves and taxes
Eagle Mountain's general fund balance rose from $12.4 million to $18.1 million between fiscal 2024 and 2025
The city's annual reports show the general fund balance and the outstanding sales tax revenue bonds, revenue bonds and special assessment bonds at June 30, 2024 and 2025.
Eagle Mountain council set, repealed and reset its 2026 property tax rate in August
The council approved a higher city property tax rate on Aug. 6, 2026, residents filed a referendum application, and on Aug. 18 the council repealed that rate and approved 0.000900.
Contracts and spending
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Audits and compliance
Eagle Mountain audits, fiscal 2019-2023: clean opinions and repeated state budget findings
Council minutes record unmodified financial opinions from the city's auditor for fiscal 2019 through 2023, along with state compliance findings on spending over budget and, for three of those years, general fund balance above the limit.
Eagle Mountain reported a $1.13 million payment-fraud loss from August 2022
The city's October 2024 release says an email impersonation scheme in August 2022 cost $1.13 million, with $400,000 recovered so far, and announced a settlement with its construction contractor.
Other findings
A lawsuit filed in 2026 challenges the city's use of the Eagle Mountain rodeo grounds
FOX 13 reported in March 2026 that the Eagle Mountain Founders Group sued over the rodeo grounds; the city denied the claims.