Chief financial officer Paula Eldredge told the MIDA board Tuesday, Jan. 7, auditors found no concerns or errors in MIDA’s financial report for fiscal year 2024, which ended June 30. She said revenues are on the rise and spending is down.
MIDA is a state agency governed by appointed, not elected, officials. It was originally founded to serve veterans and members of the military and it’s spearheading some of the largest economic development projects in the state.
Eldredge said overall revenue for the past fiscal year was $68.1 million, an increase of over $7 million from the previous year. That’s mostly thanks to higher tax revenue.
The bulk of the tax increase comes from the Military Recreation Facility project area, which includes Deer Valley’s East Village expansion and the SkyRidge golf and equestrian facilities near the Jordanelle Reservoir.
The project area collected over $9 million in taxes and fees in fiscal year 2024, compared to $2.4 million the year prior.
Meanwhile, as it collects more tax revenue, spending is slowing down, although MIDA continues to invest heavily in its Wasatch County developments.
In fiscal year 2024, MIDA spent $85 million on developing the Wasatch County project area, compared to $123 million in 2023.
“Expenditures went down, and that really is a result of the different completions of projects that we’ve done between 2023 and 2024,” Eldredge said. “Our revenues are increasing, and most of that has to do with the growth and the economic development in Wasatch County.”
The Grand Hyatt Deer Valley welcomed its first guests Nov. 20, 2024. East Village will celebrate its grand opening to skiers Thursday, Jan. 9.
