MIDA passed a balanced budget for the year at a board meeting June 26.
For fiscal year 2027, which began July 1, both revenues and expenditures will be $121.6 million. That’s an 18% increase from last year’s $103.1 million budget.
MIDA’s chief financial officer, Paula Eldredge, said that as MIDA’s project areas around the state grow, so does the authority’s budget.
“We anticipate increased project revenues from our project areas, especially with property tax allocation and taxes and fees,” she said. “This is really a function of the growth in our project areas. We are really seeing the benefits of the infrastructure investments that have been made from previous years.”
MIDA’s revenue comes from a range of sources, including taxes, fees in lieu and intergovernmental revenue.
For example, in Wasatch County, where MIDA is overseeing the development of East Village and other major projects in the Jordanelle Basin, there’s a tax sharing agreement in place. MIDA keeps 75% of new property tax revenue in the area for 40 years, while Wasatch County taxing authorities receive 25%. MIDA’s share of the tax revenue is reinvested into the local projects.
MIDA’s planned expenditures for fiscal year 2027 will be highest in Wasatch County. It anticipates about $33 million in spending, plus transfers of over $23 million for two of its public infrastructure districts in Wasatch County.
One district pays for infrastructure in and around East Village; the other includes golf and equestrian facilities east of U.S. 40.
Eldredge also pointed out nearly $12 million in debt-related expenditures.
“What these include are the loans for the building D, which is the attainable housing that we have in Wasatch County, and then it’s also the bond that we have that benefits the infrastructure – or funded the infrastructure – in Wasatch County, that was issued by MIDA,” she said.
Building D is part of Pioche Village, a housing development just south of Deer Valley’s Jordanelle Express gondola.
Eldredge says administrative costs will be slightly higher for fiscal year 2027 because of growth in MIDA project areas.
MIDA is a state entity founded to support the military and spur economic development. It has eight projects spanning the state, including ones connected to the Utah National Guard and Hill Air Force Base. Its most recently announced project is Stratos, a hyperscale data center planned for Box Elder County.
