Auditing Lehi
The Ledger's review of Lehi'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 Lehi: what the city's own records show about its money
A records-only review of Lehi's budgets, audits, debt and redevelopment deals from fiscal 2020 through the fiscal 2027 budget.
Read the explainer →Key figures
- $241.2 millionLong-term obligations, June 30, 2025Auditing Lehi: what the city's own records show about its money →
- $32.5 millionGeneral fund balance, June 30, 2025Auditing Lehi: what the city's own records show about its money →
- $451.3 millionProjected 30-year payments to Texas Instruments in the 2023 planLehi's 2023 Texas Instruments deal sends 70% of the plant's tax increment to TI through 2052, with no maximum set →
- $34.6 millionTax increment notes owed to developers, June 30, 2025Lehi's redevelopment agency owed developers $34.6 million in mid-2025 for Adobe, outlet mall and office projects →
- $70.1 millionFiber bonds issued, 2021 and 2025Lehi has issued $70 million in bonds, through fiscal 2025, for its city-owned fiber network →
- $7.96 millionUnpaid balance of 2004 Cabela's bonds forgiven in September 2024Lehi's 2004 Cabela's bonds ended in 2024 with $7.96 million unpaid and forgiven →
- $7.9 millionCap on Morning Vista sales tax to Lehi's redevelopment agency over 15 yearsLehi caps agency sales tax shares at $7.9 million and $3.1 million in two deals →
- $3.1 millionCap on Skye View sales tax to Lehi's redevelopment agency over 15 yearsLehi caps agency sales tax shares at $7.9 million and $3.1 million in two deals →
- $122.1 millionNoticed cap on Thanksgiving Station HTRZ interlocal agreement (proposed)Lehi's Thanksgiving Station zone returns with $122.1 million in agreements →
- $116,695Lehi building authority debt service above budget, fiscal 2025Lehi's building authority paid $116,695 more in debt service than budgeted →
- $29.2 millionPaid to UAMPS, the city's largest payee in FY2026, as reported to the stateTransparent Utah: Lehi City highest-paid vendors FY2026 →
Debt and bonds
Lehi council voted 4-1 in 2025 to back a Thanksgiving Point science building with city sales tax bonds
The Nov. 18, 2025 vote authorized sales tax revenue bonds for a nonprofit's building; S&P rated an anticipated $27.42 million issue, and the city issued $27.25 million in December 2025. The lone no vote cited constitutional limits on lending public credit.
Lehi's 2004 Cabela's bonds ended in 2024 with $7.96 million unpaid and forgiven
The $9 million in bonds were repaid only from 87.5% of the Cabela's store's sales tax. When they matured in September 2024, bondholders forgave the remaining balance, as the bond terms required.
Lehi has issued $70 million in bonds, through fiscal 2025, for its city-owned fiber network
The city sold $53.9 million in bonds in 2021 and $16.3 million in 2025 to build citywide fiber, pledging its energy sales tax. The fiber fund ended fiscal 2025 with a $3.4 million deficit.
Redevelopment money
Lehi's Thanksgiving Station zone returns with $122.1 million in agreements
A state committee approved a housing and transit reinvestment zone by Lehi's FrontRunner station in 2023. Agreements that refer to up to 80% of the zone's new property tax, capped at $122,144,769, were on redevelopment agency agendas in July and again on Oct. 13, 2026.
Lehi caps agency sales tax shares at $7.9 million and $3.1 million in two deals
Lehi's redevelopment agency created two retail project areas in 2025 that run on future sales tax rather than property tax. Both passed over one board member's objection; neither budget says how much of its cap would reach the developer.
Lehi's redevelopment agency owed developers $34.6 million in mid-2025 for Adobe, outlet mall and office projects
Three noninterest notes, payable only from tax increment, cover the Adobe campus, the Outlets at Traverse Mountain and the West Timpanogos office park. Lehi paid down $1.56 million in fiscal 2025.
Lehi's 2023 Texas Instruments deal sends 70% of the plant's tax increment to TI through 2052, with no maximum set
In January 2023 Lehi's redevelopment agency extended the Micron-era incentive for 30 years. Its plan projected $451 million to Texas Instruments; fiscal 2025 payments to TI were $4.84 million.
Budgets, reserves and taxes
Lehi City Council to hold public hearing Oct. 27 on fiscal 2026-27 budget amendment
The hearing begins at 7 p.m. in the Lehi City Council Chambers.
Lehi's building authority paid $116,695 more in debt service than budgeted
The authority that financed Lehi's new City Hall and library paid more principal and interest than its budget allowed in fiscal 2025. Its construction spending was $12.3 million below budget, and its original and final budgets were identical.
Who pays for American Fork's Pony Express Parkway link and nearby roads
A 2025 agreement splits a $858,687 local match equally between American Fork and Lehi, with Utah County reimbursing up to $11.8 million. A trail and a developer agreement on 620 South have their own funding.
Subsidies
Lehi's city-owned fiber network passes 7,150 subscribers, ahead of its 2026 goal
Finance officials told the City Council the system's churn rate is under 5% and projected 10,500 users by 2030.
Contracts and spending
No story in the series on this yet.
Officials' disclosures and ties
Lehi officials say they will update disclosure forms with missing or outdated details
Mayor Paul Binns and the five City Council members all responded to the Lehi Free Press, which found incomplete or dated entries but no indication of wrongdoing.
Other findings
Lehi City Council to vote Oct. 21 on Thanksgiving Point housing transit zone agreement
The council meets at 4 p.m. with one regular agenda item, an interlocal agreement with the Lehi Redevelopment Agency.