2008 comprehensive annual financial report...

Salt Lake County, Utah

COMPREHENSIVE ANNUALFINANCIAL REPORTFor the Year ended December 31, 2008

SALT LAKE COUNTY, UTAH

COMPREHENSIVE ANNUAL FINANCIAL REPORT

YEAR ENDED DECEMBER 31, 2008

Prepared by:

Salt Lake County Auditor’s Office

Jeff Hatch Auditor

Published: July 15, 2009

SALT LAKE COUNTY Comprehensive Annual Financial Report Table of Contents Year Ended December 31, 2008 Page

INTRODUCTORY SECTION

Table of Contents ............................................................................................................................................ 1 Transmittal Letter ............................................................................................................................................ 5 Certificate of Achievement .............................................................................................................................. 9 Organization Chart .......................................................................................................................................... 10 FINANCIAL SECTION Independent Auditor’s Report ......................................................................................................................... 14 Management’s Discussion and Analysis ......................................................................................................... 16 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets ............................................................................................................................... 30 Statement of Activities ................................................................................................................................. 31 Governmental Fund Financial Statements: Balance Sheet ............................................................................................................................................... 32 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets .................... 33 Statement of Revenues, Expenditures, and Changes in Fund Balances ....................................................... 34 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................................................................................. 35 Statement of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—General Fund .............................................................................................................. 36 Statement of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Municipal Services Fund ............................................................................................ 37 Statement of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Grant Programs Fund .................................................................................................. 38 Proprietary Fund Financial Statements: Statement of Net Assets ............................................................................................................................... 39 Statement of Revenues, Expenses, and Changes in Fund Net Assets .......................................................... 40 Statement of Cash Flows .............................................................................................................................. 41 Fiduciary Fund Financial Statement—Statement of Fiduciary Assets and Liabilities—Agency Funds ......... 42 Notes to the Basic Financial Statements.......................................................................................................... 43 Note 1—Summary of Significant Accounting Policies ............................................................................... 43 Note 2—Deposits and Investments .............................................................................................................. 51 Note 3—Property Taxes ............................................................................................................................... 56 Note 4—Receivables .................................................................................................................................... 56 Note 5—Accounts Payable and Accrued Expenses ..................................................................................... 57 Note 6—Interfund Receivables and Payables .............................................................................................. 58 Note 7—Capital Assets ................................................................................................................................ 59

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Note 8—Long-term Liabilities ..................................................................................................................... 61 Note 9—Pension Plans ................................................................................................................................. 67 Note 10—Deferred Compensation Plan ....................................................................................................... 68 Note 11—Other Postemployment Benefits .................................................................................................. 69 Note 12—Land Lease with Purchase Option ............................................................................................... 70 Note 13—Risk Management ........................................................................................................................ 71 Note 14—Commitments .............................................................................................................................. 72 Note 15—Joint Ventures .............................................................................................................................. 72 Note 16—Budgetary—GAAP Reporting Reconciliation ............................................................................ 74 Note 17—Interfund Transfers ...................................................................................................................... 75 Note 18—Conduit Debt ............................................................................................................................... 76 Note 19—Related Party Transaction ............................................................................................................ 76 Required Supplementary Information: Information about Infrastructure Assets Reported Using the Modified Approach ......................................... 78 Postemployment Benefit Plan – Schedule of Funding Progress ..................................................................... 80 Supplementary Information—Combining Statements and Individual Fund Statements and Other Schedules: Major Governmental Funds:

Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—General Fund .............................................................................................................. 81 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Municipal Services Fund ............................................................................................ 86 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Grant Programs Fund .................................................................................................. 88 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Recreation Bond Projects Fund .................................................................................. 89

Nonmajor Governmental Funds: Combining Balance Sheet ............................................................................................................................ 92 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .................................... 98

Special Revenue Funds: Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Class B Roads Special Revenue Fund ..................................................................... 103 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Open Space Special Revenue Fund ......................................................................... 104 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Salt Lake Valley Fire Service Area Special Revenue Fund .................................... 105 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Flood Control Special Revenue Fund ...................................................................... 106 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Visitor Promotion Special Revenue Fund ............................................................... 107

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Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—State Tax Administration Levy Special Revenue Fund ........................................... 108 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Redevelopment Agency Special Revenue Fund ...................................................... 109 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Library Special Revenue Fund ................................................................................ 110 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Health Special Revenue Fund ................................................................................. 111 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Zoos, Arts, and Parks (ZAP) Special Revenue Fund .............................................. 112 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Housing Programs Special Revenue Fund .............................................................. 113 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Clark Planetarium Special Revenue Fund ............................................................... 114 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Center for the Arts Special Revenue Fund .............................................................. 115 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Salt Palace Operations Special Revenue Fund ........................................................ 116 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—South Towne Operations Special Revenue Fund .................................................... 117 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Tourism, Recreation, Cultural, and Convention (TRCC) Special Revenue Fund ... 118

Capital Projects Funds: Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Capital Improvements Fund .................................................................................... 119 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Capital Projects Revolving Fund ............................................................................. 120 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Salt Palace Expansion 3 Phase 1 Capital Projects Fund .......................................... 121 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Salt Palace Expansion 3 Phase 2 Capital Projects Fund .......................................... 122 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Millcreek Fireflow Improvement District Capital Projects Fund ............................ 123 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Children’s Museum Construction Capital Projects Fund ........................................ 124 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Municipal Building Authority Senior Center Bond Capital Projects Fund ............. 125 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Municipal Building Authority Library Bond Capital Projects Fund ....................... 126 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Municipal Building Authority Public Works Administration Capital Projects Fund 127 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Municipal Building Authority East Millcreek Bond Capital Projects Fund ............ 128

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Debt Service Funds: Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—General Government Debt Service Fund ................................................................. 129 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Millcreek Fireflow Improvement District Debt Service Fund ................................ 130 Schedule of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual— Budgetary Basis—Municipal Building Authority Debt Service Fund .................................................. 131

Internal Service Funds: Combining Statement of Net Assets ............................................................................................................ 134 Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets ....................................... 135 Combining Statement of Cash Flows ........................................................................................................... 136 Agency Funds: Combining Statement of Fiduciary Assets and Liabilities ........................................................................... 137 Combining Statement of Changes in Assets and Liabilities ........................................................................ 138 Other Schedules: Schedule of Taxes Charged, Collected, and Disbursed—2008 .................................................................... 140 Impact Fee Schedules: Drainage Impact Fees ............................................................................................................................... 149 Park Impact Fees ....................................................................................................................................... 150 STATISTICAL SECTION Net Assets by Component—Last Seven Years ............................................................................................... 152 Changes in Net Assets—Last Seven Years ..................................................................................................... 154 Fund Balances, Governmental Funds—Last Ten Years .................................................................................. 156 Changes in Fund Balances, Governmental Funds—Last Ten Years ............................................................... 158 Assessed Value and Actual Value of Taxable Property—Last Ten Years ...................................................... 161 Property Tax Rates—Direct and Overlapping Governments—Last Ten Years .............................................. 162 Principal Property Taxpayers—Current Year and Nine Years Ago ................................................................ 164 Property Tax Levies and Collections—Last Six Years ................................................................................... 167 Ratios of Outstanding Debt by Type—Last Seven Years ............................................................................... 168 Ratios of General Bonded Debt Outstanding—Last Ten Years ...................................................................... 170 Computation of Direct and Overlapping Debt ................................................................................................ 171 Legal Debt Margin Information—Last Ten Years .......................................................................................... 172 Pledged-Revenue Coverage—Last Ten Years ................................................................................................ 174 Debt Service Schedule of Outstanding Bonds (by Year) ................................................................................ 176 Demographic and Economic Statistics—Last Ten Years ................................................................................ 178 Principal Employers—Current Year and Four Years Ago .............................................................................. 180 Full-Time Equivalent County Government Employees by Function—Last Ten Years .................................. 182 Operating Indicators by Organization—Last Four Years ................................................................................ 184 Capital Asset Statistics—Last Ten Years ........................................................................................................ 186

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July 15, 2009 To the Honorable County Council, Honorable Mayor, and Citizens of Salt Lake County, Utah: This letter is to introduce Salt Lake County's 2008 Comprehensive Annual Financial Report (CAFR). Section 51-2a-201 of the Utah Code requires an audit of political subdivisions of the State of Utah, and Section 17-36-37 requires the County Auditor to prepare an annual financial report within 180 days of the close of each fiscal year. Due to changes resulting from an extensive study of various reporting and accounting issues, the 2008 report is being published after the normal due date (with approval). The County's management is responsible for the accuracy of the report, as well as the completeness and fairness of the presentation, including all disclosures. To the best of our knowledge and belief, the report is complete and accurate in all material respects. In order to have a basis to rely on for management to make these representations, the County maintains a comprehensive system of internal controls designed to provide reasonable, but not absolute, assurance against loss of assets or material misstatement in the financial statements. This level of assurance is an inherent limitation in a system of internal controls because they should be cost-effective, in other words, the cost of such controls should not exceed the related benefit. The financial statements contained in this report have been audited by Squire & Company, PC, a firm of licensed certified public accountants. The objective of this type of audit examination is for the independent auditors to render an opinion, with reasonable assurance, as to whether the financial statements are free of material misstatement. Audit procedures included extensive testing and analysis of transactions, balances, and systems. Squire & Company, PC concluded the County’s financial statements for the year ended December 31, 2008 are fairly presented in conformity with generally accepted accounting principles (GAAP). This unqualified opinion on the financial statements is located at the beginning of the financial section. The federal Single Audit Act of 1984, as amended in 1996, requires the County to be audited to determine compliance with grant program stipulations. A separate Single Audit report is issued in conjunction with the independent audit, which contains the results of the single audit and the required reports. In addition to the brief introduction and overview provided by this letter of transmittal, the reader should refer to that part of the financial section titled Management's Discussion and Analysis (MD&A), which follows the independent auditor’s report. It is designed to provide more in-depth narrative and analysis of the County’s financial statements. Profile of the County and our Government Pioneer settlement of the area containing today's Salt Lake County boundaries began on July 24, 1847, when Brigham Young, the leader of the Church of Jesus Christ of Latter-day Saints (“Mormons"), entered the "Great Salt Lake Valley" with a small party of followers after a 1,500 mile trek westward. The Salt Lake Valley soon became a major center for trade and commerce for the wagon trains carrying settlers and miners westward. Shortly after the pioneers' arrival in the valley, many other communities were settled in this area. The Mormons still retain their international headquarters in Salt Lake City. Salt Lake City, the heart of the County, became the capital city of the territory of Utah and the county seat in December 1858. Utah was granted statehood and accepted into the Union as the 45th State on January 4, 1896. The County comprises an area of 737 square miles. It is bordered on the north by the Great Salt Lake (one of the largest inland bodies of water in the United States), on the west by the Oquirrh Mountains and on the east by the Wasatch Mountains. Six major canyons lead into the Salt Lake valley, offering hiking, picnicking, camping, fishing, biking and world-famous skiing, as well as other recreational opportunities. Further, citizens of the County and others are benefited

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by outstanding public transportation systems and highways, educational institutions and cultural opportunities. Salt Lake County is the most populous county in Utah. The 2008 County population of 1,030,519 represents approximately 38% of the State population. The City and County area, often referred to as "the crossroads of the west", is the largest metropolitan area between Phoenix and the Canadian border, north to south, and between Denver and California, east to west. The Salt Lake area received worldwide attention in February 2002 as host of the Olympic Winter Games. The County is structured as a Mayor-Council form of government, where the elected Mayor serves as the County Executive. There are nine part-time council members, three voted at-large to staggered six-year terms, and six are elected by district with staggered four-year terms. The County Mayor’s term is four years. There are eight other elected officials who have independent authority defined by statute whose terms are also four years: the Assessor, District Attorney, Auditor, Clerk, Recorder, Sheriff, Surveyor and Treasurer. Statutory duties of the Auditor include, among many other duties, serving as the Budget Officer, and responsibility to prepare this annual financial report. Together with other elected officials, the Auditor is responsible for tax assessing and collecting. As depicted on the organizational chart following this letter, the Mayor's area of responsibility is organized into major departments. The County provides a diversified range of services, which include the following: 1) Property tax assessing and collecting, auditing, budgeting, accounting, surveying, recording, marriage licenses, passports, criminal justice services, and ordinance enactment and enforcement; 2) Human Services--such as mental health services, public health services, substance abuse services, aging services, criminal justice services, and youth services; 3) Public Works services--such as flood control, emergency services and solid waste management (through a joint venture with Salt Lake City); 4) Community Services--such as recreational and educational services (including the Salt Palace and South Towne convention centers, center for the arts, visitor promotion, parks and recreation, golf courses, and the planetarium); and 5) Administrative Services--internal services such as human resources, purchasing, information services, facilities services, fleet, etc. Library services are county-wide except for those taxing areas within the cities of Salt Lake and Murray, who maintain their own library systems. Municipal services, which are delivered only in unincorporated County areas, include police protection, justice courts, animal services, planning and development services, business licenses, street lighting, traffic engineering, and highways. Sanitation services are provided by a separate legal entity, Special Service District #1 (reported as the Sanitation enterprise fund), which has the same governing body as the County. Also, the Municipal Building Authority and the Redevelopment Agency are separate legal entities with the same governing body as the County. Since the County is financially accountable for these entities, they are included in the CAFR. See Notes 1.1 - 1.5 to the basic financial statements for more information regarding the reporting entity. Within the County budget process many critical planning decisions are made. The Auditor, as the statutory Budget Officer, is responsible for revenue projections and the preparation of a tentative budget, which is presented to the County Mayor, who then develops a proposed budget. The Mayor submits the proposed budget to the County Council, which makes appropriation decisions and adopts a budget on or before the last day of the last month of each preceding fiscal year. Once the budget is adopted by the Council, the Mayor has “item veto” authority. Budget items vetoed by the Mayor may be overridden by the Council. The budget is prepared by fund, organization, and appropriation unit. Under the organizational structure of the County, an organization can represent either a division within one of the major departments, or an elected office. Appropriation units are related categories of expenditures which are grouped together within each organization. Generally, organizational budgets include these appropriation unit categories: salaries, wages and employee benefits; materials, supplies, and services; overhead costs; capital outlay; and debt service. State statutes define the legal level of budgetary control at the department level (used as a generic term). The term organization in the context of County budgeting is considered to be equivalent to the generic statutory term department. County organizations are, in substance, separate legal budgetary units for purposes of State compliance. However, the County has opted to impose a lower level of budgetary control for its own managerial purposes. The lowest level at which management may not reallocate resources without Council approval is at the appropriation unit level. Thus, in accordance with County policy and financial reporting requirements, the appropriation unit level is considered the legal level of budgetary control. The budget is reopened in June and December to consider necessary adjustments. Final tax rates are adopted and levied at the conclusion of the June budget and tax rate setting process. Budget-to-actual comparisons are presented for the General Fund and each major special revenue fund in the basic financial statements. Budget-to-actual comparisons for all other governmental funds are found in the Supplementary Information Section. Financial Condition of the County, and Other Information to Assist in Assessing Economic Condition Local Economy: The County is the business and financial center for most of the major businesses and industries in the State. Further, the County has a concentration of approximately 38% of the State’s population and 44% of the State’s

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taxable sales, suggesting that it is the economic hub of the State economy. Major employers in the County occur in the mining, manufacturing, transportation, medical services, technology, communications, financial services, government and non-profit economic sectors. Following several years of growth rates that substantially exceeded national rates, Salt Lake County’s economy, as mirrored by job growth, turned negative in the fall of 2008. After five years of extraordinary performance, the County’s residential construction activity (permit value) fell 25% in 2007 and another 29% in 2008. This decline, in addition to 15 to 20% decreases in business software and equipment purchases and a statewide 35% drop in new car and truck sales spell slower growth for taxable sales. Improving financial conditions and consumer confidence should combine to soften the decreases in taxable sales during the final months of 2009. Long-term financial planning: In order to enhance long-term planning, the County has implemented significant financial management policies and practices. These include the following: 1) a county-wide cost allocation plan; 2) a long-range budget and planning process which projects revenues, budgets, and minimum fund balances five years into the future; and 3) the creation of a Debt Review Committee, which reviews all forms of debt requests, and forwards its recommendations to the County Council. The County’s policy on fund balances states that the minimum undesignated fund balances (expressed as a percentage of budgeted expenditures) is 10% for the General Fund, and 5% for selected Special Revenue Funds. Relevant considerations taken from these management practices are applied to the decision-making process by the governing body as new projects and programs are discussed. These practices have had a significant impact on the County’s current financial position (maintaining relatively healthy fund balances). Other relevant financial policies and practices: In the past, the County has taken a conservative approach with respect to incurring debt. A pay-as-you-go approach is almost always used, except for major capital construction projects, for which the County issues bonds. Also, a Capital Projects Revolving Fund was created to provide revolving-type internal "credit" for projects where bonding is not justifiable. The County has been able to maintain a low relative level of debt. Refer to Note 8 to the basic financial statements for a more detailed description of long-term obligations. The County enjoys a AAA rating on general obligation bonds from the major bond-rating agencies: Moody's Investor Services, Standard and Poors, and Fitch Ratings. Among the County's highest priorities is to maintain a top bond rating, which reduces the cost of borrowing. The County Treasurer is charged with managing and investing cash for the County. All cash receipts are pooled into a centralized cash account from which funds are withdrawn to invest in accordance with the Utah Money Management Act, which sets forth investment limitations and standards for cash management. Typical investments include certificates of deposit, commercial paper, various government agency obligations, and the Utah Public Treasurers’ Investment Fund managed by the Utah State Treasurer. The overall weighted average portfolio yield for invested funds for 2008 was 2.7%. See Note 2 to the basic financial statements for further discussion of cash and investments. The risk management function is reflected in two internal service funds, namely, the Governmental Immunity Fund and the Employee Service Reserve Fund (ESR). The Governmental Immunity Fund contains self-insurance programs for the defense, indemnification and payment of third-party claims of all types. The Utah Governmental Immunity Act limits government’s risk for State causes of action to $620,700 for one person, $2,126,000 for two or more in any one occurrence where personal injury has occurred. The property damage risk is limited to $248,300 per occurrence. The ESR fund supports the County’s self-insured worker’s compensation medical and indemnity exposure. Note 14 to the basic financial statements further addresses the topic of risk management. Employee compensation and benefits are a substantial portion of the County budget. Employee health insurance is self-insured, but administered by Public Employee’s Health Program (PEHP), a division of Utah Retirement Systems. Typical of most employers, the County has experienced substantial increases in health care costs. To mitigate risk associated with any dramatic change in employee benefit costs, the County has a policy to set aside supplementary funds for employee health care costs and compensated absences (informally referred to as the “employee service reserve”). The County’s current policy is to provide postretirement health care benefits to employees who retire from the County and qualify to retire from the State retirement systems. This type of benefit is referred to as other postemployment benefits (OPEB). These OPEB benefits are funded on a pay-as-you-go basis as premiums are paid. This OPEB policy is under review by the Mayor and the Council for possible modification during 2009.

The County sponsors and participates in several pension and deferred compensation plans. Most of these plans are administered by the Utah State Retirement Systems. Contribution rates are either established by State statute, or by the County governing body. Since the County budgets and funds the required contributions each year, there is no risk to the County associated with an unfunded pension liability. Additional information regarding pension and other benefits, including OPEB, is covered in Notes 9, 10, and 11 to the basic financial statements.

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Major initiatives: The County has focused on the following areas of priority as outlined in the Mayor's final 2008 budget message delivered in October 2007. These priorities drove spending decisions in the initial 2008 budget planning: promoting economic development; focusing on the quality education; protecting our natural environment; enhancing public safety; providing quality government; and maintaining our quality oflife. Major initiatives were undertaken in each of these areas of priority. However, since the major economic downturn started during 2008 (late 2007 nationally), much fine-tuning of the initial plans has taken place. Key initiatives during 2008 included the following: To address continued jail overcrowding, the Mayor and Council included direction for the Sheriff to reopen the Oxbow Jail, a smaller detention facility which has not been in operation for several years, which is designed to incarcerate less-violent offenders. New positions for Sheriff and District Attorney were planned, as well as increased funding for Emergency Management. A new position was created-sand a new Director hired--to coordinate criminal justice related functions through the Criminal Justice Advisory Council. Significant spending continued on construction, renovation and equipping recreational facilities, which is being funded from the 2007 Recreation general obligation bonds. Major land acquisitions were funded through the $24 million 2008 Open Space general obligation bonds. The County plans to issue $30 million of general obligation bonds during 2009 for Open Space and Tracy Aviary. A program was kicked-off to plant one million new trees in the valley. A solar power engineering and feasibility study was initiated. Planning for a new Public Works Administration building was begun, and $3 million was planned for repairing and adding new sidewalks. The County worked closely with other local governments to begin developing a Water Quality Stewardship Plan. A new health clinic opened in October. The planetarium accelerated additional science shows through new grant funding. An Employees' University was created to centralize development and training for County employees.

Awards and Acknowledgements

The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievementfor Excellence in Financial Reporting to Salt Lake County for its Comprehensive AIIDual Financial Report for the fiscal year ended December 31, 2007. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.

In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized Comprehensive AIIDual Financial Report, the contents of which conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. The County has received a Certificate of Achievement for the last twenty-two consecutive years, fiscal years 1986-2007. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA for their review to determine if this report qualifies.

Also, the County received the GFOA's Distinguished Budget Presentation Award for our aIIDual2009 Budget Plan document, the fourth consecutive year. To qualify for this award, the County's Budget Plan had to be judged proficient as a policy document, a financial plan, an operations guide and a communications device.

We express sincere appreciation to all those who are involved in the independent audit process and who contribute to the preparation and publishing of this report. We also appreciate the professional service and assistance rendered by our independent auditors, Squire & Company, PC.

li7~ Salt Lake County Auditor

~'7~ Stephen G. Spencer, CPA, MBA Director, Accounting and Operations

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SALT LAKE COUNTY ORGANIZATIONAL CHARTAs of December 31, 2008

DAVID WILDEDistrict #3

JIM BRADLEYAt-Large C

JOE HATCHChair (1)

District #1

MICHAEL JENSENDistrict #2

RANDY HORIUCHIAt-Large A

JEFF ALLENDistrict #5

JANI IWAMOTO (2)

District #4MAX BURDICK (2)

District #6

(1) Joe Hatch was elected Council Chair January 6, 2009

(2) Jani Iwamoto and Max Burdick were sworn in as members of the Council January 5, 2009

COUNCIL

JENNY WILSONAt-Large B

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(1) NOTE: Nichole Dunn was appointed Deputy Mayor effective January 5, 2009

(2) NOTE: Kimberly Barnett was appointed Environmental Program Coordinator effective June 1, 2009

(3) NOTE: Jeff Graviet was appointed Emergency Services Coordinator effective August 16, 2008

PETER CORROONMayor

Community ServicesDepartmentErin Litvack

Director

— Salt Palace (TRCC)— South Towne Exposition Center— Center for the Arts— Clark Planetarium— S.L. Convention & Visitors Bureau— Parks & Recreation— Equestrian Park— Wheeler Farm— Millcreek Canyon— Golf Courses— Zoos, Arts & Parks Programs— Open Space Fund

Human ServicesDepartmentJean Nielsen

Director

— Youth Services— Salt Lake Valley Health Department— Substance Abuse Services— Aging Services— Criminal Justice Services— Mental Health Services— Library Services— Community Resources & Development— Extension Services— Housing Programs— Indigent Legal Services

DOUG WILLMOREChief Administrative Officer

NICHOLE DUNN (1)

Deputy Mayor

— Economic Development— Redevelopment Agency of S.L.Co.

DALE CARPENTERDirector

Business and Economic Development

Public WorksDepartment

Linda HamiltonDirector

— Planning & Development— Street Lighting— Operations (Highway and Class B Roads)— Engineering— Flood Control— Sanitation— Solid Waste Management— Animal Services–– Addressing

Administrative ServicesDepartment

April TownsendDirector

— Contracts & Procurement— Printing— Information Services— Human Resources— Employees’ University— Records Management & Archives— Fleet Management— Facilities Management–– Telecommunications–– Real Estate

Darrin CasperChief Financial Officer

David LitvackCJAC Director

Jeff Graviet (3)

Emergency Services Coordinator

Kimberly Barnett (2)

Environmental Program Coordinator

Ann OberRob Jeppsen

Intergovernmental Affairs

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JAMES M. WINDERSheriff

SHERRIE SWENSENClerk

LOHRA L. MILLERDistrict Attorney

GARY OTTRecorder

LEE GARDNERAssessor

LARRY W. RICHARDSONTreasurer

REID J. DEMMANSurveyor

OTHER ELECTEDOFFICIALS

JEFF HATCHAuditor

SHAUNA GRAVES-ROBERTSONPEGGY ACOMB

HOLLY BARRINGHAMJustice Court Judges

(appointed)

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1329 South 800 East · Orem, Utah 84097-7700 · (801) 225-6900 · Fax (801) 226-7739 · www.squire.com

Independent Auditor’s Report

Honorable Mayor Peter Corroon and Members of the County Council of Salt Lake County, Utah

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Salt Lake County, Utah (County) as of and for the year ended December 31, 2008, which collectively comprise the County’s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the County’s management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the County as of December 31, 2008, and the respective changes in financial position, and cash flows, where applicable, thereof and the respective budgetary comparisons for the General Fund, Municipal Services Fund, and Grant Programs Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated July 15, 2009, on our consideration of the County’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Management’s discussion and analysis on pages 16 through 28 and required supplementary information on pages 78 through 80, are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.

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Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County’s basic financial statements. The introductory section, combining and individual fund financial statements and schedules, and statistical tables are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section and statistical tables have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them.

July 15, 2009

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Salt Lake County, Utah Management's Discussion and Analysis

The following narrative is presented to facilitate a better understanding of the County's year-end financial position and results of operations for the year ended December 31, 2008. When read in conjunction with the letter of transmittal and the notes to the financial statements, this section's Financial Highlights, overview and analysis, should assist the reader to gain a more complete knowledge of the County's financial performance. For simplification, numbers are generally rounded to the nearest one-hundred thousand dollars and, due to rounding, may vary somewhat from certain numbers shown in the body of this report. Financial Highlights The County's government-wide net assets (the amount by which assets exceed liabilities) as of December 31, 2008 were $924.8 million. Net assets decreased $35.7 million due primarily to the general economic downturn which started late 2007. In anticipation of decreasing revenues, the governing body was faced with either raising property taxes for 2008 or drawing on existing resources to balance the budget and fund the potential revenue shortfall. The decision not to raise property taxes, along with declining revenues and a desire not to cut County services resulted in government-wide expenses exceeding revenues by $35.7 million in 2008, thereby decreasing net assets. Combined sales taxes and transient room taxes decreased $13 million compared to 2007, due to the following factors:

• Overall taxable sales in the County decreased 6.7% in 2008 compared to 2007. • Effective 2008 the underlying law governing sales tax was changed, which removed the tax on unprepared food

for the Zoo, Arts and Parks countywide tax (resulting in approximately $2.0 million decrease). • Due to a problem with the Utah State Tax Commission relating to distribution of local option sales tax collected

from telecommunication businesses, this tax was $1.5 million lower for 2008. • The major factor in the overall drop in sales taxes was the downturn in the economy, which started nationally late

2007, but did not start having a dramatic impact in the County until fall 2008.

Property taxes decreased by $12.6 million, due primarily to the Salt Lake Valley Fire Service Area (SLVFSA) independently levying its own taxes starting 2008. The County included the property tax revenue from this entity in 2007 ($19 million), but this fund was closed during 2008 because the SLVFSA became legally and financially independent starting 2008. The SLVFSA is considered a related organization for reporting purposes. Falling interest rates and lower overall cash balances caused a $6.5 million decrease in investment earnings. The portion of net assets which represents the amount the County can use to meet on-going financial obligations is the unrestricted net assets. This amount was $88.6 million at December 31, 2008. The unreserved, undesignated fund balance as reported in the fund level statements represents the amount available for appropriation and spending. This amount for County governmental funds as of the close of the year was $147.1 million. The $51.6 million decrease over the prior year-end is due to a combination of several factors; however, most of the declining fund balances were tied to the explanation in the first paragraph under Financial Highlights above which describes 2008 budget planning. Namely, faced with a lower level of revenues, the governing body made a conscious decision to draw down existing fund balances rather than to raise property taxes. Actual expenditures plus net transfers exceeded revenues for this reason in the General Fund (by $8.3 million), and the Municipal Services Fund (by $16.3 million). Another factor was the $22.3 million decrease in cash in the Recreation Bond Projects Fund, as construction continues using the $65.0 million general obligation bond proceeds received in 2007. See further explanation under the Government Funds section of Financial Analysis of the County’s Funds. The General Fund is the primary operating fund of the County. The unreserved and undesignated fund balance of the General Fund as of December 31, 2008 was $22.8 million. The fund balance of the General Fund was stable over several years (even growing from $34 million in 2002 to $47 million in 2007). However, declining revenues and the decision not to raise property taxes while maintaining similar service levels has resulted in this decline (a 27% decrease--$8.5 million--from year-end 2007 to year-end 2008). The County's total bonded debt at the close of the year just ended (including net unamortized premium/discount and deferred defeasance amounts) was $368.5 million. Outstanding principal-only balance was $365.5 million. This represents

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a 1.9% decrease over the prior year, which is attributable to the net effect of the new $24.0 million general obligation bonds issued in February 2008 for Open Space projects, offsetting the reduction in principal balances from required debt service payments. Overview of the Financial Statements The financial section of this report includes five parts: 1) the independent auditor's report; 2) this segment--management's discussion and analysis; 3) the basic financial statements; 4) required supplementary information; and 5) supplementary information. Within the basic financial statements are two distinct types of financial statements, 1) the government-wide financial statements, and 2) the fund financial statements. The notes to the financial statements are also an integral part of the basic financial statements. Immediately following the notes to the financial statements, the required supplementary information contains certain narrative about the County’s infrastructure. Thereafter, the supplementary information contains additional fund data, such as combining schedules and individual fund budget-to-actual comparisons. In accordance with requirements of the State of Utah, this section also includes information about property tax collections and impact fees. Government-wide Financial Statements: The government-wide statements provide a view of County finances as a whole, similar to a private-sector company. They consist of the Statement of Net Assets, and the Statement of Activities. The Statement of Net Assets shows the County’s assets and liabilities, and the resulting difference between the assets and liabilities, or net assets. This number (and the related change in net assets from year to year) is probably the most important financial measurement to enable understanding the financial position of the County, and whether financial position improves or deteriorates each year. To evaluate the County's overall economic condition, however, the reader needs to consider other important factors, such as the economic outlook, stability of and control over revenue sources, and the condition of, and plan to maintain capital assets. An analysis of economic condition can assist in determining whether the County’s current financial position will improve or deteriorate in the future. The Statement of Activities shows how the County's net assets changed as a result of its operations during the most recent fiscal year. To understand the basis of how these numbers are determined, it is important to note that changes in net assets are reported whenever an event occurs that requires a revenue or expense to be recognized, regardless of when the related cash is received or disbursed (the accrual basis of accounting). For example, tax revenues are reported when the taxes are legally due, even though they may not be collected for some time after that date; and an obligation to pay a supplier is reported as an expense when the goods or services are received, even though the bill may not be paid until some time later. There are two distinct types of activities reflected in the government-wide statements. Governmental Activities are supported primarily by taxes and intergovernmental revenues. Business-type Activities are activities where all costs (or at least a significant portion of costs) are intended to be recovered through user fees and charges. As reported by the County, governmental activities are comprised of these categories, which include the following distinct County functions (organizations):

• General government – the Elected Offices (except District Attorney and Sheriff); Information Services; Contracts and Procurement; Real Estate; Human Resources; Employee’s University; Printing; Facilities Management; Facilities Services; Telecommunications; Statutory and General; and Municipal Services.

• Public safety and criminal justice – District Attorney; Indigent Legal Services; County Jail; Sheriff Court Services; Sheriff Investigation and Support; Sheriff Law Enforcement Services; Criminal Justice Services; Emergency Services; and Justice Courts.

• Social services – Economic Development; Youth Services; Substance Abuse Services; Aging Services; Mental Health Services; Community Resources and Development; Grant Fund Statutory and General; Housing Programs; and Revolving Loan Programs.

• Education, recreation and cultural – Extension Services; Art Collection; Parks; Recreation; Visitor Promotion; Zoo, Arts and Parks Programs; Libraries; Wheeler Farm; Millcreek Canyon; Equestrian Park; Tourism Recreation Cultural Convention (TRCC); Salt Palace Convention Center; South Towne Exposition Center; Center for the Arts; Clark Planetarium; and Open Space.

• Health and regulatory – Animal Services; Planning and Development Services; and Health Department. • Public works – Street Lighting; Public Works Operations; Public Works Engineering; Flood Control Engineering;

Flood Control Projects; Class B Roads Projects; Class B Roads Maintenance; and Redevelopment Agency.

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• Tax administration – Assessor; Treasurer; also, the tax administration functions in the following offices: Council, Auditor, Recorder, District Attorney, and Surveyor.

Business-type activities include golf courses, solid waste management facility, and sanitation services. Fund financial statements: As is common in other state or local government entities, the County uses funds to account for separate activities and to help demonstrate compliance with financially related legal requirements, such as budgetary compliance. A fund is a set of closely related accounts used to maintain control over financial resources which have been segregated for specific activities or purposes. All funds are categorized as governmental, proprietary, or fiduciary funds, which are explained below. Governmental funds include essentially the same functions and services as delineated above under governmental activities shown in the government-wide statements. However, for accounting and reporting purposes, government fund numbers are determined with a different approach. At the fund level, the focus is on changes in short-term spendable resources and the balance available to spend, rather than the focus on long-term net assets used to determine government-wide numbers. Because the focus is so different between fund statements and government-wide statements, reconciliations between the two types of statements are necessary to understand how the numbers differ. These reconciliations are provided for the reader immediately following the related government fund statements. The General Fund is the primary operating governmental fund of the County. Twenty-eight other governmental funds are included in this report; however, two of these were closed during 2008, the Salt Lake Valley Fire Service Area, and the Salt Palace Expansion 3 Phase 1. Three of the twenty-eight funds are considered major funds: Municipal Services; Grant Programs; and Recreation Bond Projects. A summary of the other funds is combined into one column, Nonmajor Governmental Funds. The composition of the nonmajor funds is shown in combining statements later in the report under the supplementary information section. The County is required to adopt an annual budget showing appropriations for all governmental funds. To demonstrate legal compliance, statements comparing budget-to-actual numbers for the General Fund and major special revenue funds are included in the basic financial statements. Budget-to-actual schedules for all other governmental funds are included in the supplementary information. Proprietary funds include essentially the same functions and services as listed above under business-type activities shown in the government-wide statements. However, the proprietary fund statements include more detailed information. Proprietary funds are categorized as either enterprise or internal service. Enterprise funds are used to report business-type activities, just as is done at the government-wide level. The County reports three enterprise funds, all of which are considered major funds. These include Golf Courses, Sanitation, and Solid Waste Management Facility. Internal Service funds are used to accumulate and allocate costs internally between those County functions which utilize their services. The County reported four internal service funds in 2008, governmental immunity (to provide risk management services), fleet management (to provide vehicles for County use), facilities services (to provide maintenance and related services for County buildings, and to provide telecommunication services), and employee service reserve (to administer employee fringe benefit programs). Because these internal service activities benefit primarily governmental functions (rather than business-type functions), they have been included in the government-wide statements under governmental activities. Combining statements for the individual internal service funds are shown later in the report under the supplementary information section. Fiduciary funds are those used to account for resources, which—although held by the County—are for the benefit of other entities. Since these are resources which cannot be used for County programs, they are not included in the government-wide statements. In general, the accounting approach for fiduciary funds is similar to that used for proprietary funds. However, the County reports only agency funds, for which the accounting does not present results of operations (see Note 1.7.4 to the basic financial statements for further information on agency funds). The County uses three fiduciary (agency) funds, of which the most significant is the Treasurer’s Tax Collection Fund.

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Financial Analysis of the County as a Whole (Government-wide Financial Statements) Net Assets: As alluded to earlier, an analysis of net assets (and the related change in net assets covered in the next subsection) is probably the most important financial measurement to assist with understanding the financial position of the County, and whether financial position improves or deteriorates each year. The following table presents summary information comparing the current year to the prior year from the Statement of Net Assets in the Basic Financial Statements.

SALT LAKE COUNTY'S Net AssetsDecember 31, 2008 and 2007

Governmental Business-type TotalActivities Activities Change

2008 2007 2008 2007 2008 2007 2008-2007

Current and other assets 355.9$ 416.5$ 36.0$ 39.7$ 391.9$ 456.2$ (64.3)$ Capital assets 950.7 925.1 48.0 46.5 998.7 971.6 27.1

Total assets 1,306.6 1,341.6 84.0 86.2 1,390.6 1,427.8 (37.2)

Other liabilities 47.1 48.1 0.5 1.9 47.6 50.0 (2.4) Long-term liabilities outstanding 395.4 392.8 22.8 24.5 418.2 417.3 0.9

Total liabilities 442.5 440.9 23.3 26.4 465.8 467.3 (1.5)

Net assets:Invested in capital assets,

net of related debt 665.4 652.9 26.0 22.5 691.4 675.4 16.0 Restricted 142.4 163.9 2.4 2.9 144.8 166.8 (22.0) Unrestricted 56.3 83.9 32.3 34.4 88.6 118.3 (29.7)

Total net assets 864.1$ 900.7$ 60.7$ 59.8$ 924.8$ 960.5$ (35.7)$

(in millions of dollars)

As depicted, at December 31, 2008 the County's assets exceeded liabilities by $924.8 million (net assets). 74.8% of this amount is represented by the investment in capital assets, net of debt still outstanding relating to acquisition of those assets (see Capital Asset and Debt Administration subsection below for further explanation). Due to the nature of these assets—long-term assets which are not readily convertible to liquid assets—they are not considered to be available for spending or appropriation. Further, even though the presentation here shows capital assets net of related debt, it should be understood that the repayment of this debt does not come from the capital assets themselves, but comes from other resources. The other sub-classifications of net assets are restricted and unrestricted. $144.8 million is reported as restricted to comply with provisions in contracts and agreements with outside entities which dictate that these amounts must be used for specific purposes, to comply with bond covenants, or to comply with other legal requirements. The balance of $88.6 million is unrestricted, which denotes that this amount may be used to meet general, on-going financial obligations. The most significant categories of change from 2007 to 2008 are within governmental activities. The $64.3 million decrease in current and other assets is mostly comprised of the following: 1) $22.3 million decrease in cash as bond proceeds for the Recreation Bond Projects were spent down during 2008; 2) $3.2 million decrease in cash and other assets removed in the process of closing the SLVFSA fund; 3) a general drawing down of cash resources as a result of the budgetary planning decision in which expenses exceeded revenues by $35.7 million, as previously explained. The $27.1 million change in capital assets from $971.6 million to $998.7 million is a result of the net effect of capital asset additions during the year, less transferring the cost of construction in progress completed during the year, and less the amount of depreciation recognized. Some of the more significant capital asset changes were attributable to the following: 1) approximately $9 million increase in open space land; 2) infrastructure road improvements of $2.7 million; 3) net additions of approximately $5 million in various building structures; 4) in excess of $20 million spending on a variety of Recreation Bond projects; and 5) approximately $4 million related to the leasehold improvements on the Cottonwood Heights Ice Rink and Pioneer Craft House. More about capital assets is covered in the Capital Asset and Debt Administration subsection below. Restricted assets decreased $22.0 million due primarily to the $17 million reduction in resources held for Municipal Services purposes. Unrestricted net assets decreased $29.7 million due to the general drawing

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down of cash resources as a result of the budgetary planning decision in which expenses exceeded revenues, as previously explained. Changes in Net Assets: As taken from the Statement of Activities in the basic financial statements, the following table depicts the changes in net assets for 2008, with a comparison to the prior year.

SALT LAKE COUNTY'S Changes in Net AssetsYears Ended December 31, 2008 and 2007

Governmental Business-typeActivities Activities Change

2008 2007 2008 2007 2008 2007 2008-2007Revenues:

Program revenues:Charges for services 124.3$ 121.9$ 22.5$ 21.6$ 146.8$ 143.5$ 3.3$ Operating grants and contributions 68.2 62.7 - - 68.2 62.7 5.5 Capital grants and contributions 6.3 10.2 - - 6.3 10.2 (3.9)

General revenues:Property taxes 187.9 200.5 - - 187.9 200.5 (12.6) Sales taxes 109.9 121.7 - - 109.9 121.7 (11.8) Franchise taxes 1.0 0.9 - - 1.0 0.9 0.1 Transient room taxes 14.4 15.6 - - 14.4 15.6 (1.2) Tax increment 0.1 0.1 - - 0.1 0.1 - Investment earnings 8.6 14.6 0.4 0.9 9.0 15.5 (6.5)

Total revenues 520.7 548.2 22.9 22.5 543.6 570.7 (27.1)

Expenses:Governmental activities:

General government 38.6 34.3 - - 38.6 34.3 4.3 Public safety and criminal justice 186.5 186.1 - - 186.5 186.1 0.4 Social services 77.8 70.6 - - 77.8 70.6 7.2 Educational, recreational, and cultural 137.8 126.2 - - 137.8 126.2 11.6 Health and regulatory 41.0 37.7 - - 41.0 37.7 3.3 Public works 36.6 33.6 - - 36.6 33.6 3.0 Tax administration 23.1 21.0 - - 23.1 21.0 2.1 Interest on long-term debt 17.2 16.4 - - 17.2 16.4 0.8

Business-type activities:Golf - - 8.1 8.2 8.1 8.2 (0.1) Sanitation - - 12.7 14.3 12.7 14.3 (1.6)

Total expenses 558.6 525.9 20.8 22.5 579.4 548.4 31.0

Changes in net assets before transfers (37.9) 22.3 2.1 - (35.8) 22.3 (58.1) Transfers 1.3 (1.0) (1.2) 1.0 0.1 - 0.1

Changes in net assets (36.6) 21.3 0.9 1.0 (35.7) 22.3 (58.0)

Net assets, beginning 900.7 879.4 59.8 58.8 960.5 938.2 22.3

Net assets, ending 864.1$ 900.7$ 60.7$ 59.8$ 924.8$ 960.5$ (35.7)$

(in millions of dollars)

Total

Net assets from governmental activities decreased during the year by $35.7 million. This decrease is due to a combination of several factors which caused overall expenses to exceed revenues. As depicted, expenses increased over $31.0 million, while revenues decreased $27.1 million. Significant changes in revenues: Property taxes decreased by $12.6 million, due primarily to the Salt Lake Valley Fire Service Area independently levying its own taxes in 2008. The County included the property tax revenue from this entity in 2007 ($19 million), but this fund was closed during 2008 because the SLVFSA became legally and financially independent starting 2008. Combined sales taxes and transient room taxes decreased $13.0 million compared to 2007 due to declining taxable sales, and a variety of other factors explained in more detail in the paragraphs under Financial Highlights at the beginning of this narrative.

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Investment earnings decreased $6.5 million due to lower cash balances and declining interest rates. Significant changes in expenses: Expenses overall were $31.0 million higher than the prior year, which may seem to be an unusually large increase. However, this level of expense (6% increase over 2007) is close to being in line with the trend in expense increases over many years. In other words, with respect to the impact on net assets, had revenues not declined, revenues and expenses for 2008 would normally have approximately matched as they have in the past, and net assets would not have dropped so noticeably. The increase in Education, recreation and cultural expenses was substantially more than in the other functional areas. Certain organizations from the Education, recreation, and cultural programs experienced relatively large increases--10% or more. Parks and Recreation increased by $1.8 million from increased personnel costs of $0.8 million (as a result of operating more recreational facilities) along with increased materials and maintenance costs. The County reimbursement for Visitor Promotion increased $1 million in general operating costs, including personnel, development, and advertising expenses. County Library personnel costs increased by $1.3 million and additional expenses were also incurred on visual aids and books to meet ever increasing demands on circulation. Center for the Arts costs increased $0.8 million due to a large increase in professional fees and maintenance costs. Other differences which further explain the net increase from 2007 to 2008 relate to the following government-wide adjustments which reduced the government-wide expenses more in 2007 than compared to the reduction in the current year: The government-wide internal service allocation of change in net assets to the category of Education, recreation and cultural was $1.2 million less in 2008 than in 2007. This internal service fund decrease in net assets was mostly related to a 2008 return of user fees from Fleet Management. Government-wide adjustments relating to the capitalization of governmental expenditures were $4 million less in 2008 than 2007. $3.6 million of that $4 million related to a 2007 one-time purchase of land from Tourism, Recreation, Cultural & Convention (TRCC) resources. No similar reduction occurred in 2008. Increases in expense in all the other functional areas were less than 5%, which is a normal level of increase, considering that the overall approximate increase in the level of employee compensation and benefits was 3.25% for 2008. This includes the level of increase approved for employees merit and cost-of-living compensation, as well as health and dental insurance and other fringe benefits. Governmental Activities: Taxes comprise the largest source of revenue for the County. $313.3 million was recognized from all tax sources, which is 60% of total revenues from governmental activities, and 58% of all County revenues for 2008. Property taxes of $187.9 million represent 60% of total taxes, and 35% of all County revenues. An approximate 8% decrease in total taxes compared to the prior year (total 2007 taxes were $339 million) is due primarily to the decrease in property taxes from the SLVFSA not being included in the County’s 2008 CAFR, and the decrease in sales taxes explained in detail above in the paragraphs under Financial Highlights. The $5.5 million increase in operating grants and contributions is largely attributable to several smaller amounts spread over many grants received in Substance Abuse Services (aggregating to $1.1 million), Mental Health Services (aggregating to $0.8 million), and Community Resources & Development (aggregating to $1.4 million). Another $1.0 million of this increase related to Community Development Block Grants. Governmental activities expense increased $32.7 million as compared to 2007, or 6.1%. More than $19 million of this increase is due to additional employee compensation and benefit costs approved in the 2008 budget plan. The increase in compensation and benefits level explain much of the overall increases for each functional category, since, as just explained, the employee compensation and benefits ‘package’ increased 3.25% for 2008. The $11.6 million increase in Educational, recreational and cultural expenses (9.2%) is explained in detail just above under Changes in Revenues, item 5), which describes why there were increases in Parks and Recreation, Visitor Promotion, Libraries, etc. The remainder of the changes in functional categories is not considered unusual given the level of increase in compensation and benefits just explained. As shown in the Statement of Activities, a certain portion of the cost of governmental activities (identified as Charges for Services, in the amount of $124.3 million) was paid by those who use those services and therefore directly benefit from them. The net cost of governmental activities, after considering all program revenues which offset that cost, was $359.7 million. This is commonly referred to as County-funding. For 2008 County-funding is 64.4% of total government activities expense. Net costs are covered by tax revenues and other, less significant revenue sources. The percentage of the $558.6 million in governmental activities expense covered by program revenues ($198.8 million) is therefore 35.6% in 2008. It was 37.0% in 2007. While program revenues increased only 2.3%, County expenses in those same areas

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increased 6.2%, so an increase in County-funding was needed to fill this gap. The percentage by which program revenues have covered related expenses has continued a slight decrease over the last few years. The following charts depict those revenue sources and expenses, with related program revenues, for governmental activities as discussed above.

SALT LAKE COUNTYRevenues by Source - Governmental Activities

Year Ended December 31, 2008

Charges for services24%

Operating grants and contributions

13%

Capital grants and contributions

1%

Property taxes36% Sales taxes

21%

Other taxes and investment earnings

5%

SALT LAKE COUNTYExpense and Program Revenue - Governmental Activities

Year Ended December 31, 2008(in millions of dollars)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Generalgovernment

Public safety andcriminal justice

Social services Education,recreation, and

cultural

Health andregulatory

Public works Tax administration

Interest on long-term debt

Expenses Revenues

Business-type Activities: Net assets after transfers increased $0.9 million for 2008 as a consequence of on-going operations. To the extent feasible, for business-type activities, the County establishes user fees and charges at a level to recover the full cost of operations, including replacement of capital assets and to meet other long-term financial needs.

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Sanitation (Special Service District #1) is the largest business-type activity, and in almost all years has covered its costs. Sanitation’s operations, as reflected on the Statement of Activities, shows net revenues of $1.1 million. The Solid Waste Management Facility (landfill) is jointly owned and operated by the County and Salt Lake City government. The County’s statements include the results of its equity interest in the joint venture. For 2008 this increase in joint venture equity was $1.5 million. See Note 16.1 to the basic financial statements for more information regarding the landfill. Our reporting format requires the revenue source of investment earnings to be shown on a combined government-wide basis (see “Unrestricted Investment Earnings” on the statement of activities), not as a program revenue directly attributable to the business activity. If investment earnings for these business activities--Sanitation and Solid Waste Management Facility--were included in their total revenues, these entities cover their costs by a somewhat greater margin. For many years, County golf course revenues covered full operational expenses. However, during the past few years, due to such factors as increased debt and increasing competition from more local and regional golf courses, the cost of golf course operations has exceeded revenues (by $0.9 million in 2008). A $1.5 million subsidy was provided to the Golf Courses (Enterprise) Fund from the General Fund. Financial Analysis of Salt Lake County Funds As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with the Uniform Fiscal Procedures Act for Counties (Utah Code Title 17 Chapter 36). Governmental Funds: The focus of the County’s governmental funds is to provide information on near-term inflows, outflows, and balances of resources available for appropriation. Such information is useful in assessing the County’s financing requirements. In particular, undesignated fund balance is the most useful measure of the County’s net resources available for spending at the end of the fiscal year. As of December 31, 2008, aggregated fund balances of all governmental funds were $241.9 million, which is a $51.6 million decrease over the prior year. Faced with a lower anticipated level of revenues, the governing body made a conscious decision to draw down existing fund balances rather than to raise property taxes. This phenomenon impacted the General Fund fund balance with a decrease of $8.3 million, and impacted the Municipal Services Fund in a similar manner with a $16.3 million decrease. Most of the remaining decrease in overall governmental fund balances came from the $22.3 million decrease in cash in the Recreation Bond Projects fund, as construction continues drawing down the $65 million general obligation bonds proceeds received in 2007. Approximately 61% (or $147.1 million) of the aggregated fund balances is undesignated, which represents the amount available for appropriation by the County Council at their discretion. The remainder of the fund balance ($95.8 million) is either reserved or designated and is not available for new spending because it has already been committed to the following:

• $29.9 million to pay for purchase orders and contracts, • $15.4 million for capital projects, • $20.0 million for debt service on the County’s outstanding general obligation bonds and other bonds, • $16.7 million for revolving loans, • $11.6 million for special programs, and • $1.2 million for various other restricted purposes.

The General Fund is the principal operating fund of the County. As of December 31, 2008, the undesignated fund balance of the General Fund was $22.8 million. This amount represents 10.7% of the General Fund’s total expenditures. It is 9.5% when compared to General Fund total expenditures plus recurring fund balance transfers-out in 2008. For budgeting and financial management purposes and to maintain the County’s AAA bond rating, 10% of the undesignated fund balance is considered to be a minimum reserve or “rainy day fund”. This amount is calculated as a percentage of budgeted expenditures and is $22.6 million for 2008. As compared to 2007 year-end, the undesignated fund balance of the General Fund decreased 27%, or $8.3 million. In general, this decrease occurred as a natural consequence of the budget plan as previously explained under the Financial Highlights section. A non-recurring transfer-out of $4.7 million was used to fund initial costs to begin a construction project. This may eventually be returned to the General Fund if the County bonds for this and other related projects. As of December 31, 2008, the undesignated fund balance in the Municipal Services Fund was $7.6 million. The undesignated fund balance decreased by $13 million compared to 2007 year-end. Total expenditures ($74.7 million)

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exceeded revenues ($58.9 million) during 2008 by $15.8 million. This was largely a result of an $11.8 million increase in public works capital and maintenance projects.

Operations of the Grant Programs Fund remained very similar to prior years. The ending undesignated fund balance for this fund increased from $0.7 million in 2007 to $2.6 million in 2008. The recurring transfer into this fund is based on a mid-year estimate of the amount needed to maintain only a nominal fund balance, so a certain amount of variance--as occurred for 2008--between the planned transfer (needed to cover excess expenditures over revenues) and the actual excess expenditures is not considered unusual. The Recreation Bond Projects Fund was established in 2006 in anticipation of issuing general obligation bonds. Since those bonds ($65 million) were issued in 2007, the fund balance showed a relative large amount at the beginning of 2008 ($84.4 million--this included a $20 million transfer-in that was not part of these bond proceeds), but that amount was naturally reduced during 2008 (by $22.3 million) as the proceeds were used to construct various recreational facilities throughout the County (see also section on Capital Assets below for more information on these projects).

Proprietary Funds: Unrestricted net assets of the County’s enterprise funds totaled $31.8 million at the end of 2008. This amount fell by $1.8 million from the prior year, primarily due to a non-recurring transfer of $2.6 million from Sanitation to a capital projects fund to assist with starting construction on a new Public Works Administration building. To cover the operating loss, the Golf Courses fund received a $1.5 million transfer-in from the General Fund as an operating subsidy for 2008, which is the same amount as the 2007 subsidy. As explained further in Note 16 of the notes to the financial statements, the Solid Waste Management Facility is a joint venture owned 50% each by Salt Lake City and the County. The net assets of this fund represent the 50% equity ownership invested in this enterprise. Solid Waste net assets increased $0.8 million, which represented the County’s share of the 2008 net income ($1.5 million), less the amount of owner dividend paid. Unrestricted net assets at the end of the year for each of these funds were: Fund Amount Golf Courses $ 1,093,685 Sanitation 8,362,483 Solid Waste Management Facility 22,368,198 The amount of unrestricted net assets in internal service funds at year-end was $38.4 million, which is an $11.3 million decrease as compared to 2007 year-end. This decrease is largely attributable to three factors: Due to what management determined to be surplus cash balances, Fleet Management returned user fees to other County funds of approximately $4.9 million. At the beginning of the year Governmental Immunity fund also held what was considered surplus cash. Charges to other funds from Governmental Immunity were reduced during 2008, which resulted in a reduction of $2.5 million in net assets. The $1.9 million decrease in the Employee Service Reserve Fund net assets was mostly due to a decision to move towards reducing the cash held as a health insurance reserve from 20% of claims to 15%. As of December 31, 2008, the internal service fund unrestricted net assets were: Fund Amount Governmental Immunity $ 253,218 Fleet Management 18,214,786 Facilities Services 2,824,507 Employee Service Reserve 17,075,120 General Fund Budgetary Highlights Actual revenues of $220.8 million (on a budgetary basis) were 1.6% less than the final budgeted revenues. Property and sales tax revenues were below management’s revenue projections. The variance in sales tax revenues is primarily attributable to deteriorating economic conditions after the first quarter of 2008. The property tax revenue variance reflects a lower collection rate percentage in 2008 in comparison with the prior year. Other revenues such as fine and forfeitures, interest, rents, and concessions, and interfund charges were also less than final budgeted revenues. However, charges for services and intergovernmental and grant revenues exceeded final budgeted revenues. At the fund level, the 1.6% variance is considered relatively insignificant.

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The final adopted budget for General Fund expenditures was $229.0 million in 2008, which represents a 5.6% increase over the final 2007 adopted budget of $216.1 million. This increase is primarily attributable to increased budgets for general government and public safety and criminal justice services. The final adopted budget for general government services increased from $45.1 million in 2007 to $49.3 million in 2008. The budget for public safety and criminal justice services increased from $132.8 million in 2007 to $140.4 million in 2008. Actual expenditures on a budgetary basis were $222.6 million which was approximately 2.8% less than the final adopted budget. This variance is primarily attributable to “budgetary underexpend”. County agencies typically do not expend their entire budget. For example, when an employee resigns or retires, recruitment and selection of a new employee often occurs weeks after the position becomes vacant. The resulting savings for the period a position is vacant has the effect of reducing expenditures. The amount of this variance is considered relatively insignificant when compared to the size of the fund budget. The final adopted budget for 2008 increased $4.6 million over the original budget of $224.4 million. The Council approved significant budget increases for the following County organizations:

• $1.4 million increase for the Jail budget to fund higher than anticipated inmate medical costs and to begin preparations to reopen the Oxbow Jail.

• $0.7 million increase in the District Attorney’s budget to fund increased personnel costs. • $0.6 million increase in the Recreation budget to fund increased costs for supplies, contract labor, maintenance

and repairs, and rent. • $0.4 million for Indigent Legal Services to fund costs of outside legal counsel for capital cases and newly

allocated overhead costs.

In addition to the budget adjustments described above, there were many other smaller budget adjustments approved by the Council during 2008. Capital Asset and Debt Administration Capital Assets: The County’s investment in capital assets for its governmental and business-type activities totaled $998.7 million (net of accumulated depreciation). This investment in capital assets includes land, buildings, improvements other than buildings, leasehold improvements, furniture, fixtures, and equipment, construction-in-progress (CIP), and infrastructure (roads--not depreciated; bridges and flood control--depreciated). The table below depicts the amount of capital assets net of depreciation by category, comparing the end of the current fiscal year to the end of the prior year. The increase in capital assets is primarily from governmental activities, which grew from $925.1 million to $950.7 million during 2008. This resulted primarily from the following activity: Land increased $11.3 million, which included $8.9 million to preserve open space. Donations/transfers of right-of-way land from real estate developers in conjunction with new subdivisions were approximately $1 million during the year. The net change in Buildings from beginning to end of year exceeded $22.4 million. $47 million in capital assets was added to Buildings during 2008, most of which came from CIP transfers closing out the Salt Palace Expansion 3- Phase 2 project ($42 million), $2.8 million in Government Center improvements, and the remainder in various building improvement projects. County Fire Stations having a net value of $4.3 million were transferred to the SLVFSA in conjunction with closing this fund during 2008. The total net capital assets removed due to closing this fund were $5.5 million. Although the chart reflects a net change (after depreciation) of only $2.8 million in the category of Improvements other than Buildings, capital asset additions during the year included $5.7 million closed out from CIP. $3.7 million of this related to Jordan River Trail improvements, and the remaining $2 million was comprised of construction costs for various other trails and parks. The net change for leasehold improvements included CIP closeout projects of approximately $4.6 million for the Cottonwood Heights Ice Rink ($3.7 million), and the Pioneer Craft House ($.8 million). On a net basis furniture, fixtures, and equipment increased only $1.6 million. However, there were some significant additions during the year. These included Fleet Vehicles ($5.8 million), and Sanitation vehicles and equipment ($4.1 million).

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Other major 2008 capital asset activity included the following: In addition to opening a new Health Clinic, approximately $23.5 million was expended during 2008 on Recreation Bond Projects (funded from the 2007 $65 million general obligation Zoo, Arts and Parks bonds). These projects include mostly Recreation Centers, Parks and Trails, such as the following: the Northwest Recreation Center ($5.5 million); Holladay Lions Recreation Center ($3.7 million); Parleys Creek Trail ($2.4 million); Redwood Multipurpose Center and Field ($2.0 million); Copperview Community Center ($1.9 million); Valley Regional Recreation Center ($1.6 million); Cottonwood Heights Recreation Center ($1.3 million), and other various recreation projects. Also, a variety of infrastructure projects including roads, sidewalks, curbs, gutters, bridges, and flood control projects were in process during 2008 throughout unincorporated County. The amount expended on these projects was approximately $6.6 million, which included $3.6 million related to the Imperial Storm Drain, and $1.2 million on roads, curbs, gutters, and sidewalks. $1.8 million was spent on the continued construction of the Emigration Canyon Fire Station. $1.9 million was spent to purchase Conservation Easements.

Change2008 2007 2008 2007 2008 2007 2008-2007

Land 184.1$ 172.8$ 11.2$ 11.2$ 195.3$ 184.0$ 11.3$ Infrastructure (roads) 110.9 108.2 - - 110.9 108.2 2.7 Construction in progress 69.1 85.9 - - 69.1 85.9 (16.8) Buildings 472.8 450.4 5.6 5.9 478.4 456.3 22.1 Improvements other than buildings 45.1 41.8 21.5 22.0 66.6 63.8 2.8 Leasehold improvements 9.6 5.4 0.3 0.3 9.9 5.7 4.2 Furniture, fixtures, and equipment 33.2 33.9 9.4 7.1 42.6 41.0 1.6 Depreciable infrastructure (bridges

and flood control) 25.9 26.7 - - 25.9 26.7 (0.8)

Total 950.7$ 925.1$ 48.0$ 46.5$ 998.7$ 971.6$ 27.1$

Total

SALT LAKE COUNTY'S Capital AssetsDecember 31, 2008 and 2007

(net of accumulated depreciation, in millions of dollars)

Governmental Activities Business-type Activities

Additional information on the County’s capital assets can be found in Note 7 to the basic financial statements. The County has adopted an allowable alternative to reporting depreciation for its road network. Under this alternative method, referred to as the “modified approach,” the County must maintain an asset management system and demonstrate that its highways and roads are being preserved at or above condition levels established by County policy. Infrastructure assets accounted for under the modified approach are not depreciated, and maintenance and preservation costs are expensed.

The County manages its road network using the County Pavement Management System. This system uses a measurement scale that considers the condition of the roads as denoted by a Pavement Condition Index (PCI), ranging from 0 to 100. A road is considered to be in “very good” condition when its PCI rating is between 94 and 100, in “good” condition when its PCI rating is between 76 and 93, in “fair” condition when its PCI rating is between 64 and 75, in “poor” condition when its PCI rating is between 41 and 63, and in “very poor” condition when its PCI rating is 40 or below.

It is the County’s policy to maintain at least 50% of its road network at a category level of “good” or above (PCI rating of 76 or above), and allow no more than 10% at a category level of “very poor” (PCI rating of 40 or below). In order to achieve a complete condition assessment of all County roads within a period of three years, condition assessments are performed on approximately one-third of the roads annually. The most recent condition assessment, completed in 2008, shows that 57% of the County’s roads were in “good” or better condition, compared to 2007, in which 60% of the County’s roads were in “good” or better condition, or compared to 2006, in which 75% of the County’s roads were determined to be in “good” or better condition. In contrast, 3% of the roads assessed in 2008 were in “very poor” condition, compared to 4% of the roads assessed in 2007 were in “very poor” condition, and compared to 1% in “very poor” condition in 2006.

In 2008, the County spent approximately $13.4 million to maintain and preserve its roads, which was 100.1% of what the County estimated would be needed. In 2007, 87.7% was spent of what the County anticipated would be needed. In 2006, 89.3% was spent of what the County anticipated would be needed. See also the Required Supplementary Information section (RSI) for additional modified approach information.

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Long-term debt: Total bonded debt outstanding at December 31, 2008 was $365.5 million, as compared to $372.5 million at the end of the prior year. The $7 million (1.9%) decrease over 2007 is attributable to the net effect of the new $24.0 million general obligation bonds issued in February 2008 for Open Space projects, and the reduction in principal balances from required debt service payments. General obligation indebtedness is limited by Utah law to 2% of the reasonable fair cash value of the taxable property in the County. With the fair value of taxable property in the County at $120.2 billion as of December 31, 2008, the resulting debt limit is $2.4 billion. At the close of the year, the County had $247.7 million outstanding principal balance of general obligation debt, which means the County had additional general obligation debt incurring capacity in excess of $2.1 billion. Therefore, the County's outstanding debt at December 31, 2008 is 10.3% of the debt limit allowed by law. That debt is backed by the full faith and credit of the County. The other remaining bonded debt outstanding at December 31, 2008, which is backed by various revenue sources and special assessments, is $121.2 million (including net unamortized premium/discount and deferred defeasance on refundings). Of this, $36.6 million was issued by the County Municipal Building Authority, a separate legal entity for which the County is financially accountable. This debt was issued to finance construction and purchase assets which include golf courses, and special purpose government buildings (e.g. convention center, etc.). A total of $80.3 million in sales tax revenue bonds is outstanding at year-end. This debt is backed by County sales tax revenues. Also, at December 31, 2008, $4.3 million in special assessment bonds is outstanding, which is backed primarily by the related special assessments levied on those citizens benefiting from the infrastructure improvements.

Change2008 2007 2008 2007 2008 2007 2008-2007

General obligation bonds 236.3$ 224.6$ 11.0$ 10.9$ 247.3$ 235.5$ 11.8$ Special assessment bonds 4.3 5.1 - - 4.3 5.1 (0.8) Sales tax revenue bonds 80.3 83.9 - - 80.3 83.9 (3.6) Lease revenue bonds 25.5 38.0 11.1 13.0 36.6 51.0 (14.4) Obligations under capital leases 1.5 2.0 - - 1.5 2.0 (0.5) Notes payable - 0.3 - - - 0.3 (0.3)

Total 347.9$ 353.9$ 22.1$ 23.9$ 370.0$ 377.8$ (7.8)$

SALT LAKE COUNTY'S Outstanding Debt

Total

December 31, 2008 and 2007

Governmental Activities Business-type Activities

(net of unamortized deferrals, in millions of dollars)

Additional information on the County’s outstanding debt can be found in Note 8 to the basic financial statements. The County enjoys AAA rating on general obligation bonds from the major bond-rating agencies: Moody's Investor Services, Standard and Poors, and Fitch Ratings. The County’s insured MBA lease revenue bonds, previously AAA rated, were downgraded during 2007 to Aa because the rating for the insurance providers (MBIA and Ambac) was downgraded. Among the County's highest priorities is to maintain the best possible bond rating. The County is extremely pleased to be numbered among the very few AAA rated Counties in the nation. Such a rating allows the County to borrow money at a lower interest rate than most governments, which translates into substantial interest savings each year for County taxpayers. Other Factors for Consideration: Economic Factors; 2009 Budget and Tax Rates Economic Factors: The County is the business and financial center for most of the major businesses and industries in the State. Further, the County has a concentration of 38% of the State’s population and 44% of the State’s taxable sales, suggesting that it is the economic hub of the State economy. Major employers in the County occur in the mining, manufacturing, transportation, medical services, technology, communications, financial services, government and non-profit economic sectors. Following several years of growth rates that substantially exceeded national rates, Salt Lake County’s economy, as mirrored by job growth, turned negative in the fall of 2008. Employment declines were in a free-fall until May 2009 when job growth fell 3.4% up from April’s 3.5% drop. These declines in jobs for the County are following almost in tandem with statewide declines in employment, which fell 3.3% in May 2009. As a result, the County’s unemployment rate has been edging up from a trough of 2.2% in May 2007 to 3.2% in May 2008 and most recently to 5.3% in May 2009. Salt Lake County and statewide Utah job growth is projected to fall 4.3% in 2009. Because the average wage is expected to

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drop 0.5% in 2009, non-farm wages, one of the best indicators of consumer demand, is anticipated to decrease 4.8% in 2009. Another critical component in assessing consumer purchases is the amount of new residential construction activity. After five years of extraordinary performance, The County’s residential construction activity (permit value) fell 25% in 2007 and another 29% in 2008. Recently, however, several large public sector, commercial, and multifamily projects in Salt Lake City and other cities have mitigated the single family new home construction downturn in the County. For example, through the first four months of 2009 residential permit values were actually up 15% compared to the balance of the state, which declined 47%. For 2009, residential permit values are expected to fall between 15 and 38%. This decline, in addition to 15 to 20% decreases in business software and equipment purchases and a statewide 35% drop in new car and truck sales spell slower growth for taxable sales. The quadruple impact of declines in wages, car sales, residential construction, and business equipment purchases will hit taxable sales hard in 2009. Following the 6% drop in taxable sales for 2008, the County expects taxable sales to decline almost 8% in 2009. First quarter general sales tax revenues declined 11.4% in comparison with the first quarter of 2008. On a sector-by-sector basis, it appears that double-digit declines in retail durable goods, business investment and services will be offset by not as steep declines in the largest sector – retail nondurable goods. Less severe employment and wage declines over the year, improving financial conditions and consumer confidence should combine to soften the decreases in taxable sales during the final months of 2009. 2009 Budget and Tax Rates: These economic factors were considered in preparing mid-year adjustment to the 2009 County budget. Budgeted revenues in the currently adopted 2009 General Fund budget are $221.7 million and budgeted expenditures are $226.3 million reflecting $1.3 million increase in budgeted revenues and a $1.7 million decrease in expenses. In addition, the General Fund budget includes a recurring fund balance transfer-out to the Grant Programs Fund. The amount of this planned fund balance transfer was $26.1 million. Other fund balance transfers-out total $3.4 million. Planned fund balance transfers-in are $40.8 million. The 2009 Adjusted Budget includes a $44.5 million appropriation for renovation of existing recreation facilities, park and trail development, and new recreation facilities. These projects were originally financed from a combination of General Obligation Bonds issued during 2007 and sales tax revenue bonds issued in 2005. Proceeds from the sales tax revenue bonds were expended by May 2008. In addition, the County has budgeted $71.8 million for four new senior centers, four libraries, and a new Public Works administration building. One of the libraries will be funded from the Capital Projects Revolving Fund and New Market Tax Credit financing while the remaining projects will be financed from the proceeds of lease revenue bonds the County plans to issue. Also, the County has budgeted $28.2 million for Open Space (and park land) purchases which will be primarily financed by issuance of general obligation bonds in 2009. In July 2009, the Council adopted the aggregate certified tax rate for the county-wide funds that receive property tax revenues. Generally, the certified tax rate is the rate necessary to generate the same property tax revenue that was budgeted the prior year plus new growth. In addition, the tax rate that was adopted for the Debt Service Fund is the rate calculated to provide the necessary revenue to make the required debt service payments for some general obligation bonds issued by the County, plus an additional $3 million for debt service payments on lease revenue bonds also issued by the County (note that the County also relies on certain sales tax revenue sources as a source for required debt service payments on other general obligation bond issues). Also, the Council adopted separate certified property tax rates applicable to property located in the unincorporated County and for those areas of the County served by the County Library System. Finally, the Council approved proposed tax rates to offset revenues losses resulting from qualifying property tax refunds issued to taxpayers and to recoup amounts paid by the County for tort claims. Requests for Information This financial report is designed to provide a general overview of the County, its finances and financial accountability. If you have any questions about this report or need additional financial information, please visit our website at www.slcoaud.org or contact Jeff Hatch, County Auditor, at the following: Salt Lake County Auditor's Office 2001 S State St N3300 Salt Lake City, UT 84190 (801) 468-3220 [email protected]

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Governmental Business-typeActivities Activities Total

Assets:Cash and investments:

Pooled cash and investments 190,962,022$ 10,423,493$ 201,385,515$ Restricted cash and investments 83,682,156 2,353,812 86,035,968 Other cash 2,957,400 62,600 3,020,000

Receivables:Taxes receivable 30,652,895 - 30,652,895 Due from other governments 15,898,631 - 15,898,631 Accrued revenue 8,188,086 757 8,188,843 Other receivables 21,628,603 53,950 21,682,553

Internal balances (413,444) 413,444 - Inventory 442,703 197,328 640,031 Investment in joint ventures 523,912 22,368,198 22,892,110 Restricted deposit - 34,710 34,710 Other assets 73,261 - 73,261 Bond issuance costs, net of accumulated amortization 1,300,482 43,889 1,344,371 Capital assets:

Land, roads, and construction in progress 364,112,131 11,224,977 375,337,108 Buildings, improvements, equipment, and other depreciable

assets, net of accumulated depreciation 586,563,176 36,816,060 623,379,236

Total assets 1,306,572,014 83,993,218 1,390,565,232

Liabilities:Accounts payable 19,838,600 173,482 20,012,082 Accrued expenses 24,944,496 193,189 25,137,685 Accrued interest 2,344,305 163,370 2,507,675 Unearned revenue 18,159 - 18,159 Long-term liabilities:

Portion due or payable within one year 40,325,597 3,121,509 43,447,106 Portion due or payable after one year 355,026,463 19,656,853 374,683,316

Total liabilities 442,497,620 23,308,403 465,806,023

Net assets:Invested in capital assets, net of related debt 665,345,781 26,025,023 691,370,804 Restricted for:

Capital improvements 31,132,410 - 31,132,410 Debt service 23,030,725 2,353,812 25,384,537 Housing 24,215,179 - 24,215,179 Roads 5,409,186 - 5,409,186 Library 5,864,035 - 5,864,035 Health 5,894,536 - 5,894,536 Convention and tourism 19,317,776 - 19,317,776 Municipal services 11,823,471 - 11,823,471 Other purposes 15,626,698 - 15,626,698

Unrestricted 56,414,597 32,305,980 88,720,577

Total net assets 864,074,394$ 60,684,815$ 924,759,209$

SALT LAKE COUNTY

Statement of Net AssetsDecember 31, 2008

The notes to the financial statements are an integral part of this statement. -30-

Operating CapitalCharges for Grants and Grants and Governmental Business-type

Activities / Functions Expenses Services Contributions Contributions Activities Activities Total

Governmental activities:General government 38,624,659$ 24,263,127$ 1,306,358$ -$ (13,055,174)$ (13,055,174)$ Public safety and criminal justice 186,469,710 24,169,660 5,890,978 - (156,409,072) (156,409,072) Social services 77,749,467 2,559,261 45,408,312 - (29,781,894) (29,781,894) Education, recreation, and cultural 137,808,842 38,830,107 1,408,590 2,702,354 (94,867,791) (94,867,791) Health and regulatory 40,947,470 15,808,661 8,343,970 - (16,794,839) (16,794,839) Public works 36,641,931 15,015,287 5,834,309 3,598,125 (12,194,210) (12,194,210) Tax administration 23,074,992 3,639,981 - - (19,435,011) (19,435,011) Interest on long-term debt 17,200,554 - - - (17,200,554) (17,200,554)

Total governmental activities 558,517,625 124,286,084 68,192,517 6,300,479 (359,738,545) (359,738,545)

Business-type activities:Golf 8,090,001 7,162,627 - - - (927,374)$ (927,374) Sanitation 12,723,568 13,852,594 - - - 1,129,026 1,129,026 Solid waste management - 1,481,379 - - - 1,481,379 1,481,379

Total business-type activities 20,813,569 22,496,600 - - - 1,683,031 1,683,031

Total County 579,331,194$ 146,782,684$ 68,192,517$ 6,300,479$ (359,738,545) 1,683,031 (358,055,514)

General revenue:Property taxes 187,875,783 - 187,875,783 Sales taxes 109,901,439 - 109,901,439 Transient room taxes 14,372,704 - 14,372,704 Franchise taxes 1,018,208 - 1,018,208 Tax increment 115,158 - 115,158

Total taxes 313,283,292 - 313,283,292 Unrestricted investment earnings 8,566,831 427,928 8,994,759

Transfers 1,260,647 (1,260,647) -

Total general revenue and transfers 323,110,770 (832,719) 322,278,051

Changes in net assets (36,627,775) 850,312 (35,777,463)

Net assets - beginning 900,702,169 59,834,503 960,536,672

Net assets - ending 864,074,394$ 60,684,815$ 924,759,209$

Net (Expense) Revenue and Changes in Net Assets

SALT LAKE COUNTY

Statement of ActivitiesYear Ended December 31, 2008

Program Revenues


Major CapitalProject Fund Nonmajor Total

Municipal Grant Recreation Bond Governmental GovernmentalGeneral Services Programs Projects Funds Funds


Pooled cash and investments 23,284,715$ 12,653,636$ -$ 5,868,623$ 97,053,989$ 138,860,963$ Restricted cash and investments 1,235,821 387,713 2,566,021 58,932,021 19,031,930 82,153,506 Other cash 444,800 51,500 104,680 - 2,270,920 2,871,900

Receivables:Taxes receivable 13,689,321 3,725,658 - - 13,231,678 30,646,657 Due from other governments 1,815,676 597,127 9,947,455 - 3,538,373 15,898,631 Accrued revenue 923,841 2,415,526 1,533,859 2,398 2,627,880 7,503,504 Other receivables 212,857 304,971 16,727,017 - 4,224,939 21,469,784

Due from other funds 1,726,400 - - - - 1,726,400 Inventory - - - - 191,975 191,975 Investment in joint venture 85,837 - - - - 85,837 Other - - - - - -

Total assets 43,419,268$ 20,136,131$ 30,879,032$ 64,803,042$ 142,171,684$ 301,409,157$

Liabilities and fund balances:Liabilities:

Accounts payable 3,967,900$ 1,206,042$ 3,836,805$ 2,082,476$ 5,789,667$ 16,882,890$ Accrued expenditures 5,126,085 1,564,345 5,000,294 670,270 11,780,939 24,141,933 Due to other funds 1,409,006 474,883 1,938,525 - 658,008 4,480,422 Deferred revenue 5,382,020 328,686 - - 8,322,895 14,033,601

Total liabilities 15,885,011 3,573,956 10,775,624 2,752,746 26,551,509 59,538,846

Fund balances:Reserved for:

Encumbrances 2,433,140 2,042,143 419,414 18,606,364 5,833,281 29,334,342 Joint venture 85,837 - - - - 85,837 Drug and vice enforcement 1,157,486 387,714 - - - 1,545,200 Monument preservation 614,024 - - - - 614,024 Contractual obligations 26,742 - - - 250,000 276,742 Fire station - 250,000 - - - 250,000 Restricted contribution for Magna

community organization - 151,846 - - - 151,846 Animal Services - 79,612 - - - 79,612 DUI services - - 217,414 - - 217,414 Revolving loans - - 16,716,229 - - 16,716,229 Recreation projects - - - - 402,382 402,382

Unreserved:Designated for:

Capital improvements 144,566 - - - - 144,566 Judgment levies 284,583 76,562 - - - 361,145 Special programs - 5,993,327 184,963 - - 6,178,290

Designated, reported in nonmajor:Special revenue funds - - - - 3,127,339 3,127,339 Capital projects funds - - - - 15,214,688 15,214,688 Debt service funds - - - - 20,023,016 20,023,016

Undesignated 22,787,879 7,580,971 2,565,388 43,443,932 - 76,378,170 Undesignated, reported in nonmajor:

Capital projects funds - - - - 19,033,736 19,033,736 Special revenue funds - - - - 51,735,733 51,735,733

Total fund balances 27,534,257 16,562,175 20,103,408 62,050,296 115,620,175 241,870,311

Total liabilities and fund balances 43,419,268$ 20,136,131$ 30,879,032$ 64,803,042$ 142,171,684$ 301,409,157$

Major Special Revenue Funds

December 31, 2008

SALT LAKE COUNTY

Balance SheetGovernmental Funds


Total fund balances for governmental funds 241,870,311$

Total net assets reported for governmental activities in the statement of net assets is different because:

Land 184,059,280$ Infrastructure (roads) 110,918,511 Construction in progress 69,134,340 Buildings, net of accumulated depreciation of $219,607,273 472,383,358 Improvements other than buildings, net of accumulated depreciation of $20,099,540 44,942,847 Leasehold improvements, net of accumulated depreciation of $3,771,738 9,613,619 Furniture, fixtures, and equipment, net of accumulated depreciation of $34,615,622 12,575,415 Infrastructure (bridges and flood control), net of accumulated depreciation of $12,618,518 25,910,345 929,537,715

438,075

14,016,112

59,505,223

Internal payable representing chartes in excess of cost to business-type activities (413,444) Amounts due to business-type activities (68,170) (481,614)

1,300,482

(2,344,305)

General obligation bonds, net of unamortized deferrals of $(13,399) (236,269,595) Special assessment bonds, net of unamortized deferrals of $7,122 (4,327,878) Sales tax revenue bonds, net of unamortized deferrals of $(3,709,448) (80,314,448) Lease revenue bonds, net of unamortized deferrals of $79,900 (25,521,855) Obligations under capital leases (1,514,300) Arbitrage rebate payable (607,994) Compensated absences payable (19,942,329) Net OPEB obligation (11,269,206) (379,767,605)

Total net assets of governmental activities 864,074,394$

Bond issuance costs are reported as current expenditures at the fund level, but are deferred and amortized over the life of the bonds in the statement of net assets.

Internal balances:

December 31, 2008

SALT LAKE COUNTY

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets

Capital assets used in governmental funds are not financial resources and therefore are not reported in the funds. Those assets consist of:

Long-term liabilities that pertain to governmental funds, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds. All liabilities - net of premiums and discounts and deferred amounts on refundings - are reported in the statement of net assets.

Interest on long-term debt is not accrued in the governmental funds, but rather is recognized as an expenditure when due.Accrued interest for long-term debt is:

The County's equity interest in capital assets of its governmental joint venture is not reported in the governmental funds.

Internal service funds are used by the County to charge the costs of certain activities to individual funds. The assets and liabilities of the internal service funds are included with governmental activities in the statement of net assets. Internal service fund net assets are:

Some of the County's property taxes and grant revenue will be collected after year-end, but are not available soon enough to pay for the current period's expenditures, and therefore are reported as deferred revenue in the funds.


SALT LAKE COUNTY

The notes to the financial statements are an integral part of this statement.

SALT LAKE COUNTY

St t t f R E dit d Ch i F d B lStatement of Revenues, Expenditures, and Changes in Fund BalancesGovernmental FundsYear Ended December 31, 2008

Major CapitalYear Ended December 31, 2008

Major CapitalProject Fund Nonmajor TotalMajor Special Revenue Funds Project Fund Nonmajor Total

M i i l G t R ti B d G t l G t lMajor Special Revenue FundsMunicipal Grant Recreation Bond Governmental Governmental

G l S i P P j t F d F dGeneral Services Programs Projects Funds FundsRevenues:

Taxes: General property taxes 97,186,640$ 8,024,384$ -$ -$ 81,059,219$ 186,270,243$ General property taxes 97,186,640$ 8,024,384$ $ $ 81,059,219$ 186,270,243$ Sales taxes 46,532,140 19,568,460 - - 43,800,839 109,901,439 Sales taxes 46,532,140 19,568,460 43,800,839 109,901,439

Transient room tax - - - - 14,372,704 14,372,704 Transient room tax - - - - 14,372,704 14,372,704 Franchise tax - 1,018,208 - - - 1,018,208 Franchise tax - 1,018,208 - - - 1,018,208 Tax increment 40 386 - - - 74 772 115 158 Tax increment 40,386 - - - 74,772 115,158 Total taxes 143 759 166 28 611 052 139 307 534 311 677 752Total taxes 143,759,166 28,611,052 - - 139,307,534 311,677,752

Licenses and permits 9 000 673 4 668 264 13 554 892 27 223 829Licenses and permits 9,000,673 4,668,264 - - 13,554,892 27,223,829 Fi d f f it 1 988 956 1 302 065 2 136 922 5 427 943Fines and forfeitures 1,988,956 1,302,065 - - 2,136,922 5,427,943 I l d 10 510 708 16 939 079 45 965 862 14 291 17 040 828 90 470 768Intergovernmental and grant revenue 10,510,708 16,939,079 45,965,862 14,291 17,040,828 90,470,768 Charges for services 21,242,655 2,235,361 694,174 - 8,837,596 33,009,786 gSpecial assessments - - - - 819,615 819,615 p , ,Interest, rents, and concessions 2,949,404 721,338 801 2,405,884 17,375,036 23,452,463 Interest, rents, and concessions 2,949,404 721,338 801 2,405,884 17,375,036 23,452,463 Interfund charges 21,372,138 4,296,969 706,634 - 1,429,263 27,805,004 Interfund charges 21,372,138 4,296,969 706,634 1,429,263 27,805,004 Other 418,826 131,140 390,103 2,610,000 3,745,774 7,295,843Other 418,826 131,140 390,103 2,610,000 3,745,774 7,295,843

l 211 242 26 8 90 268 4 4 030 1 204 24 460 2 183 003Total revenues 211,242,526 58,905,268 47,757,574 5,030,175 204,247,460 527,183,003

Expenditures:pCurrent:Current:

General government 36,124,973 2,387,877 - - - 38,512,850 General government 36,124,973 2,387,877 38,512,850 Public safety and criminal justice 137,570,093 34,665,667 - - 2,554,657 174,790,417Public safety and criminal justice 137,570,093 34,665,667 - - 2,554,657 174,790,417 Social services 886 589 - 75 434 295 - - 76 320 884Social services 886,589 - 75,434,295 - - 76,320,884 Education recreation and cultural 37 724 366 89 716 794 127 441 160Education, recreation, and cultural 37,724,366 - - - 89,716,794 127,441,160 Health and regulatory 9 766 535 29 433 149 39 199 684Health and regulatory - 9,766,535 - - 29,433,149 39,199,684 P bli k 19 688 258 16 833 236 36 521 494Public works - 19,688,258 - - 16,833,236 36,521,494 T d i i i 22 377 082 22 377 082Tax administration - - - - 22,377,082 22,377,082

Capital outlay - 8,236,045 - 24,623,855 13,884,380 46,744,280 p yDebt service:

Principal retirement - - 345,000 - 29,448,273 29,793,273 Principal retirement 345,000 29,448,273 29,793,273 Interest and fiscal charges - - 24,637 - 18,644,199 18,668,836 Interest and fiscal charges 24,637 18,644,199 18,668,836

T t l dit 212 306 021 74 744 382 75 803 932 24 623 855 222 891 770 610 369 960Total expenditures 212,306,021 74,744,382 75,803,932 24,623,855 222,891,770 610,369,960

Excess (deficiency) of revenues overExcess (deficiency) of revenues over(under) expenditures (1 063 495) (15 839 114) (28 046 358) (19 593 680) (18 644 310) (83 186 957)(under) expenditures (1,063,495) (15,839,114) (28,046,358) (19,593,680) (18,644,310) (83,186,957)

Other financing sources (uses):Other financing sources (uses):P d f l f t 24 361 190 080 95 20 422 234 958 Proceeds from sale of property 24,361 190,080 95 - 20,422 234,958 G l bli i b d i d 24 000 000 24 000 000 General obligation bonds issued - - - - 24,000,000 24,000,000 Premium on general obligation bond debt - - - - 153,139 153,139 Transfers in 26,834,780 3,287,805 27,102,796 210,000 66,724,794 124,160,175 , , , , , , , , , , , Transfers out (34,061,000) (3,962,326) - (2,925,687) (76,022,295) (116,971,308) Transfers out (34,061,000) (3,962,326) (2,925,687) (76,022,295) (116,971,308)

Total other financing sources (uses) (7 201 859) (484 441) 27 102 891 (2 715 687) 14 876 060 31 576 964Total other financing sources (uses) (7,201,859) (484,441) 27,102,891 (2,715,687) 14,876,060 31,576,964

Net change in fund balances (8,265,354) (16,323,555) (943,467) (22,309,367) (3,768,250) (51,609,993) Net change in fund balances (8,265,354) (16,323,555) (943,467) (22,309,367) (3,768,250) (51,609,993)

Fund balances - beginning 35 799 611 32 885 730 21 046 875 84 359 663 119 388 425 293 480 304Fund balances - beginning 35,799,611 32,885,730 21,046,875 84,359,663 119,388,425 293,480,304

F d b l di 27 534 257$ 16 562 175$ 20 103 408$ 62 050 296$ 115 620 175$ 241 870 311$Fund balances - ending 27,534,257$ 16,562,175$ 20,103,408$ 62,050,296$ 115,620,175$ 241,870,311$


Net change in fund balances - total governmental funds (51,609,993)$

The change in net assets reported for governmental activities in the statement of activities is different because:

Capital outlays 55,514,415$ Proceeds from sales of capital assets (234,958) Loss on sales of capital assets (5,307,208) Loss on joint venture's capital assets (41,680) Donations of capital assets (infrastructure) from developers 3,605,525 Depreciation expense (27,732,205) 25,803,889

826,092

Bond proceeds (24,000,000)Bond premium (153,139)Bond issuance costs 164,719 Accrued interest 250,175 Arbitrage rebate payable 1,001,158 Principal retirement 29,793,273 Amortization of bond premiums and discounts 1,421,708 Amortization of deferred amounts on refundings (1,105,840)Amortization of bond issuance costs (258,065) 7,113,989

(1,524,160)

(6,221,236)

(11,273,897)

257,541

Change in net assets of governmental activities (36,627,775)$

Bond proceeds provide current financial resources to governmental funds by issuing debt which increases long-term liabilities in the statement of net assets. Repayment of debt is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net assets.

In the statement of activities, certain operating expenses - compensated absences for unpaid vacation and compensatory time - are recorded as the benefits are earned during the year. In the governmental funds, these obligations are recorded when they mature (basically when they are paid). The compensated absence obligation increased during the year.

SALT LAKE COUNTY

Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balancesof Governmental Funds to the Statement of Activities

Governmental funds report capital outlays as expenditures. However, in the statement of activities, capital assets are capitalized and depreciated over their useful lives. Donations of capital assets increase net assets in the statement of activities, but do not appear in the governmental funds because they are not financial resources.


The change in internal balances between the governmental activities and the business-type activities relating to internal service funds are reflected in governmental activities but not in the governmental funds.

Internal service funds are used by management to charge the costs of certain activities to individual funds. The net revenue (expense) of certain internal service funds is reported with governmental activities.

Certain revenues (property taxes and grants) that are collected several months after the County's fiscal year end are not considered as available revenues in the governmental funds and are, instead, counted as deferred revenues. They are however, recorded as revenues in the statement of activities.

The annual other postemployment benefit (OPEB) cost is the amount that is recognized as an expense in the statement of activities whereas in the governmental funds only the amounts paid are recorded as an expenditure. Payments were less than actuarially required amounts during the year.


SALT LAKE COUNTY


SALT LAKE COUNTY

Statement of Revenues Expenditures and Changes in Fund Balance - Budget and Actual - Budgetary BasisStatement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisG l F dGeneral FundYear Ended December 31 2008Year Ended December 31, 2008

Actual on a Actual on a Budgetary Variance withBudgeted Amounts Budgetary Variance with

Original Final Basis Final BudgetBudgeted Amounts

Original Final Basis Final Budget

Revenues:Revenues:Taxes:Taxes:

Property taxes 97 483 796$ 98 177 486$ 97 186 640$ (990 846)$Property taxes 97,483,796$ 98,177,486$ 97,186,640$ (990,846)$ S l 51 300 000 49 500 000 46 532 140 (2 967 860)Sales taxes 51,300,000 49,500,000 46,532,140 (2,967,860) Tax increment - - 40,386 40,386 Tax increment 40,386 40,386

Total taxes 148,783,796 147,677,486 143,759,166 (3,918,320)Total taxes 148,783,796 147,677,486 143,759,166 (3,918,320) Licenses and permits 9 141 100 9 141 100 9 000 673 (140 427)Licenses and permits 9,141,100 9,141,100 9,000,673 (140,427) Fi d f f it 2 305 550 2 305 550 1 988 956 (316 594)Fines and forfeitures 2,305,550 2,305,550 1,988,956 (316,594) Intergovernmental and grant revenue 11,227,923 9,557,437 10,510,708 953,271 Intergovernmental and grant revenue 11,227,923 9,557,437 10,510,708 953,271 Charges for services 21,130,630 20,898,379 21,242,655 344,276Charges for services 21,130,630 20,898,379 21,242,655 344,276 Interest rents and concessions 3 322 768 3 322 768 2 949 404 (373 364)Interest, rents, and concessions 3,322,768 3,322,768 2,949,404 (373,364) I t f d h 28 887 241 31 114 294 30 900 159 (214 135)Interfund charges 28,887,241 31,114,294 30,900,159 (214,135) Other 194,950 287,450 418,826 131,376 Other 194,950 287,450 418,826 131,376

T t l 224 993 958 224 304 464 220 770 547 (3 533 917)Total revenues 224,993,958 224,304,464 220,770,547 (3,533,917)

E ditExpenditures:Current:Current:

General government 47,743,167 49,332,210 45,152,161 4,180,049General government 47,743,167 49,332,210 45,152,161 4,180,049 Public safety and criminal justice 138 017 080 140 422 530 138 528 977 1 893 553Public safety and criminal justice 138,017,080 140,422,530 138,528,977 1,893,553 S i l i 1 116 072 1 088 289 986 589 101 700Social services 1,116,072 1,088,289 986,589 101,700 Education, recreation, and cultural 37,487,380 38,108,505 37,932,161 176,344 Education, recreation, and cultural 37,487,380 38,108,505 37,932,161 176,344

T t l dit 224 363 699 228 951 534 222 599 888 6 351 646Total expenditures 224,363,699 228,951,534 222,599,888 6,351,646

Excess (deficiency) of revenues over (under) expenditures 630 259 (4 647 070) (1 829 341) 2 817 729Excess (deficiency) of revenues over (under) expenditures 630,259 (4,647,070) (1,829,341) 2,817,729

Other financing sources (uses):Other financing sources (uses):Proceeds from sale of capital assets 36,000 36,000 24,361 (11,639)Proceeds from sale of capital assets 36,000 36,000 24,361 (11,639) Transfers in 24 454 878 26 735 944 26 834 780 98 836Transfers in 24,454,878 26,735,944 26,834,780 98,836 T f t (28 716 000) (34 061 000) (34 061 000)Transfers out (28,716,000) (34,061,000) (34,061,000) -

Total other financing sources (uses) (4 225 122) (7 289 056) (7 201 859) 87 197Total other financing sources (uses) (4,225,122) (7,289,056) (7,201,859) 87,197

h i f d b l (3 594 863) (11 936 126) (9 031 200) 2 904 926Net change in fund balance (3,594,863) (11,936,126) (9,031,200) 2,904,926 g ( , , ) ( , , ) ( , , ) , ,

Fund balances - beginning 35,799,611 35,799,611 35,799,611 - Fund balances beginning 35,799,611 35,799,611 35,799,611 Prior year encumbrances canceled during 2008 542 174 542 174 542 174 -Prior year encumbrances canceled during 2008 542,174 542,174 542,174 -

Fund balances - ending 32,746,922$ 24,405,659$ 27,310,585$ 2,904,926$ Fund balances ending 32,746,922$ 24,405,659$ 27,310,585$ 2,904,926$


Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMunicipal Services FundYear Ended December 31, 2008

Actual on aBudgetary Variance with


Revenues:Taxes:

Property taxes 8,025,000$ 8,264,095$ 8,024,384$ (239,711)$ Sales taxes 23,700,000 22,500,000 19,568,460 (2,931,540) Franchise tax 900,000 900,000 1,018,208 118,208

Total taxes 32,625,000 31,664,095 28,611,052 (3,053,043) License and permits 6,903,050 5,003,814 4,668,264 (335,550) Fines and forfeitures 1,600,000 1,600,000 1,302,065 (297,935) Intergovernmental and grant revenue 17,468,970 16,819,366 16,939,079 119,713 Charges for services 2,171,713 2,191,713 2,235,361 43,648 Interests, rents, and concessions 1,135,000 1,135,000 721,338 (413,662) Interfund charges 6,058,895 6,058,895 5,490,965 (567,930) Other 100,600 100,600 131,140 30,540

Total revenues 68,063,228 64,573,483 60,099,264 (4,474,219)

Expenditures:Current:

General government 2,436,084 3,230,546 2,641,015 589,531 Public safety and criminal justice 38,578,633 37,445,042 34,712,616 2,732,426

SALT LAKE COUNTY

Budgeted Amounts


Health and regulatory 11,027,774 10,424,912 9,910,153 514,759 Public works 19,561,777 20,527,145 19,743,256 783,889

Capital outlay 9,132,573 9,956,850 5,842,831 4,114,019

Total expenditures 80,736,841 81,584,495 72,849,871 8,734,624

Excess (deficiency) of revenues over (under) expenditures (12,673,613) (17,011,012) (12,750,607) 4,260,405

Other financing sources (uses):Proceeds from sale of capital assets 15,200 15,200 190,080 174,880 Transfers in 3,287,805 3,287,805 3,287,805 - Transfers out (783,809) (3,962,326) (3,962,326) -

Total other financing sources (uses) 2,519,196 (659,321) (484,441) 174,880

Net change in fund balances (10,154,417) (17,670,333) (13,235,048) 4,435,285

Fund balances - beginning 32,884,796 32,885,730 32,885,730 - Prior year encumbrances canceled during 2008 18,316 18,316 18,316 -

Fund balances - ending 22,748,695$ 15,233,713$ 19,668,998$ 4,435,285$

The notes to the financial statements are an integral part of this statement.-37-

Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisGrant Programs FundYear Ended December 31, 2008

Actual on aBudgetary Variance With


Revenues: Intergovernmental and grant revenue 51,424,355$ 52,975,229$ 45,965,862$ (7,009,367)$ Charges for services 788,517 788,517 694,174 (94,343) Interests, rents, and concessions 200,000 200,000 801 (199,199) Interfund charges 756,415 881,415 706,634 (174,781) Other 44,974 119,974 390,103 270,129

Total revenues 53,214,261 54,965,135 47,757,574 (7,207,561)


Social services 80,567,807 83,239,967 75,428,422 7,811,545 Debt service 369,637 369,637 369,637 -


Excess (deficiency) of revenues over (under) expenditures (27,723,183) (28,644,469) (28,040,485) 603,984

Other financing sources: Proceeds from sale of capital assets - - 95 95 Transfers in 27,102,796 27,102,796 27,102,796 -

SALT LAKE COUNTY

Budgeted Amounts


Total other financing sources 27,102,796 27,102,796 27,102,891 95

Net change in fund balances (620,387) (1,541,673) (937,594) 604,079

Fund balances - beginning 4,800,272 21,516,501 21,516,501 - Prior year encumbrances canceled during 2008 35,682 35,682 35,682 -

Fund balances - ending 4,215,567$ 20,010,510$ 20,614,589$ 604,079$

The notes to the financial statements are an integral part of this statement.-38-

Proprietary Funds

Sanitation(Special Solid Waste Total Internal

Golf Service Management Enterprise ServiceCourses District #1) Facility Funds Funds

Assets:Current assets:

Cash and investments:Pooled cash and investments 1,478,578$ 8,944,915$ -$ 10,423,493$ 52,101,059$ Restricted cash and investments 2,353,812 - - 2,353,812 1,528,650 Other cash 62,500 100 - 62,600 85,500

Receivables:Taxes receivable - - - - 6,238 Accrued revenue 216 541 - 757 684,582 Other receivables 53,950 - - 53,950 158,819

Due from other funds - - - - 2,910,014 Inventory 197,328 - - 197,328 250,728

Total current assets 4,146,384 8,945,556 - 13,091,940 57,725,590 Noncurrent assets:

Investment in joint venture - - 22,368,198 22,368,198 - Restricted deposit 34,710 - - 34,710 - Other assets - - - - 73,261 Bond issuance costs 43,889 - - 43,889 - Capital assets:

Land 9,320,177 1,904,800 - 11,224,977 - Buildings 7,914,050 320,098 - 8,234,148 1,517,423 Improvements other than buildings 26,453,357 103,732 - 26,557,089 643,248 Leasehold improvements 736,793 - - 736,793 - Furniture, fixtures, and equipment 4,861,611 11,690,236 - 16,551,847 52,506,686 Accumulated depreciation (11,396,215) (3,867,602) - (15,263,817) (33,529,765)

Net capital assets 37,889,773 10,151,264 - 48,041,037 21,137,592

Total noncurrent assets 37,968,372 10,151,264 22,368,198 70,487,834 21,210,853

Total assets 42,114,756 19,096,820 22,368,198 83,579,774 78,936,443

Liabilities:Current liabilities:

Accounts payable 96,238 77,244 - 173,482 2,955,710 Accrued expenses 75,418 117,771 - 193,189 802,563 Accrued interest 163,370 - - 163,370 - Due to other funds 27,181 40,989 - 68,170 87,822 Unearned revenue - - - - 670 Compensated absences payable - current 116,536 106,964 - 223,500 327,741 General obligation bonds - current 763,764 - - 763,764 - Lease revenue bonds - current 2,134,245 - - 2,134,245 -

Total current liabilities 3,376,752 342,968 - 3,719,720 4,174,506 Noncurrent liabilities:

General obligation bonds, net of unamortized premiums and deferred amounts on refundings 10,199,699 - - 10,199,699 -

Lease revenue bonds, net of unamortized premiums/discounts and deferred amounts on refundings 8,918,306 - - 8,918,306 -

Compensated absences payable 116,535 106,965 - 223,500 327,740 Arbitrage rebate payable 88,960 - - 88,960 - Claims and judgments payable - - - - 14,560,982 Net OPEB obligation 93,248 133,140 - 226,388 367,992

Total noncurrent liabilities 19,416,748 240,105 - 19,656,853 15,256,714

Total liabilities 22,793,500 583,073 - 23,376,573 19,431,220

Net assets:Invested in capital assets, net of related debt 15,873,759 10,151,264 - 26,025,023 21,137,592 Restricted for debt service 2,353,812 - - 2,353,812 - Unrestricted 1,093,685 8,362,483 22,368,198 31,824,366 38,367,631

Total net assets 19,321,256$ 18,513,747$ 22,368,198$ 60,203,201$ 59,505,223$

Total net assets - enterprise funds 60,203,201$ An internal charge between the governmental and business-type activities is not recorded at the fund level. 481,614

Total net assets - business-type activities 60,684,815$

Major Enterprise Funds

SALT LAKE COUNTY

Statement of Net Assets

December 31, 2008


-39-

SALT LAKE COUNTY


SALT LAKE COUNTY

Statement of Revenues, Expenses, and Changes in Net AssetsProprietary FundsStatement of Revenues, Expenses, and Changes in Net AssetsProprietary FundsYear Ended December 31, 2008Year Ended December 31, 2008

j iMajor Enterprise FundsSanitation Solid Waste Total Internal

j pSanitation Solid Waste Total Internal

Golf (Special Service Management Enterprise ServiceGolf (Special Service Management Enterprise ServiceCourses District #1) Facility Funds FundsCourses District #1) Facility Funds Funds

O tiOperating revenues:Charges for services:g

Golf course fees 7,162,627$ -$ -$ 7,162,627$ -$ Golf course fees 7,162,627$ $ $ 7,162,627$ $ Sanitation fees - 13 627 015 - 13 627 015 -Sanitation fees - 13,627,015 - 13,627,015 - Charges to other funds 225 579 225 579 39 500 877Charges to other funds - 225,579 - 225,579 39,500,877 H lth d lif i i 40 022 752Health and life insurance premiums - - - - 40,022,752

b iStatutory benefits - - - - 45,627,127 y , ,Other revenue - - - - 5,773,516 Other revenue 5,773,516

T t l ti 7 162 627 13 852 594 21 015 221 130 924 272Total operating revenues 7,162,627 13,852,594 - 21,015,221 130,924,272

Operating expenses:Operating expenses:Salaries, wages, and benefits 3,025,687 4,100,639 - 7,126,326 60,549,109Salaries, wages, and benefits 3,025,687 4,100,639 - 7,126,326 60,549,109 Materials supplies and services 2 313 346 2 767 213 5 080 559 19 545 756Materials, supplies and services 2,313,346 2,767,213 - 5,080,559 19,545,756 Other operating e penses 396 114 4 047 605 4 443 719 52 563 691Other operating expenses 396,114 4,047,605 - 4,443,719 52,563,691 D i i 951 696 1 236 903 2 188 599 5 149 178Depreciation 951,696 1,236,903 - 2,188,599 5,149,178 p

Total operating expenses 6 686 843 12 152 360 18 839 203 137 807 734Total operating expenses 6,686,843 12,152,360 - 18,839,203 137,807,734

Operating income (loss) 475,784 1,700,234 - 2,176,018 (6,883,462) Operating income (loss) 475,784 1,700,234 2,176,018 (6,883,462)

Nonoperating revenues (expenses):Nonoperating revenues (expenses):P t t 4 016Property taxes - - - - 4,016 Interest income 204,984 222,944 - 427,928 1,593,034 , , , , ,Gain (loss) on sale of capital assets (747) (367,419) - (368,166) (59,265) Gain (loss) on sale of capital assets (747) (367,419) (368,166) (59,265) Interest expense and fiscal charges (1,348,659) - - (1,348,659) -Interest expense and fiscal charges (1,348,659) - - (1,348,659) - Earnings from investment in joint venture - - 1 481 379 1 481 379 -Earnings from investment in joint venture - - 1,481,379 1,481,379 -

Total nonoperating revenues (expenses) (1,144,422) (144,475) 1,481,379 192,482 1,537,785 Total nonoperating revenues (expenses) (1,144,422) (144,475) 1,481,379 192,482 1,537,785

I (l ) b f f (668 638) 1 555 759 1 481 379 2 368 500 (5 345 677)Income (loss) before transfers (668,638) 1,555,759 1,481,379 2,368,500 (5,345,677)

Transfers in 1,585,953 484,360 - 2,070,313 207,902 Transfers in 1,585,953 484,360 2,070,313 207,902 Transfers out - (2 639 800) (691 160) (3 330 960) (6 136 122)Transfers out - (2,639,800) (691,160) (3,330,960) (6,136,122)

Changes in net assets 917,315 (599,681) 790,219 1,107,853 (11,273,897) Changes in net assets 917,315 (599,681) 790,219 1,107,853 (11,273,897)

Total net assets - beginning 18 403 941 19 113 428 21 577 979 59 095 348 70 779 120Total net assets - beginning 18,403,941 19,113,428 21,577,979 59,095,348 70,779,120

Total net assets - ending 19,321,256$ 18,513,747$ 22,368,198$ 60,203,201$ 59,505,223$ g , ,$ , ,$ , ,$ , ,$ , ,$

Change in net assets - enterprise funds 1 107 853$Change in net assets - enterprise funds 1,107,853$

The change in internal balances between the governmental activities and the business-type The change in internal balances between the governmental activities and the business type activities relating to internal service funds is not reported at the fund level. (257,541)activities relating to internal service funds is not reported at the fund level. (257,541)

Ch i f b i i i i 850 312$Change in net assets of business-type activities 850,312$ g yp


Proprietary Funds

Sanitation Solid Waste Total InternalGolf (Special Service Management Enterprise Service

Courses District #1) Facility Funds FundsCash flows from operating activities:

Receipts from customers and users 7,162,438$ 13,767,963$ -$ 20,930,401$ 1,921,097$ Receipts for interfund services provided - 225,579 - 225,579 131,224,794 Payments to suppliers (2,888,545) (7,433,112) - (10,321,657) (70,283,189) Payments to employees (2,940,394) (3,975,206) - (6,915,600) (60,682,530) Intergovernmental payments - (515,267) - (515,267) (271,395) Other receipts - - - - -

Net cash provided by operating activities 1,333,499 2,069,957 - 3,403,456 1,908,777

Cash flows from noncapital financing activities:Transfers in 1,585,953 484,360 - 2,070,313 207,902 Transfers out - (2,639,800) (691,160) (3,330,960) (6,136,122) Property taxes - - - - 7,980

Net cash provided (used) by noncapital financing activities 1,585,953 (2,155,440) (691,160) (1,260,647) (5,920,240)

Cash flows from capital and related financing activities:Acquisition of capital assets (414,131) (4,094,973) - (4,509,104) (5,436,922) Principal paid on capital debt (2,043,752) - - (2,043,752) - Proceeds from sale of capital assets - 402,321 - 402,321 483,113 Interest paid on capital debt (1,185,753) - - (1,185,753) -

Net cash used in capital and related financing activities (3,643,636) (3,692,652) - (7,336,288) (4,953,809)

Cash flows from investing activities:Distributions from joint venture - - 691,160 691,160 - Interest received 204,984 222,944 - 427,928 1,593,034

Net cash provided by investing activities 204,984 222,944 691,160 1,119,088 1,593,034

Net change in cash and cash equivalents (519,200) (3,555,191) - (4,074,391) (7,372,238)

Cash and cash equivalents - beginning 4,414,090 12,500,206 - 16,914,296 61,087,447

Cash and cash equivalents - ending 3,894,890$ 8,945,015$ -$ 12,839,905$ 53,715,209$

Displayed on the statement of net assets as:Pooled cash and investments 1,478,578$ 8,944,915$ -$ 10,423,493$ 52,101,059$ Restricted cash and investments 2,353,812 - - 2,353,812 1,528,650 Other cash 62,500 100 - 62,600 85,500

3,894,890$ 8,945,015$ -$ 12,839,905$ 53,715,209$

Reconciliation of operating income (loss) to net cashprovided (used) by operating activities:

Operating income (loss) 475,784$ 1,700,234$ -$ 2,176,018$ (6,883,462)$ Adjustments to reconcile operating income (loss) to

net cash provided (used) by operating activities:Depreciation expense 951,696 1,236,903 - 2,188,599 5,149,178 Changes in operating assets and liabilities:

Accrued revenue (9) 140,948 - 140,939 (666,983) Other receivables (181) - - (181) 26,997 Inventory (24,926) - - (24,926) 591,084 Other assets - - - - 3,218,735 Accounts payable (154,158) (1,133,561) - (1,287,719) (1,479,950) Accrued expenses 8,439 26,914 - 35,353 1,055,260 Unearned revenues - - - - (5,821) Compensated absences payable 45,026 54,590 - 99,616 - Net OPEB obligation 31,828 43,929 - 75,757 903,739

Total adjustments 857,715 369,723 - 1,227,438 8,792,239

Net cash provided by operating activities 1,333,499$ 2,069,957$ -$ 3,403,456$ 1,908,777$

Noncash investing, capital, and financing activities:Earnings from investments in joint venture -$ -$ 1,481,379$ 1,481,379$ -$

Major Enterprise Funds


SALT LAKE COUNTY

Statement of Cash Flows


SALT LAKE COUNTY

Statement of Fiduciary Assets and LiabilitiesAgency FundsDecember 31, 2008

ASSETSPooled cash and investments 20,465,675$

LIABILITIESAccounts payable and other liabilities 20,465,675$

The notes to the basic financial statements are an integral part of this statement. -42-

SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 Services and Form of Government—Salt Lake County, Utah (the County) operates under a Council-Executive (Mayor) form of government. The County provides the following services: County-wide services, such as those provided by elected officials (including assessing and collecting of property taxes for all taxing districts in the County), health and human services, recreational services and flood control, and municipal-type services to the unincorporated areas, such as police protection, developmental services, street lighting, traffic engineering, highways, planning and zoning, animal services, and justice courts.

1.2 Reporting Entity—The accompanying financial statements include the County, which is a political subdivision with corporate powers created under Utah State law, and all of its blended component units, collectively referred to as the financial reporting entity. The governing body is comprised of the Council (legislative powers) and the Mayor (executive powers). Eight other elected officials have certain statutory powers specific to their duties. These include the Assessor, District Attorney, Auditor, Clerk, Recorder, Sheriff, Surveyor, and Treasurer. As required by generally accepted accounting principles (GAAP), these financial statements present Salt Lake County (referred to as the “primary government” for reporting purposes) and its “component units”.

1.3 Component Units—In evaluating how to define the reporting entity, as discussed above, the County has considered all potential component units. Component units are separate legal entities for which the County is considered to be financially accountable. The decision to include a potential component unit in the reporting entity was made by applying the criteria set forth by the Governmental Accounting Standards Board’s (GASB) Statement No. 14. These criteria include the following:

• The primary government holds the corporate powers of the organization. • The primary government appoints a voting majority of the organization’s board.

• The primary government is able to impose its will on the organization.

• The organization has the potential to impose a financial benefit/burden on the primary government.

• There is fiscal dependency on the primary government by the organization.

GASB Statement No. 39 is an amendment to Statement No. 14 and provides additional guidance to determine whether certain legally separate organizations, for which the County is not financially accountable, should be reported as component units based upon the nature and significance of their relationship with the County. The organization is reported as a component unit if all three of the following criteria are met:

• The economic resources received or held by the separate organization are entirely or almost entirely for the direct

benefit of the primary government, its component units, or its constituents.

• The primary government, or its component units, is entitled to, or has the ability to otherwise access, a majority of the economic resources received or held by the separate organization.

• The economic resources received or held by an individual organization that the specific primary government, or

its component units, is entitled to, or has the ability to otherwise access, are significant to that primary government.

There are no potential component units which met all of the criteria outlined in Statement No. 39; however, there are three entities that qualified as “blended component units” under Statement No. 14.

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008

Blended Component Units—All of the County’s component units are reported as “blended component units” and are as follows:

• Salt Lake County Special Service District #1 (the Sanitation Fund) • Salt Lake County Municipal Building Authority • Salt Lake County Redevelopment Agency

Blending means that component unit balances and transactions are combined with balances and transactions of the County. The entities listed above are each blended component units for the following reasons: each is legally separate from the County, the County may impose its will on each of the component units, a financial benefit/burden relationship exists between the County and each component unit, each is governed by substantially the same governing body as the County, and the County retains fiscal responsibility for each of these entities.

1.4 Joint Ventures—The County is a fifty percent partner with Salt Lake City in a joint venture known as the City/County Landfill (or Solid Waste Management Facility). The purpose of this joint venture is to provide solid waste management and disposal services. The County provides accounting and other services for the Landfill. The financial statements of the County exclude the accounts and transactions of the Landfill except as noted. The County is also a fifty percent partner with Salt Lake City in the Sugarhouse Park Authority. The purpose of this joint venture is to maintain and improve land used as a public park (see Note 15 to the basic financial statements). The County’s investments in the joint ventures are reported as a single line item in the government-wide statement of net assets; changes in the County’s investment in the joint ventures are reported as a single line item in the government-wide statement of activities. The same treatment applies to the proprietary fund financial statements.

1.5 Related Organizations—The County appoints the boards of trustees for the Salt Lake County Housing Authority, Salt Lake Valley Fire Service Area (SLVFSA), and the Solitude Improvement District. Involvement of the County in these entities is limited to trustee appointments. Such entities are independent of the County. Further, no operational interrelationships exist between the County and these entities.

Starting in 2008, SLVFSA levies its own taxes. Prior to 2008, the County included the property tax revenue from SLVFSA in a separate special revenue fund. This fund was discontinued during 2008 when SLVFSA became legally and financially independent.

1.6 Government-Wide and Fund Financial Statements

1.6.1 Government-wide Financial Statements The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees charged to external parties for goods or services.

The statement of activities demonstrates the degree to which the direct and indirect expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Indirect expenses are allocated for central services which benefit various functions. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function; and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not properly included among program revenues are reported instead as general revenues.

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1.6.2 Fund Financial Statements

Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The remaining governmental and enterprise funds are combined into a single column and reported as other (nonmajor) funds. Internal service funds are aggregated and reported in a single column on the proprietary fund financial statements.

1.7 Measurement Focus, Basis of Accounting, and Financial Statement Presentation

Measurement focus refers to the types of balances (and related changes) reported in the financial statements. Basis of accounting refers to when revenues and expenditures or expenses are recognized and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied.

1.7.1 Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

The use of financial resources to acquire capital assets are capitalized as assets in the government-wide financial statements, rather than reported as an expenditure. Proceeds of long-term debt are recorded as a liability in the government-wide financial statements, rather than as an other financing source. Amounts paid to reduce long-term debt of the County are reported as a reduction of the related liability, rather than an expenditure in the government-wide financial statements.

1.7.2 Governmental Fund Financial Statements

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. “Measurable” means that amounts can be reasonably determined within the current period. Revenues are considered to be “available” when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the County generally considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. An exception to this policy is grant revenues, which generally are considered to be available if collection is expected within six months after year end.

Noncurrent portions of long-term receivables due to governmental funds are reported on the governmental fund balance sheet, in spite of their spending measurement focus. Noncurrent receivables that are not offset by deferred revenue are reported as a reservation of fund balance.

Property taxes are recorded when levied. Property taxes which have not been collected within 60 days, and therefore do not meet the available criterion, are reported as deferred revenue until collected. Anticipated refunds of such taxes are recorded as liabilities and reductions of revenue when they are measurable and their validity seems certain.

Sales taxes, franchise taxes, and transient room taxes, are considered measurable and recognized as revenue when received by merchants and will be remitted to the County in time to be used to pay current obligations. Grant revenue is recognized when qualified expenditures are incurred and a contractual claim exists with the grantor agency. Other revenue items are considered to be measurable and available only when cash is received by the County.

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Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Exceptions to this general rule include principal and interest on long-term debt as well as expenditures related to compensated absences, arbitrage rebates, claims and judgments, and net other post employment benefits, which are recognized when payment is due. The County reports the following major governmental funds:

• General Fund—The General Fund accounts for all activities not accounted for by other funds of the County. The

principal source of revenue for this fund is property taxes.

• Municipal Services Fund—This special revenue fund accounts for monies received by the County for the purpose of providing municipal type services for the unincorporated areas of the County.

• Grant Programs Fund—This special revenue fund is used to account for the revenues and expenditures of those

organizations that are funded primarily from grants.

• Recreation Bond Projects Fund—This capital projects fund is used to account for revenues and expenditures of those capital projects related to parks and recreation.

The County’s nonmajor governmental funds include other special revenue funds, other capital projects funds, and debt service funds. The nonmajor special revenue funds account for specific revenue sources that are legally restricted to expenditures for specified purposes. The nonmajor capital projects funds are used to account for financial resources to be used for the acquisition or construction of capital projects other than those financed by proprietary funds. The debt service funds account for resources used for the payment of interest and principal on long-term debt obligations of governmental funds.

1.7.3 Proprietary Fund Financial Statements

Proprietary funds include enterprise funds and internal service funds. Enterprise funds report the activities for which a fee is charged to external users for goods or services. Internal service funds are used to account for the goods and services provided by one fund to other funds of the County, rather than to the general public. The financial statements of the proprietary funds are reported similar to the government-wide financial statements in that they both use the economic resources measurement focus and the accrual basis of accounting.

Proprietary funds distinguish between operating and nonoperating revenues and expenses. Operating revenues and expenses result from providing goods and services relating to the primary operations of the proprietary fund. Other revenues and expenses are reported as nonoperating. The County reports the following major enterprise funds:

• Golf Courses Fund—The Golf Courses Fund is used to account for the activities of County-owned golf courses.

• Sanitation Fund (Special Service District #1)—The Sanitation Fund is used to account for monies collected and

used for disposal of solid waste, a blended component unit of the County.

• Solid Waste Management Facility Fund—The Solid Waste Management Facility Fund is used to account for the investment in the County/City landfill operation, a joint venture.

All of the internal service funds are aggregated into a single column and are reported on the proprietary fund statements. These funds include Governmental Immunity, Fleet Management, Facilities Services, and Employee Service Reserve. Governmental Immunity Fund accounts for monies received by the County to provide for self insurance against worker’s compensation, general liability, and property damage claims not covered under a

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commercial policy. Fleet Management Fund accounts for fleet maintenance services provided to County agencies. Facilities Services Fund accounts for the management of those County-owned facilities, telecommunication, and printing services under centralized government. Employee Service Reserve Fund accounts for monies received and expended by the County to provide for employee medical insurance and other benefits. 1.7.4 Fiduciary Fund Financial Statements

The County only has one type of fiduciary fund:

• Agency Funds—Agency funds are used to account for assets held by the County as an agent for other

governments, private organizations, or individuals. Agency funds are accounted for using accrual basis of accounting but, due to their custodial nature (assets equal liabilities), do not present results of operations or have a measurement focus. Agency funds include the Criminal Justice Agency Fund, Treasurer’s Tax Collection Agency Fund, and the Special Deposits Agency Fund.

1.8 Private-Sector Standards of Accounting and Financial Reporting—The County generally applies to both the government-wide and enterprise fund statements all Financial Accounting Standards Board (FASB) Statements and Interpretations, APB Opinions, and Accounting Research Bulletins issued on or before November 30, 1989, to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board (GASB). The County has elected not to follow private-sector guidance subsequent to that date.

1.9 Interfund and Intrafund Transactions—Interfund transactions represent transactions between different funds within the County. Intrafund transactions represent charges between organizations within the same fund. For financial reporting purposes, except for statements reported on the budgetary basis (as discussed in the next section), intrafund transactions have been eliminated in order to avoid overstating fund revenues and expenditures. In general, interfund activity, including internal service fund transactions, has been eliminated from the government-wide financial statements in an effort to minimize the doubling-up of revenues and expenses resulting from such transactions. Interfund services provided and used between different functional categories, however, have not been eliminated from the government-wide financial statements so as not to distort the direct costs and program revenues reported in the various functions concerned.

For management, cost-control, and grant-related purposes, two cost allocation plans are prepared each year which allocate indirect costs to County cost centers (organizations). Indirect costs charged to grants are in accordance with OMB Circular A-87. Indirect costs are defined as costs incurred by “central services” for a common or joint purpose benefiting more than one cost center and that cannot be directly charged to the cost center specifically benefited in a cost effective manner. Indirect costs allocated include charges for services provided by Information Services, the Auditor, the District Attorney, Governmental Immunity (Internal Service Fund), the Mayor, the Council, Human Resources, Contracts and Procurement, and Economic Development. Because indirect costs represent central services being provided, rather than a reimbursement of expenses, these interfund transactions are reflected as interfund revenue to the fund providing the services and expenditures/expenses to the fund receiving the services. In cases where the providing and receiving organizations are within the same fund, such transactions are recorded as a reallocation of expenditures rather than as revenue. Indirect costs, like most interfund and intrafund transactions, have been eliminated from program revenues and direct expenses in the government-wide statement of activities.

Transfers between governmental and business-type activities are reported at the net amount in the government-wide statement of activities. Interfund receivables and payables have been eliminated from the government-wide statement of net assets except for those amounts due between governmental and business-type activities. Such amounts are reported at the net amount as “internal balances” and offset each other to result in a zero balance in the total column.

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1.10 Budgetary (Non-GAAP) Basis—The basis of budgeting is the same as the GAAP basis except for the following: 1) intrafund revenues and expenditures are included in the budgetary basis but are eliminated for GAAP; and 2) encumbrances (commitments for unperformed contracts or services) are treated as expenditures in the year the encumbrance is established using the budgetary basis, but are not included under GAAP. The GAAP basis is used for all of the basic financial statements except the statements that include a comparison of actual to budgeted amounts. In these instances, the statements are marked budgetary basis. A reconciliation to the respective GAAP basis fund balance is presented in Note 16 for the General Fund and each major special revenue fund.

1.11 Budgets and Budgetary Accounting—The County has legally adopted budgets for governmental and proprietary funds. Although state law requires that annual budgets be adopted for proprietary funds, there is no state requirement to report budget versus actual data. The County's procedures for establishing the budgetary data reflected in these financial statements are as follows:

1.11.1 The County follows statutory guidelines regarding budgetary matters listed in various Titles of the Utah

Code. Specific duties of the Auditor, who is the statutory "Budget Officer", and specific requirements of the budget and appropriation process are contained in the Uniform Fiscal Procedures Act for Counties, Utah Code, Title 17, Chapter 36, Sections 1-54.

1.11.2 The Auditor is responsible for revenue projections and the preparation of a “tentative” budget, which is

presented to the County Mayor and Council. The Mayor then develops a “proposed” budget. The Mayor submits the proposed budget to the County Council which makes appropriation decisions and adopts a budget on or before the last day of the last month of each preceding calendar year. Once the budget is adopted by the Council, the Mayor has “item veto” authority. Budget items vetoed by the Mayor may be overridden by the Council.

1.11.3 Public hearings are conducted to obtain citizen comments and to comply with legal requirements. For 2008,

the budget was adopted, by a resolution of the County Council, on December 4, 2007. The budget included proposed expenditures and the means of financing them.

1.11.4 The budget is prepared by fund, organization, and appropriation unit. Under the organizational structure of

the County, an organization can represent either a division within one of the major departments, or an elected office. Appropriation units are categories of expenditures which are grouped together within each organization. Generally, appropriation units are categorized into the following: salaries, wages, and employee benefits; materials, supplies, and services; indirect costs; capital outlay; and debt service. State statutes define the legal level of budgetary control at the “department” level (used as a generic term). The equivalent of the generic term “department” in the County is “organization”. An organization is, in substance, a separate legal budgetary unit for purposes of State compliance. However, the County has opted to impose an even lower level of budgetary control for its own managerial purposes. The lowest level at which management may not reallocate resources without Council approval is at the appropriation unit level. Thus, in accordance with County policy and financial reporting requirements, the appropriation unit level is the legal level of budgetary control.

1.11.5 Appropriations may be reduced by resolution of the Council with five days notice to the affected department.

Budget appropriations may be increased at any regular meeting of the Council, provided that such action is published in a newspaper five days prior to the official action. Legally, only increases in general fund appropriations require a full public hearing besides the public notice mentioned.

1.11.6 Budgets for the General, Special Revenue, and Capital Projects Funds are adopted on a budgetary basis where

encumbrances are treated as expenditures in the period the encumbrance is established and intrafund transactions are recorded as revenues and expenditures. There is no difference between the GAAP basis and budgetary basis for the Debt Service Funds. Budgetary comparisons presented in this report are on this budgetary basis. Original budgeted amounts were the original budgets adopted by the Council on December

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4, 2007. Final budgeted amounts were adjusted for amendments by the Council. Unencumbered appropriations are lapsed at year-end for all budgeted funds. Encumbered appropriations are reported on the balance sheet as reserved for encumbrances. Although already reported as expenditures for budgetary purposes in the year they are established, encumbrances remain outstanding (and thus are included in the reserved for encumbrances balance) until they are either recognized as expenditures in conformity with GAAP or cancelled.

1.12 Cash and Cash Equivalents and Investments—Cash and investment management in the County is administered by the County Treasurer in accordance with the Utah Money Management Act, Section 51-7 of the Utah Code (see Note 2). The County maintains a cash and investment pool that is available for use by all funds. Income from the investment of pooled cash is allocated based upon each fund’s portion of the pool. Restricted cash consists of that portion of pooled cash that is restricted for a specific use due to constraints imposed by external parties or enabling legislation, or is cash held in trust in compliance with bond covenants, terms, and conditions. Restricted cash is classified as a current asset on the government-wide and proprietary statements of net assets because, generally, it is the nature of usage that is restricted rather than the availability of cash. “Other cash” is bank deposits that are separately held in individual funds.

When both restricted and unrestricted resources are available for use, it is the County’s policy to use restricted resources first, then unrestricted resources as they are needed.

Investments are recorded at fair value based upon quoted market prices as of December 31, 2008, except where there is no material difference between cost and fair value. The difference between the purchase price and market price when material is recorded as interest income.

Statements of cash flows are presented for proprietary funds under the direct method. For purposes of the statements of cash flows, each fund's allocated portion of "pooled cash and investments" is considered to be cash and cash equivalents, since this amount is immediately available for use by the fund. Investments with original maturities of less than three months are also considered cash equivalents. 1.13 Inventories and Prepaid Items—Inventories are stated at the lower of cost or market, determined on a first-in, first-out basis. Inventories are accounted for under the consumption method. Inventories are recorded in nonmajor governmental funds, enterprise funds, and internal service funds. Certain payments to vendors reflect costs applicable to future accounting periods and are included as a component of other assets in both the government-wide and fund financial statements.

1.14 Capital Assets—Capital assets include land, buildings, improvements other than buildings, leasehold improvements, furniture, fixtures and equipment, infrastructure (roads, bridges, and flood control) and construction in progress. These assets are reported in the government-wide financial statements in the relevant column on the statement of net assets under governmental or business-type activities. Proprietary fund capital assets are also reported in the appropriate fund statements. Capital assets acquired by governmental funds are recorded as expenditures in the governmental fund financial statements. The capitalization threshold for personal property is defined to be assets with a useful life of at least one year and costing at least $5,000; real property thresholds vary by type of asset, but are generally established at $50,000 and higher. Assets purchased or constructed are generally recorded at cost. If precise cost is not available (as was the case with certain infrastructure), the asset is recorded at estimated historical cost. Donated capital assets are recorded at their estimated fair value at the date of donation.

When constructing capital assets, interest expense incurred relating to governmental activities is not capitalized. Interest on assets being readied for service in proprietary funds is capitalized. During 2008 no interest was capitalized because no significant construction occurred in proprietary funds.

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Depreciation of all exhaustible capital assets is charged as an expense against operations for proprietary funds and is charged to the various functional expenses or business-type activities in the government-wide statement of activities. Accumulated depreciation is reported on proprietary fund and government-wide statements of net assets. Depreciation is provided over the estimated useful lives using the straight-line method. Estimated useful lives are as follows:

Buildings 5-50 years Improvements 5-25 years Equipment 2-15 years Infrastructure, depreciable (bridges and flood control) 30-45 years

The County has adopted an allowable alternative to reporting depreciation for its roads network. Under this alternative method, referred to as the “modified approach,” the County must maintain an asset management system and demonstrate that its roads are being preserved at or above condition levels established by County policy. Infrastructure assets accounted for under the modified approach are not depreciated, and maintenance and preservation costs are expensed.

1.15 Unearned and Deferred Revenues—In the government-wide statements and proprietary fund statements, unearned revenue is recorded when cash or other assets are received prior to being earned. In the governmental fund statements, deferred revenues are recorded when revenue is either unavailable or unearned.

1.16 Long-term Liabilities—In the government-wide financial statements and proprietary fund statements, long-term debt is reported as a liability. Bond premiums and discounts, defeasance costs (the difference between the carrying amount of defeased debt and its reacquisition price in bond refundings), as well as issuance costs, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount and deferred defeasance amounts. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

1.17 Compensated Absences— It is the County’s policy to permit employees to accumulate earned, but unused, vacation and sick leave benefits while they are working for the County. When an employee terminates or retires, the County pays that employee 100% of their accrued vacation leave. When an employee retires, in addition to the vacation payout, the County also pays that employee 25% of his or her accrued sick leave. Each year, as required by GASB Statement No. 16, the County records in the financial statements 100% of the accrued employee vacation leave liability and portion of the total sick leave liability. The liability recorded for sick leave is based on the sick leave attributable to current employees eligible to retire and those employees projected to retire in the future. Sick and vacation liability are recorded in the government-wide financial statements and proprietary fund statements as a liability. 1.18 Arbitrage—The County has elected to record arbitrage rebate liabilities as an expenditure in the fund to which the liability applies. 1.19 Net Assets/Fund Balances—The difference between assets and liabilities is “net assets” on the government-wide and proprietary fund financial statements and “fund balance” on the governmental fund financial statements. Net assets are divided into invested in capital assets (net of related debt), restricted, and unrestricted. Net assets are reported as restricted when constraints are placed upon them by external parties or are imposed by constitutional provisions or enabling legislation. The government-wide statement of net assets reports $144,667,828 of restricted net assets, of which $1,762,614 is restricted by enabling legislation.

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In the governmental fund financial statements, fund balances are classified as reserved, unreserved designated, or unreserved undesignated. Reserves represent those portions of fund balance not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. 1.20 Reclassifications and Restatements—Certain amounts presented in the current year’s financial statements have been reclassified from what was presented in prior years’ financial statements. Also, certain beginning net asset/fund balances have been restated to reflect the effects of changing certain estimates, recording omitted accounts and activities, and changing the categories of certain funds or activities as follows:

InternalGovernmental Business-type Grants Other Golf Service

Activities Activities Programs Nonmajor Courses Sanitation Funds

Net assets/fund balance as originallystated - January 1, 2008 895,623,989$ 61,771,865$ 4,800,272$ 106,057,168$ 11,316,809$ 19,069,499$ 120,554,559$

Change actuarial estimates in measuringnet OPEB obligation 2,763,365 75,757 - - 31,828 43,929 118,649

Record loan receivables for revolving loanprogram 989,501 - 989,501 - - - -

Reclassify deferred revenue to reserved fundbalance for revolving loan program - - 15,257,102 - - - -

Change fund type for Municipal BuildingAuthority internal service funds togovernmental funds or enterprise funds 1,325,314 (2,013,119) - 13,331,257 7,055,304 - (49,894,088)

Net assets/fund balance as restated -January 1, 2008 900,702,169$ 59,834,503$ 21,046,875$ 119,388,425$ 18,403,941$ 19,113,428$ 70,779,120$

Governmental FundsGovernment-wide Financial

StatementsProprietary Funds

2. DEPOSITS AND INVESTMENTS

2.1 Cash and Investment Pool—It is the County’s policy to follow the requirements of the Utah Money Management Act (Utah Code Annotated 1953, Section 51, Chapter 7) (the Act) in handling its depository and investment transactions. The Act creates the Utah Money Management Council (the “Council”), a five-member body, appointed by the Governor of the State, which exercises oversight of public deposits and investments. The County maintains a cash and investment pool that is used by all funds. Each major fund’s portion of this pool, and the aggregate portion of the pool relating to nonmajor funds and internal service funds, is displayed on the balance sheet for governmental funds and the statement of net assets for proprietary funds, respectively, as “pooled cash and investments.” Total non fiduciary cash and investments is also reflected on the government-wide statement of net assets. The fiduciary fund’s portion is found on the statement of fiduciary assets and liabilities. Income from the investment of the pooled cash is allocated based on each fund’s average balance in the pool. In addition, cash is separately held by several funds. 2.2 Custodial Credit Risk-Deposits—The Act requires the depositing of public funds only in a "qualified depository" or a “permitted depository”. A "qualified depository" is a Utah depository institution which complies with capital ratios and public deposit limits established by rule of the Council and which has been certified by the State

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Commissioner of Financial Institutions for deposit of public funds. A “permitted depository” is an out-of-state financial institution that meets quality criteria established by rule of the Council. The custodial credit risk for deposits is the risk that in the event of a bank failure, the County’s deposits may not be recovered. The County’s deposits are insured up to $250,000 per account by the Federal Deposit Insurance Corporation. The deposits in the bank in excess of the insured amount are uninsured and uncollateralized. Uninsured deposits are not collateralized nor are they required to be by State statute. At December 31, 2008 the bank balance of the County’s deposits was $130,098,692. Of the bank balance, $820,867 was covered by federal depository insurance, thus leaving $129,277,825 exposed to custodial credit risk as uninsured and uncollateralized. 2.3 Investments—Investments are recorded at fair value or at cost where there is no material difference from fair value based upon quoted market prices as of December 31, 2008, with the difference between the purchase price and market price being recorded as interest income. The Act also defines the types of securities allowed as appropriate investments for the County and the conditions for making investment transactions. Investment transactions are to be conducted through qualified depositories, certified dealers, or directly with the issuer of the securities. Allowable investments under the Act include: • Negotiable or nonnegotiable deposits of qualified depositories and permitted depositories.

• Repurchase agreements with qualified depositories or government security dealers certified by the director of the

State Division of Securities as meeting quality criteria established by the State Money Management Council.

• Commercial paper which is classified as “first tier” by two nationally recognized statistical rating organizations, one of which must be Moody’s Investors Service or Standard and Poor’s, which has a remaining term to maturity of 270 days or less.

• Bankers’ acceptances that are eligible for discount at a federal reserve bank and which have a remaining term of

270 days or less.

• Obligations of the United States Treasury, including bills, notes, and bonds.

• Obligations other than mortgage pools and other mortgage derivative products issued by or fully guaranteed as to principal and interest by the following agencies or instrumentalities of the United States in which a market is made by a primary reporting government securities dealer: Federal Farm Credit banks, Federal Home Loan banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Agriculture Mortgage Corporation, and Tennessee Valley Authority.

• Corporate obligations maturing in two years or less which are rated “A” or higher by two nationally recognized statistical rating organizations, one of which must be Moody’s Investors Service or Standard and Poor’s.

• Shares or certificates in a money market mutual fund that comply with Rule 2a-7 of the Securities Exchange

Commission.

• Utah Public Treasurers’ Investment Fund.

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The carrying amount and fair value of the County’s investments at December 31, 2008 are as follows:

CarryingAmount and Less More

Investment Type Fair Value Than 1 1-5 6-10 Than 10

Debt securities:U.S. Treasury bills and notes 14,130,886$ 14,130,886$ -$ -$ -$ U.S. agencies 5,404,528 5,107,326 297,202 - - Money market mutual funds 131,447,332 131,447,332 - - -

150,982,746 150,685,544$ 297,202$ -$ -$

Other investments:Utah Public Treasurers' Investment Fund 82,609,967

Total investments 233,592,713$

Investment Maturities (in years)

The Utah Public Treasurers’ Investment Fund (“the Pool”) is a voluntary external local government investment pool managed by the Utah State Treasurer to improve investment efficiency and yield. These monies are invested in securities permitted by the Act and contain no withdrawal restrictions other than timely notice of intent to withdraw an amount greater than $2 million. Investment activity of the State Treasurer in the management of the Pool is reviewed monthly by the Council and is audited by the Utah State Auditor. Monies invested in this fund are not insured and are subject to the same market risks as any similar investment in money market funds. Government and agency securities include long-term loans issued by the Agency for International Development which are registered and fully guaranteed by the Federal government. Although not currently allowable as investments under the Utah Money Management Act, these investments were acquired prior to the date that such investments became unallowable. The County has elected to hold these investments to maturity, as permitted by the Utah Money Management Act. 2.3.1 Interest Rate Risk-Investments Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The County’s policy for managing interest rate risk is to comply with the Utah Money Management Act. Section 51-7-11 of the Act requires that the remaining term to maturity of investments may not exceed the period of availability of the funds to be invested. The Act further limits the remaining term to maturity on all investments in commercial paper and bankers’ acceptances to 270 days or less and to 365 days or less for fixed rate negotiable deposits, and fixed rate corporate obligations. In addition, variable rate negotiable deposits and variable rate securities may not have a remaining term to final maturity exceeding two years. 2.3.2 Credit Risk of Debt Securities Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The County follows the Utah Money Management Act as previously discussed as its policy for reducing exposure to investment credit risk. The County’s rated debt investments as of December 31, 2008 were rated by Standard and Poor’s and/or an equivalent nationally recognized statistical rating organization and the ratings are presented below using the Standard and Poor’s rating scale.

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Carrying

Amount and QualityDebt Securities Fair Value Rating

U.S. Agencies 5,404,528$ AAAMoney Market Mutual Funds 131,447,332 AAAm

2.3.3 Custodial Credit Risk-Investment Custodial credit risk for investments is the risk that, in the event of a failure of the counter party, the County will not be able to recover the value of the investment or collateral securities that are in the possession of an outside party. The County complies with the custody requirements of the Utah Money Management Act and Rules of the Money Management Council. All investment securities are required to be held by the public treasurer, in safekeeping by a bank or trust company, or in a book-entry-only record maintained by a securities depository, in the federal book entry system or in the book-entry records of the issuer of the security in the name of the public entity. All investment securities are held in a qualified depository certified by the Commissioner of Financial Institutions as adhering to the rules of the Utah Money Management Council or in the book-entry records of the issuer of the security. 2.3.4 Concentration of Credit Risk-Investments Concentration of credit risk is the risk of loss attributed to the magnitude of an entity’s investment in a single issuer. The County’s policy for reducing this risk of loss is to comply with the Rules of the Money Management Council. Rule 17 of the Money Management Council limits investments in a single issuer of commercial paper and corporate obligations to between 5% and 10% depending upon the total dollar amount held in the portfolio. The Money Management Council limitations do not apply to securities issued by the United States government and its agencies. The County complies with the concentration limits of Rule 17 of the Utah Money Management Council. 2.4 Total Cash and Investments Total cash and investments reported at December 31, 2008 consist of the following:

Investments 233,592,713$ Cash deposits 124,685,191

Total 358,277,904 Joint venture (Landfill) cash included in pooled cash and investments held by County Treasurer (47,370,746)

Total cash and investments 310,907,158$

Cash and investments—government-wide statement of net assets 290,441,483$

Pooled cash and investments—statement of fiduciary assets and liabilities 20,465,675

Total cash and investments 310,907,158$

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2.5 Restricted Cash and Investments—Proceeds from bonded debt issues and funds restricted by constraints imposed by external parties or enabling legislation are classified as restricted assets, since their use is limited by bond covenants, terms, and conditions. Restricted cash and investments consist of the following at December 31, 2008:

1998 MBA Lease Revenue Bond in Salt Palace Expansion 2 Fund—Reserve, arbitrage, and bond funds 5,706,331$

1997 MBA Lease Revenue Bond in Riverbend Golf Course Fund—Reserve, arbitrage, and bond funds 776,511

1999 MBA Lease Revenue Bond in 1999 Bond Projects Fund—Reserve, arbitrage, and bond funds 7,970,360

2005 Sales Tax Revenue Bond in Salt Palace 3 Phase 2 Construction Fundand TRCC related Funds—Reserve, arbitrage, and bond funds 1,916,303

2007 General Obligation Bond in Recreation Bond Projects Fund 58,932,021 2008 General Obligation Bond in Open Space Fund 3,273,085 General Fund—Public land corner and monument preservation 614,024 General Fund—Drug and vice enforcement 621,797 Grant Programs Fund—Revolving loans 2,566,021 Municipal Services Fund—Drug and vice enforcement 387,714 Zoos, Arts, and Parks Fund—Recreation projects 402,382 Employee Service Reserve Fund—Insurance deposit 1,528,650 Children's Museum Construction Fund—Cash held for construction of

Children's Museum exhibits 89,440 Millcreek Fireflow Improvement District Debt Service Fund—Special assessments

collected and reserved for the payment of special assessment bonds 1,243,704 Other Municipal Building Authorities 7,624

Total 86,035,968$

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 3. PROPERTY TAXES

The County assesses, bills, collects, and distributes property taxes for all taxing jurisdictions within its boundaries, including cities, school districts, and special districts, in accordance with State law. Uncollected taxes, including delinquent amounts, are deemed to be substantially collectible or recoverable through foreclosure. Accordingly, no allowance for doubtful tax accounts is considered necessary. Property taxes are assessed and become a lien against the property as of January 1 in the year in which due. The property taxes valuation notice is sent in July, but it is not a billing. Property owners are billed in October with a payment due date of November 30th. Tax collections are recorded as funds held in a trust until disbursement.

4. RECEIVABLES

Receivables as of December 31, 2008, consist of the following:

Taxes

Due from Other

GovernmentsAccrued Revenue

Revolving Loans

Municipal Billings

Special Assessments

Interest, Rents, and

OtherTotal Other Receivables

Governmental activities:General Fund 13,689,321$ 1,815,676$ 923,841$ -$ -$ -$ 212,857$ 212,857$ Municipal Services 3,725,658 597,127 2,415,526 - 303,059 - 1,912 304,971 Grant Programs - 9,947,455 1,533,859 16,716,229 - - 10,788 16,727,017 Recreation Bond Projects - - 2,398 - - - - - Nonmajor Funds 13,231,678 3,538,373 2,627,880 - 200 3,634,568 590,171 4,224,939 Internal Service Funds 6,238 - 684,582 - 38,219 - 120,600 158,819

Total governmental activity receivables 30,652,895$ 15,898,631$ 8,188,086$ 16,716,229$ 341,478$ 3,634,568$ 936,328$ 21,628,603$

Business-type activities:Golf Courses -$ -$ 216$ -$ -$ -$ 53,950$ 53,950$ Sanitation - - 541 - - - - -

Total business typeactivity receivables -$ -$ 757$ -$ -$ -$ 53,950$ 53,950$

Other Receivables

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses as of December 31, 2008 consist of the following:

Accounts Payable

VendorsSalaries and

BenefitsService

ProvidersZoos, Arts, and Parks

Vendors and Other

Total Accrued Expenses

Governmental activities:General Fund 3,967,900$ 4,928,771$ 125,103$ -$ 72,211$ 5,126,085$ Municipal Services 1,206,042 1,324,333 194,020 - 45,992 1,564,345 Grant Programs 3,836,805 699,088 4,214,550 - 86,656 5,000,294 Recreation Bond Projects 2,082,476 - 670,270 - 670,270 Nonmajor Funds 5,789,667 8,047,527 663,336 3,065,279 4,797 11,780,939 Internal Service Funds 2,955,710 - 121,271 - 681,292 802,563

Total governmentalactivity payables 19,838,600$ 14,999,719$ 5,988,550$ 3,065,279$ 890,948$ 24,944,496$

Business-type activities:Golf Courses 96,238$ 75,418$ -$ -$ 75,418$ Sanitation 77,244 117,771 - - - 117,771

Total business-typeactivity payables 173,482$ 193,189$ -$ -$ -$ 193,189$

Accrued Expenses

As shown above, accounts payable balances are all payable to vendors. Accrued expenses, however, are an aggregation of accrued salaries and benefits payable; amounts due to service providers for health services; amounts due to zoos, arts, and parks (ZAP) in relation to local option recreation sales tax; worker's compensation liability in the Employee Services Reserve (Internal Service) Fund, along with other amounts due to vendors and other accruals.

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 6. INTERFUND RECEIVABLES AND PAYABLES

Interfund receivables and payables at December 31, 2008 consist of the following:

Due to General Fund from:Grant Programs 1,722,790$ Golf Courses 106 Nonmajor Governmental Funds 3,504

Total due to General Fund from other funds 1,726,400$

Due to Internal Service Funds from:General Fund 1,409,006$ Municipal Services 474,883 Grant Programs 215,735 Nonmajor Governmental Funds 654,504 Golf Courses 27,075 Sanitation 40,989 Internal Service Funds 87,822

Total due to Internal Service Funds from other funds 2,910,014$

Interfund balances result from the time lags between the dates that: 1) interfund goods and services are provided or reimbursable expenditures occur; 2) transactions are recorded in the accounting system; and 3) payments between funds are made. Interfund receivables and payables have been eliminated from the government-wide statement of net assets except for those amounts due between governmental and business-type activities. Such amounts are reported at the net amount as "internal balances" and offset each other to result in a zero balance in the total column.

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 7. CAPITAL ASSETS

Capital asset activity for the year ended December 31, 2008 is as follows:

Beginning EndingBalance Additions Deletions Balance

Governmental activitiesCapital assets not being depreciated:

Land 172,781,077$ 12,208,245$ (930,042)$ 184,059,280$ Infrastructure (roads) 108,200,710 2,723,619 (5,818) 110,918,511 Construction in progress 85,862,911 41,042,794 (57,771,365) 69,134,340

Total capital assets not being depreciated 366,844,698 55,974,658 (58,707,225) 364,112,131

Capital assets being depreciated:Buildings 653,155,429 47,093,319 (6,740,694) 693,508,054 Improvements other than buildings 60,618,473 5,710,007 (642,845) 65,685,635 Leasehold improvements 8,791,528 4,593,829 - 13,385,357 Furniture, fixtures, and equipment 94,612,454 9,444,818 (4,359,549) 99,697,723 Depreciable infrastructure (bridges and flood control) 38,528,863 - - 38,528,863

Total capital assets being depreciated 855,706,747 66,841,973 (11,743,088) 910,805,632

Accumulated depreciation for:Buildings (202,775,356) (20,436,481) 2,481,494 (220,730,343) Improvements other than buildings (18,760,654) (2,013,197) 211,890 (20,561,961) Leasehold improvements (3,394,560) (377,178) - (3,771,738) Furniture, fixtures, and equipment (60,698,123) (9,274,389) 3,412,616 (66,559,896) Infrastructure (bridges and flood control) (11,838,380) (780,138) - (12,618,518)

Total accumulated depreciation (297,467,073) (32,881,383) 6,106,000 (324,242,456)

Total capital assets being depreciated, net 558,239,674 33,960,590 (5,637,088) 586,563,176

Total governmental activity capital assets, net 925,084,372$ 89,935,248$ (64,344,313)$ 950,675,307$

Business-type activitiesCapital assets not being depreciated:

Land 11,224,977$ -$ -$ 11,224,977$

Capital assets being depreciated:Buildings 8,234,148 - - 8,234,148 Improvements other than buildings 26,557,089 - - 26,557,089 Leasehold improvements 736,793 - - 736,793 Furniture, fixtures, and equipment 13,740,810 4,509,104 (1,698,066) 16,551,848

Total capital assets being depreciated 49,268,840 4,509,104 (1,698,066) 52,079,878

Accumulated depreciation for:Buildings (2,379,447) (214,446) - (2,593,893) Improvements other than buildings (4,604,621) (496,069) - (5,100,690) Leasehold improvements (392,380) (25,302) - (417,682) Furniture, fixtures, and equipment (6,626,350) (1,452,782) 927,579 (7,151,553)

Total accumulated depreciation (14,002,798) (2,188,599) 927,579 (15,263,818)

Total capital assets being depreciated, net 35,266,042 2,320,505 (770,487) 36,816,060

Total business-type activity capital assets, net 46,491,019$ 2,320,505$ (770,487)$ 48,041,037$

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 Depreciation expense is charged to functions of the County as follows:

Governmental activities:General government 2,582,003$ Public safety and criminal justice 5,504,347 Social services 607,230 Education, recreation, and cultural 17,059,080 Health and regulatory 635,686 Public works 1,087,046 Tax administration 256,813 Depreciation on capital assets of the County's

internal service funds charged to the various functionsbased on their usage of the assets 5,149,178

Total depreciation expense - governmental activities 32,881,383$

Business-type activities:Golf courses 951,696$ Sanitation 1,236,903

Total depreciation expense - business-type activities 2,188,599$

The County has several construction projects in process at December 31, 2008; costs for projects under construction totaled $69,134,340 at that date. Costs to complete construction projects at December 31, 2008 are as follows:

Recreation and Parks Projects 4,145,866$ Flood Control 3,643,374 New Senior Center 632,238 New Libraries 634,488 Unincorporated Improvements 484,780 Other 874,501

Total 10,415,247$

The County has reserved a portion of fund balance in each respective fund to finance the completion of these construction contracts.

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 8. LONG-TERM LIABILITIES The following is a summary of transactions affecting long-term liabilities for the year ended December 31, 2008:

Beginning Ending Due WithinBalance Additions Reductions Balance One Year

Governmental activities:General obligation bonds 224,792,069$ 24,000,000$ (12,535,873)$ 236,256,196$ 17,086,236$ Unamortized premiums 4,854,707 153,139 (902,272) 4,105,574 - Deferred amounts on refundings (5,025,521) - 933,346 (4,092,175) -

Net general obligation bonds 224,621,255 24,153,139 (12,504,799) 236,269,595 17,086,236

Special assessment bonds 5,145,000 - (810,000) 4,335,000 475,000 Unamortized discount (9,210) - 2,088 (7,122) -

Net special assessment bonds 5,135,790 - (807,912) 4,327,878 475,000

Sales tax revenue bonds 79,700,000 - (3,095,000) 76,605,000 3,205,000 Unamortized premiums 4,172,622 - (463,174) 3,709,448 -

Net sales tax revenue bonds 83,872,622 - (3,558,174) 80,314,448 3,205,000

Lease revenue bonds (Municipal Building Authority) 38,141,755 - (12,540,000) 25,601,755 8,779,755 Unamortized premiums 99,195 - (58,350) 40,845 - Deferred amounts on refundings (293,239) - 172,494 (120,745) -

Net lease revenue bonds 37,947,711 - (12,425,856) 25,521,855 8,779,755

Obligations under capital leases 1,981,700 - (467,400) 1,514,300 480,700 Notes payable - HUD 108 program 345,000 - (345,000) - - Compensated absences 19,002,889 13,940,602 (12,345,681) 20,597,810 10,298,906 Arbitrage rebate payable 1,609,152 448,785 (1,449,943) 607,994 - Claims and judgments payable 13,076,007 48,252,334 (46,767,259) 14,560,982 - Net OPEB obligation 5,205,957 8,829,098 (2,397,857) 11,637,198 -

Total governmental activity long-term liabilities 392,798,083$ 95,623,958$ (93,069,881)$ 395,352,060$ 40,325,597$

Business-type activities:General obligation bonds 11,412,931$ -$ (19,127)$ 11,393,804$ 763,764$ Unamortized premiums 637,320 - (90,652) 546,668 - Deferred amounts on refundings (1,139,024) - 162,015 (977,009) -

Net general obligation bonds 10,911,227 - 52,236 10,963,463 763,764

Lease revenue bonds (Municipal Building Authority) 13,294,245 - (2,025,000) 11,269,245 2,134,245 Unamortized premiums 14,389 - (2,636) 11,753 - Deferred amounts on refundings (297,050) - 68,603 (228,447) -

Net lease revenue bonds 13,011,584 - (1,959,033) 11,052,551 2,134,245

Compensated absences 397,141 324,138 (274,279) 447,000 223,500 Arbitrage rebate payable 58,401 30,559 - 88,960 - Net OPEB obligation 100,874 172,311 (46,797) 226,388 -

Total business-type activity long-term liabilities 24,479,227$ 527,008$ (2,227,873)$ 22,778,362$ 3,121,509$

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8.1 General Obligation Bonds—The County issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. In addition, general obligation bonds have been issued to refund general obligation bonds and lease revenue bonds. General obligation bonds are direct obligations and pledge the full faith and credit of the County. The County is subject to a statutory limitation, by the State of Utah, of bonded general obligation indebtedness of two percent of the most recent adjusted fair market value of taxable property. The limit for the County as of December 31, 2008 was $2,404,492,525, providing a debt margin of $2,156,842,525.

General obligation issues at December 31, 2008 consist of the following:

Series PurposeOriginal Amount

Remaining Interest Rate

RangeFinal

Maturity Date

Current Outstanding

Balance

2001 Refund 1995 general obligation public building bonds used to finance construction of Adult Detention Complex $ 73,810,000 4.27 - 5.00% 2015 $ 57,270,000

2004A Refund callable maturities of MBA lease revenue bonds, Series 1994A, 1996A, and 1999 102,795,000 4.28 - 5.00% 2021 95,935,000

2004B Finance the construction/acquisition of the children's museum for the County 15,000,000 4.00 - 5.00% 2018 10,770,000

2007 Finance the construction/acquisition, renovation, and equipping of recreational facilities and related improvements

65,000,000 4.00 - 5.00% 2017 60,675,000

2008 Finance the acquisition and preservation of open space, natural habitat, parks, and community trails 24,000,000 3.25 - 4.25% 2027 23,000,000

$247,650,000

Governmental activities $236,256,196 Business-type activities 11,393,804

$247,650,000

8.2 Special Assessment Debt with Government Commitment—The County issues special assessment debt when the proceeds benefits a specific area within the County and related residential and commercial areas can be reasonably identified.

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Special assessment issues with County commitments at December 31, 2008 consist of the following:



RangeFinal

Maturity Date

Current Outstanding

Balance

2006 Improve water flow for fire protection and increase the number of fire hydrants in the Millcreek Firefllow Improvement District

$ 6,845,000 3.63 - 4.00% 2016 $ 4,335,000

8.3 Sales Tax Revenue Bonds—The County issues sales tax revenue bonds to provide funds for the acquisition, construction, and expansion of major capital facilities. These bonds are not considered general obligations of the County, but are special limited obligations secured by and payable solely from the County's pledged sales tax receipts.

Sales tax revenue issues at December 31, 2008 consist of the following:



RangeFinal

Maturity Date

Current Outstanding

Balance

2001 Finance the cost of construction/acquisition and equipping of the Clark Planetarium $ 16,055,000 4.25 - 5.25% 2017 $ 10,850,000

2004 Finance costs associated with the expansion of and related improvements to the Salt Palace Convention Center 14,700,000 3.00 - 5.00% 2024 12,905,000

2005 Finance costs associated with the expansion of the Salt Palace Convention Center and a parking structure at the South Towne Exposition Center and related improvements 57,095,000 3.50 - 5.00% 2025 52,850,000

$ 76,605,000

8.4 Lease Revenue Bond—Lease revenue bonds are issued by the Salt Lake County Municipal Building Authority, a blended component unit of the County. These bonds are not considered general obligations of the County, but are special limited obligations payable from the lease revenues derived from the assets acquired or constructed with bond proceeds.

Bond covenants require a reserve fund in the amount of $741,819 (Riverbend), $5,704,158 (Salt Palace Expansion 2), and $7,684,909 (1999 Bond Projects) to be used only for the payment of principal and interest on the lease revenue bonds. The County maintains and classifies these reserve funds in the respective funds restricted cash accounts.

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Lease revenue issues at December 31, 2008 consist of the following:



RangeFinal

Maturity Date

Current Outstanding

Balance

1997 Refund the $7,140,000 remaining balance on the Series 1992 original Riverbend Golf Course lease revenue bonds $ 7,835,000 4.75 - 5.00% 2012 $ 2,605,000

1999 Finance the construction of South Towne Exposition Center, a County-wide emergency operations center, and the acquisition of South Mountain Golf Course 91,970,000 5.50% 2009 3,945,000

2001A Refund part of the MBA's lease revenue bonds: Series 1994 (originally used to finance the construction of the Salt Palace renovation) and Series 1996 (originally used to construct the Old Mill Golf Course) 34,240,000 4.50 - 5.00% 2017 18,835,000

2002A Purchase the Ambassador Building which is leased by the County to the University of Utah 13,390,000 5.26% 2027 11,486,000

$ 36,871,000

Governmental activities $ 25,601,755 Business-type activities 11,269,245

36,871,000$

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8.5 Debt Service Requirements of Bonds—Debt service requirements on bonds (long-term debt) at December 31, 2008 are as follows:

Years EndingDecember 31 Principal Interest Principal Interest Principal Interest Principal Interest

2009 17,086,236$ 10,591,990$ 475,000$ 160,774$ 3,205,000$ 3,661,637$ 8,779,755$ 1,293,495$ 2010 22,475,084 9,679,817 490,000 143,100 3,315,000 3,542,312 6,114,000 852,297 2011 23,875,091 8,656,926 505,000 124,440 4,080,000 3,417,256 421,000 557,770 2012 25,381,149 7,507,070 530,000 104,510 4,260,000 3,223,513 444,000 535,337 2013 26,962,106 6,297,023 550,000 83,175 4,415,000 3,015,587 467,000 511,693

2014 - 2018 91,923,471 15,043,045 1,785,000 111,038 23,880,000 11,613,520 2,736,000 2,157,521 2019 - 2023 22,278,059 3,145,322 - - 23,460,000 6,000,200 3,547,000 1,346,429 2024 - 2027 6,275,000 677,692 - - 9,990,000 699,125 3,093,000 333,852

Total 236,256,196$ 61,598,885$ 4,335,000$ 727,037$ 76,605,000$ 35,173,150$ 25,601,755$ 7,588,394$

Years EndingDecember 31 Principal Interest Principal Interest

2009 763,764$ 509,421$ 2,134,245$ 552,252$ 2010 799,916 470,908 1,395,000 443,289 2011 839,909 430,674 1,460,000 374,809 2012 883,851 388,505 1,535,000 306,448 2013 927,894 344,271 870,000 232,830

2014 - 2018 5,826,529 994,030 3,875,000 493,440 2019 - 2023 1,351,941 46,752 - -

Total 11,393,804$ 3,184,561$ 11,269,245$ 2,403,068$

General Obligation Lease Revenue

Governmental Activities - BondsGeneral Obligation Special Assessment Sales Tax Revenue Lease Revenue

Business-type Activities - Bonds

8.6 Defeased Bonds—In prior years, the County defeased certain general obligation and lease revenue bonds by placing the proceeds of the new refunding bonds in an irrevocable trust escrow account to provide for future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the statement of net assets. At December 31, 2008, $169,605,000 general obligation and lease revenue bonds outstanding are considered defeased. 8.7 Capital Lease Obligations—The County is obligated under one lease accounted for as a capital lease in governmental activity long-term liabilities and governmental activity capital assets. This lease is for the City/County Building facilities, and has a remaining lease period of 3 years. The County also has a capital lease for office space located at the West Jordan Courthouse, for which there is 22 years yet remaining. No capital lease liability exists for this lease since the County paid the fair value of the leasehold improvements at the inception of the lease.

The assets (recorded as governmental activities) acquired through these two capital lease are as follows:

Buildings 7,094,966$ Leasehold improvements 738,936 Accumulated depreciation (3,291,237)

Net capital assets financed by obligations under capital leases 4,542,665$

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The following is a schedule of future minimum lease payments under capital leases in governmental activity long-term debt, together with the present value of the net minimum lease payments as of December 31, 2008:

Year Ending December 31,

2009 554,011$ 2010 555,180 2011 556,605

Total net minimum lease payments 1,665,796 Amount representing interest (151,497)

Present value of net minimum lease payments 1,514,300$

8.8 Note Payable—HUD 108 Program—On March 2, 1994, the County borrowed $2,000,000 from the U.S. Department of Housing and Urban Development for loan guarantee assistance under Section 108 of the Housing and Community Development Act of 1974. On June 5, 1996, the County borrowed another $3,000,000 as part of the same series. The interest rate, while fixed for each year’s payment, varied with each year’s debt service, in a range from 3.82 to 7.05%. Final debt service payments were paid August 1, 2008. 8.9 Arbitrage Rebate Payable—Interest paid on the debt issued by the County is exempt from federal income tax. The County sometimes temporarily invests the proceeds of tax-exempt debt in higher-yield securities during construction projects. Excess earnings resulting from arbitrage must be rebated to the federal government. Federal law requires that arbitrage be calculated and rebated at the end of each five-year period that tax-exempt debt is outstanding and at maturity. Governmental funds recognize an expenditure for arbitrage when payments are made. In the government-wide financial statements and proprietary funds, an arbitrage obligation is recorded as a liability and expense as excess earnings occur. Arbitrage rebate payable activity by bond issue for the year ended December 31, 2008 is as follows:

Beginning Ending

Issue Balance Accrual Payments Balance

2007 General obligation bond -$ 208,667$ -$ 208,667$ 2006 Special assessment bond 1,947 7,747 - 9,694 2005 Sales tax revenue bond 705,544 - (614,557) 90,987 1999 Lease revenue bond 954,387 253,236 (835,386) 372,237 1997 Lease revenue bond 5,675 9,694 - 15,369

1,667,553$ 479,344$ (1,449,943)$ 696,954$

Governmental activities 1,609,152$ 448,785$ (1,449,943)$ 607,994$ Business-type activities 58,401 30,559 - 88,960

1,667,553$ 479,344$ (1,449,943)$ 696,954$

8.10 Claims and Judgments Payable—The County records a liability for claims or judgments when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated.

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The following tables shows the changes in the aggregate liabilities of claims for the years ended December 31, 2008 and 2007 as reported in the Governmental Immunity (Internal Service) Fund:

2008 2007 2008 2007 2008 2007 2008 2007

Beginning balance 2,800,877$ 3,214,518$ 153,755$ 150,099$ 6,844,349$ 6,671,753$ 3,277,026$ 1,138,750$

Claims incurred 37,455,030 31,456,193 3,569,752 3,294,747 4,074,277 1,967,980 3,153,275 2,601,461

Claims paid (37,782,192) (31,869,834) (3,501,270) (3,291,091) (2,953,596) (1,795,384) (2,530,301) (463,185)

Ending balance 2,473,715$ 2,800,877$ 222,237$ 153,755$ 7,965,030$ 6,844,349$ 3,900,000$ 3,277,026$

Medical Insurance Dental InsuranceWorker's Compensation and

Industrial Medical Legal Claims

9. PENSION PLANS

9.1 Plan Descriptions—The County contributes to the following cost-sharing multiple-employer defined benefit pension plans (Systems) administered by the Utah Retirement Systems (URS).

• Local Government Contributory Retirement System • Local Government Noncontributory Retirement System • Public Safety Contributory Retirement System with Social Security coverage • Public Safety Noncontributory Retirement System with Social Security coverage The Systems provide retirement benefits, annual cost of living adjustments, death benefits, and refunds to plan members and beneficiaries in accordance with retirement statutes.

The Systems are established and governed by the respective sections of Chapter 49 of the Utah Code Annotated 1953 as amended. The Utah State Retirement Office Act in Chapter 49 provides for the administration of the Systems under the direction of the Utah State Retirement Board whose members are appointed by the Governor. The Systems issue a publicly available financial report that includes financial statements and required supplementary information for each of the systems included above. A copy of the report may be obtained by writing to the Utah Retirement Systems, Salt Lake City, Utah 84102 or by calling 1-800-365-8772.

9.2 Funding Policy—The contribution requirements of the Systems are authorized by statute and specified by the Utah State Retirement Board. The contribution rates are actuarially determined rates. Plan members in each system are required to contribute a percentage of their annual covered salary and Salt Lake County is required to contribute a percentage of the employee’s annual covered salary (Salt Lake County pays both the employee and employer rate.) The 2008 contribution rates are outlined below:

EmployeeContributions County's

Paid by County Contribution

Local Government Contributory 6.00% 7.61%Local Government Noncontributory - 11.62%Public Safety Contributory Retirement 12.29% 11.22%Public Safety Noncontributory Retirement - 22.61%

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The County’s contributions in dollars to each of the systems for the years ending December 31, 2008, 2007, and 2006, were equal to the required contributions for each year. The contribution amounts are as follows (the Contributory and Noncontributory divisions of the Public Safety Retirement System are treated as a single plan by the URS and are shown as such in the table that follows):

2008 2007 2006

Local Government Contributory Retirement 694,778$ 704,785$ 771,064$ Local Government Noncontributory Retirement 15,058,234 13,808,022 12,098,942 Public Safety Retirement 9,539,029 8,882,135 7,876,653

Certain County elected and appointed officials participate in the Exempt Employees Retirement Plan, a 401(k) defined contribution retirement plan administered by the Wells Fargo Bank Trust Department. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. Participants are fully vested in employer and employee contributions. The County’s contribution rate is determined by resolution of the County Council. The County’s total payroll in 2008 was $204,965,635. The County’s contribution for 2008 was calculated using the total participants’ salary amount of $3,350,554. The required 11.82 percent contribution was made which amounted to $396,035 for the year ended December 31, 2008. The participants’ contributions for the year ended December 31, 2008 totaled $183,703 or approximately 5.5% of the total participants’ salary.

The County also sponsors a defined contribution retirement plan under Internal Revenue Code 401(k) that is administered by the URS. The Plan covers County employees who participate in the Systems. Participants are fully vested in employer and employee contributions. The County’s contribution rates in effect during 2008 were as follows:

ContributionRate

Utah Retirement System - Contributory 0.95%Utah Retirement System - Noncontributory 3.00%

The County’s contribution rates are determined by resolution of the County Council. The County’s total payroll in 2008 was $204,965,635. The County’s contributions for 2008 were calculated using the total participants’ salary amount of $134,686,230. The required contributions were made which amounted to $4,836,045 for the year ended December 31, 2008. Participants may make tax deferred contributions through a salary reduction agreement up to a maximum of $20,500 per year. The participants’ contributions for the year ended December 31, 2008 totaled $7,491,277 or approximately 4.2% of the total participant’s salary.

10. DEFERRED COMPENSATION PLANS

The County offers its employees two deferred compensation plans created in accordance with Internal Revenue Code Section 457. The plans, available to all County employees, permit employees to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. The URS administers the assets of one plan, and Nationwide Retirement Solutions, Inc. (Nationwide) administers the assets of the other plan. Effective 1997, both the URS and Nationwide have adopted GASB Statement No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans. As a result, all of the assets and income of the 457 Plan are held in pooled investment fund trusts by the URS or Nationwide for the exclusive benefit of the participants or their beneficiaries rather than as assets of the employer. Since the URS and Nationwide are the fiduciaries of these assets, the County is not required to report the assets.

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Each plan is included in a publicly available financial report that includes financial statements and required supplementary information. A copy of the URS report may be obtained by writing to the Utah Retirement Systems, Salt Lake City, Utah 84102, by calling 1-800-365-8772 or by visiting their website at www.urs.org. A copy of the Nationwide report may be obtained by writing to the Nationwide Deferred Compensation Service Center, Accounting Department, One Nationwide Plaza, Columbus, Ohio 43216, by calling 1-800-545-4730, or by visiting their website at www.nationwide.com/investor-relations/financial-reports.jsp.

11. OTHER POSTEMPLOYMENT BENEFITS

11.1 Plan Description—In addition to the pension benefits described in Note 9, the County provides postemployment health care and life insurance benefits, through a single employer defined benefit plan, to all employees who retire from the County and qualify to retire from the Systems. The benefits, benefit levels, employee contributions, and employer contributions are governed by County policy, and can be amended at any time. The plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the plan. The plan does not issue a separate report. The activity of the plan is reported in the County’s Employee Service Reserve (Internal Service) Fund.

11.2 Funding Policy—The County currently pays for postemployment benefits on a “pay-as-you-go” basis. Although the County is studying the establishment of a trust that would be used to accumulate and invest assets necessary to pay for the accumulated liability, these financial statements assume that “pay-as-you-go” funding will continue.

11.3 Annual OPEB Cost and Net OPEB Obligation—The County’s annual other postemployment benefit (OPEB) cost (expense) is calculated based on the employer’s annual required contribution (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities over a period not to exceed thirty years. For the year ended December 31, 2008, the County’s annual OPEB cost (expense) is $9,099,406, including the landfill. The following table shows the components of the County’s annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the County’s net OPEB obligation:

Annual required contribution 9,023,212$ Interest on net OPEB obligation 267,989 Adjustment to annual required contribution (191,795)

Annual OPEB cost (expense) 9,099,406 Contributions made (2,471,269)

Increase in net OPEB obligation 6,628,137 Net OPEB obligation-beginning of year 5,359,786

Net OPEB obligation-end of year 11,987,923

Landfill portion of OPEB obligation (124,337)

Net OPEB obligation without the landfill 11,863,586$

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The County’s annual OPEB cost (including the landfill), the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for the years ending December 31, 2007 and 2008 are as follows:

Annual Percentage of

Year Ended OPEB Employer Annual OPEB Net OPEBDecember 31, 2008 Cost Contributions Cost Contributed Obligation

2007 7,739,491$ 2,379,705$ 30.7% 5,359,786$ 2008 9,099,406 2,471,269 27.2% 11,987,923

11.4 Funded Status and Funding Progress—The funded status of the plan as of December 31, 2008 is as follows:

Actuarial accrued liability (AAL) 148,718,228$ Actuarial value of plan assets - Unfunded actuarial accrued liability (UAAL) 148,718,228 Funded ratio (actuarial value of plan assets/AAL) 0%Covered payroll (active plan members) 168,658,187 UAAL as a percentage of covered payroll 88.2%

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, shown as required supplementary information following the notes to the financial statements, presents the results of OPEB valuations as of December 31, 2008 and looking forward, the schedule will eventually provide multiyear trend information about whether the actuarial values of plan assets are increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. 11.5 Actuarial Methods and Assumptions—Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. In the December 31, 2008 actuarial valuation, the entry age actuarial cost method was used. The actuarial assumptions included a 5% investment rate of return (net of administrative expenses) and an annual healthcare cost trend rate of 12% initially, reduced by decrements to an ultimate rate of 4.5% after eleven years. Both rates included a 4.5% inflation assumption. The actuarial value of assets was not determined as the County has not advance funded its obligation. The UAAL is being amortized as a level percentage of payroll over an open thirty year period.

12. LAND LEASE WITH PURCHASE OPTION

The County leases approximately 9.81 acres of land on blocks 77 and 78 in downtown Salt Lake City from the Church of Jesus Christ of Latter-day Saints. The County’s Abravanel (Symphony) Hall, Art Center, and a portion of the Salt Palace occupy this land. The current lease agreement was executed in November 1984 and terminates February 28, 2024. The lease continues until May 31, 2034 on a small 0.68 acre parcel. Terms of the lease agreement are as follows:

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• The County agrees to purchase the land during the term of the lease. • Rental for the land is $1.00 per year. • In exchange for the low rental rate, the Lessor is granted the use of the Art Center and portions of the Salt Palace

and Symphony Hall at certain times without a rental charge. The rental which would have been charged accrues beginning January 1, 1983. The County is given credit toward the purchase price of the land for the amount of the accrued rental at the time of purchase. This credit amounts to $83,178 of December 31, 2008.

• If the County purchases the land prior to November 4, 2016, the purchase price will be $3,302,218 plus interest of

$103,565 per year, commencing January 1, 1983. If the County purchases the land after November 4, 2016, the purchase price will be the greater of the amount just stated, or the fair value on the date of purchase.

13. RISK MANAGEMENT

13.1 Property Insurance—The County carries an all-risk commercial property policy with various deductibles including: $100,000 per occurrence for general property losses, $20,000 boiler and machinery, and $10,000 for contractor’s equipment. Other deductibles apply for specific losses such as earthquake and flooding. The policy carries a total loss limit of $500,000,000 per occurrence with sub-limits for earth movement and flood of $75,000,000 per occurrence. This last year the County experienced a flood in the North Building of the Government Center, this required repairs and an insurance payment of $193,000 after applying the deductible.

13.2 Self Insurance—The County is self-insured for worker’s compensation; however, the State Labor Commission requires the County to purchase excess worker’s compensation coverage. The County retains $750,000 per occurrence. The County retains general liability for its operations and facilities. Spectacor Management Group, contract managers of the Salt Palace and South Towne Convention Centers, provide general liability insurance for their operations including the maintenance of both facilities; however, the County is still responsible for liability resulting from building design issues. The Governmental Immunity (Internal Service) Fund has been established to pay self-insured claims for general liability, automobile coverage, certain property exposures, and employee indemnification. Workers’ compensation claims are managed by risk management staff and paid from the Employee Service Reserve (Internal Service) Fund. Salt Lake County has a self-insurance fund for employee and retiree medical that is administered by Public Employees Health Plan and self-insurance fund for employee and retiree dental that is administered through Regence Blue Cross Blue Shield of Utah. Specific and aggregate stop loss coverage on the medical plan is provided to limit the ultimate exposure of the County. GASB Statement No. 10 requires a liability for claims to be reported if information prior to the issuance of the financial statements indicates it is probable a liability has been incurred at the date of the financial statements and the amount can be reasonably estimated.

The County has recorded the investments of the self-insurance fund at December 31, 2008 and the estimated liability for self –insurance claims at that date in the statement of net assets. The income and expenses related to administration of self-insurance and estimated provision for the claims liabilities for the year then ended are recorded in the statement of revenues, expenses, and changes in net assets. Changes in the County’s estimated self-insurance claims liability are summarized in Note 8.10. 13.3 Legal Contingent Liability Claims—The County records a liability for claims or judgments when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated.

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In addition to the liability disclosed above for claims or judgments, the County and certain of its officials are defendants in a variety of legal actions involving matters of contract, property, tort, taxation, and civil rights totaling over $7 million plus attorneys’ fees and interest in some cases. The County is vigorously contesting all of these matters, but as of this date it is not possible to determine the outcome of these proceedings. The resolution of these matters is not expected to have a material adverse effect on the County’s financial position.

Changes in the County’s estimated legal contingent liability claims liability are summarized in Note 8.10. 14. COMMITMENTS

14.1 Commitments—At December 31, 2008, the County has entered into agreements primarily with other governments and vendors to provide services as follows:

Fire Stations 2,000,000$ Tourism, Recreation, Culture, and Conventions (TRCC) 9,860,500 Professional Services 463,256 Consultant Fees 198,154

Total 12,521,910$

The $2,000,000 commitment to Fire Stations represents a commitment of $250,000 for the next eight years to the Unified Fire Authority. The TRCC contribution commitment is for future contributions, mostly to other governmental entities, to promote tourism, recreation, and culture; these commitments extend to 2028 and will be financed from future sales tax revenues. $200,000 is encumbered for professional services provided by the University of Utah. The services include studying nationwide best practices, and providing the County with a capital facilities plan. Approximately $100,000 of consultant fees relate to a seismic study to be performed in Magna, which was funded by Kennecott. 14.2 Operating Lease Obligations—The County leases office facilities and other public purpose buildings under a variety of month-to-month and long-term leases. All long-term leases include either an early-termination clause or nonfunding cancellation clause to comply with State statute. The County funds existing lease contracts in the normal course of adopting the budget. Total costs for these leases were approximately $2.5 million for 2008. The future minimum lease payments as of December 31, 2008 are as follows:

2009 2,590,872$ 2010 2,530,080 2011 2,355,528 2012 1,770,672 2013 102,168 2014 3,300

9,352,620$

15. JOINT VENTURES

15.1 City/County Landfill—The County is a member of a joint venture known as the City/County landfill (or Solid Waste Management Facility) in which Salt Lake City Corporation and Salt Lake County each have a fifty percent interest. The joint venture was created to provide solid waste management and disposal services. The County’s equity in the net resources of the City/County landfill at December 31, 2008 is $22,368,198. Such interest is reported as an enterprise fund in the Solid Waste Management Facility Fund and as investment in joint ventures in the business-type activities column of the government-wide statement of net assets.

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The 2000 Interlocal Cooperation Agreement (replacing an earlier 1979 agreement) establishes the “Salt Lake Valley Solid Waste Management Council” (the Council). The Council consists of five members: one member designated by the Salt Lake County Mayor; one member designated by the Salt Lake City Mayor; one designated by the Salt Lake County Council of Governments; one member of the Salt Lake Valley Board of Health or the Director of Health or designee; and one member with technical expertise in the field of solid waste management. The Council has the power and duties to:

• Establish rules and regulations for the conduct of Council meetings.

• Adopt and alter rules and regulations that are in the public interest relevant to efficient solid waste management.

• Determine the method of establishing rate structures for services and facilities.

• Make determinations of public need concerning waste management issues.

• Appoint committees to study, consider, and make recommendations on matters to be presented.

• Assist the Director in all operations of solid waste facilities and programs.

The Council is also responsible to make recommendations to the governing bodies of the City and the County, which have equal power to review, ratify, modify, or veto any actions submitted by the Council. A few of these recommendations include the following:

• Appointment and removal of an Executive Director who is directly responsible to the Council. The City does not have equal power regarding this.

• Plan, establish, and approve all construction and expansion projects for solid waste processing and disposal operations.

• Approve and recommend annual operating budget prepared by the Fiscal Manager.

The Council has developed a master plan designed to comply with environmental standards established by the federal, state, and local governments. In connection with this plan, the Council has established user fees at a level sufficient to cover all operating costs, including post closure costs required under federal law. Audited financial statements for the City/County landfill may be obtained from Salt Lake County Public Works, 2002 South State Street, Room N4100, Salt Lake City, Utah 84190.

15.2 Sugarhouse Park Authority—Within the General Fund, the County has a fifty percent ownership interest in the Sugarhouse Park Authority, a joint venture with Salt Lake City Corporation created in 1957 for the purpose of maintaining and improving land used as a public park. The County’s equity in the net resources of the Park Authority as of December 31, 2008 totaled $85,837. $438,075 of the equity relating to investment in capital assets has been included in governmental activity investment in joint ventures in the government-wide statement of net assets.

The 126 acre regional park is a popular site for many City and County residents due to its convenient location and relative expanse. The Park Authority is governed by a Board of Trustees consisting of nine members: one appointed by the City; one appointed by the County; and seven members appointed jointly by the City and County Trustees. Currently, the City provides water needed to maintain the park for a fee. Further, the Park Authority has contracted with the County’s Parks & Recreation to provide maintenance services. In 2008, the Park Authority paid the County $356,868 for such services.

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A five-year contract was signed between Sugarhouse Park Authority and Salt Lake County Parks and Recreation Department in May 2002. Under the contract, Salt Lake County Parks and Recreation is responsible for daily management, operation, and maintenance of the Park.

Revenues to operate the park are generated primarily from equal contributions from the City and County. Contributions from the County totaled $190,184 during the year ended December 31, 2008. Other revenues include reservation fees, various park programs, and interest earnings. Audited financial statements for the Park Authority may be obtained from Salt Lake County Parks & Recreation, 2002 South State Street, Room S4700, Salt Lake City, Utah 84190.

16. BUDGETARY—GAAP REPORTING RECONCILIATION The accompanying statements of revenues, expenditures, and changes in fund balances—budget and actual—budgetary basis include comparisons of the legally adopted budgets (original and final) with actual data on a budgetary basis for the General Fund and each major special revenue fund. Since accounting principles applied for purposes of developing data on a budgetary basis differ from those used to present the financial statements in conformity with GAAP, the following reconciliation shows the adjustments necessary at December 31, 2008 to convert from the budgetary basis to the GAAP basis statements in the General Fund and each major special revenue fund:

Municipal Grant

General Fund Services Fund Programs FundRevenues:Actual total revenues (budgetary basis) 220,770,547$ 60,099,264$ 47,757,574$ Differences - Budget to GAAP:

Intrafund revenues are budgetary revenues butare not revenues for GAAP (9,528,021) (1,193,996) -

Total revenues as reported on the Statementof Revenues, Expenditures, and Changes inFund Balances - Governmental Funds (GAAP) 211,242,526$ 58,905,268$ 47,757,574$

Expenditures:Actual total expenditures (budgetary basis) 222,599,888$ 72,849,871$ 75,798,059$ Differences - Budget to GAAP:

Intrafund expenditures are budgetary expendituresbut are not expenditures for GAAP (9,528,021) (1,193,996) -

Prior year encumbrances paid in 2008 werebudgetary expenditures for the prior year but are current expenditures for GAAP 1,346,712 4,870,694 279,120

Encumbrances new in 2008 are budgetary expenditures but are not expenditures for GAAP (2,112,558) (1,782,186) (273,247)

Total expenditures as reported on the Statementof Revenues, Expenditures, and Changes inFund Balances - Governmental Funds (GAAP) 212,306,021$ 74,744,383$ 75,803,932$

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On the governmental fund balance sheets, reserved for encumbrances represents outstanding encumbrances at year end. Encumbrances remain outstanding until they are either recognized as expenditures in conformity with GAAP or canceled. The following is a summary of transactions affecting the balance in reserved for encumbrances in the General Fund and each major special revenue fund for the year ended December 31, 2008.

Municipal Grant

General Fund Services Fund Programs Fund

Balance January 1, 2008 2,209,469$ 5,148,968$ 460,969$ Prior year encumbrances paid in 2008 (1,346,712) (4,870,694) (279,120) Encumbrances new in 2008 2,112,558 1,782,186 273,247 Prior year encumbrances canceled during 2008 (542,175) (18,317) (35,682)

Balance December 31, 2008 2,433,140$ 2,042,143$ 419,414$

17. INTERFUND TRANSFERS

The following table provides a reconciliation of all interfund transfers for the year ended December 31, 2008:

Transfers Out

Recreation Nonmajor InternalGeneral Municipal Bond Governmental Service Enterprise Transfers

Fund Services Projects Funds Funds Funds InTransfers in:

General Fund -$ 942,709$ 2,925,687$ 22,113,696$ 753,852$ 98,836$ 26,834,780$ Municipal Services Fund 3,287,805 3,287,805 Grant Programs Fund 26,900,000 202,796 27,102,796 Recreation Bond Projects 210,000 210,000 Nonmajor Governmental Funds 5,661,000 2,613,000 53,698,599 1,520,071 3,232,124 66,724,794 Internal Service Funds 207,902 207,902 Enterprise Funds 1,500,000 406,617 163,696 2,070,313

Total Transfers out 34,061,000$ 3,962,326$ 2,925,687$ 76,022,295$ 6,136,122$ 3,330,960$ 126,438,390$

Transfers from the General Fund to the Grant Programs Fund reflect property tax funding of grant programs. Transfers from the General Fund to nonmajor governmental funds relate primarily to tax administration expenditures, West Jordan Courts capital improvements, and ZAP administration expenditures. The transfer from the General Fund to Enterprise Funds is primarily a subsidy to the golf courses. Transfers from the Municipal Services Fund to the General Fund are primarily for indigent legal services, council community service expenditures, and closure of the reservation for impact fees. Transfers from nonmajor governmental funds to the General Fund are primarily for recreation expenditures, an equestrian park subsidy, and return of open space startup costs. Transfers from nonmajor governmental funds to other nonmajor governmental funds relate to the transfers from the TRCC (Special Revenue) Fund to pay primarily for MBA bond debt service and capital project fund. Transfers from Internal Service Funds to the General Fund are primarily from Fleet Management (Internal Service) Fund for user fee reductions, and search and rescue equipment. Other transfers from Internal Service Funds to nonmajor governmental funds include amounts for debt service on the MBA Midvale Bond Project and for capital projects at the Government Center.

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SALT LAKE COUNTY Notes to the Basic Financial Statements Year Ended December 31, 2008 18. CONDUIT DEBT

The County has issued Industrial Revenue Bonds to provide financial assistance to private-sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-sector entity served by the bond issuance. The County is not obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2008, there were thirty-one series of Industrial Revenue Bonds outstanding. The aggregate principal amount payable for the thirteen series issued after July 1, 1995 was $307,122,000. The aggregate principal amount payable for the eighteen series issued prior to July 1, 1995 could not be determined; however, their original issue amounts totaled $241,295,000.

19. RELATED PARTY TRANSACTION

The Salt Lake Valley Fire Service Area (SLVFSA), an entity related to the County, has a contractual agreement with the Unified Fire Authority to provide fire protection and paramedic services in the unincorporated County area. An elected member of the Salt Lake County Council also serves as the Deputy Chief for the Unified Fire Authority. For 2008, approximately $5 million was paid to the Unified Fire Authority for fire protection, paramedic services, and various other obligations. The County Council member referred to is not a member of the SLVFSA Board of Trustees and has no voting authority with respect to this entity.

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SALT LAKE COUNTY Information About Infrastructure Assets Reported Using the Modified Approach Year Ended December 31, 2008 As allowed by GASB Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, the County has adopted an alternative method for reporting costs associated with certain infrastructure assets. Under this alternative method, referred to as the “modified approach,” infrastructure assets are not depreciated, and maintenance and preservation costs are expensed. The County capitalizes costs related to new construction, major replacements, and improvements that increase the capacity and/or efficiency of infrastructure assets reported under the modified approach.

In order to utilize the modified approach, the County is required to: • Maintain an asset management system that includes an up-to-date inventory of eligible infrastructure assets. • Perform and document replicable condition assessments of the eligible infrastructure assets and summarize the results

using a measurement scale. • Estimate each year the annual amount to maintain and preserve the eligible infrastructure assets at the condition level

established and disclosed by the County. • Document that the infrastructure assets are being preserved approximately at, or above the condition level established by

the County.

Roads Salt Lake County applies the modified approach only to the 921 lane-miles of roads that are owned by the County and maintained by the County’s Public Works Department. The goal of the County in conjunction with adopting the modified approach is to develop and provide a cost effective pavement maintenance and rehabilitation program that preserves the County’s investment in its road network and enhances public transportation and safety. Measurement Scale The condition of road pavement is measured using the County Pavement Management System. This system uses a measurement scale that considers the condition of the highways and roads as denoted by a Pavement Condition Index (PCI), ranging from 0 to 100. The PCI is used to classify roads into categories as follows:

Category PCI Rating Range Description

Very Good 94 – 100 New or nearly new pavement which provides a very smooth ride and is mainly free of distress. (No maintenance work needed.)

Good 76 – 93 Pavement which provides an adequate ride, and exhibits few, if any, visible signs of distress. (Minor maintenance may be needed.)

Fair 64 – 75 Surface defects in this category such as cracking, rutting, and raveling are affecting the ride of the user (Major maintenance is likely needed.)

Poor 41 – 63

These roadways have deteriorated to such an extent that they are in need of resurfacing, and the ride is noticeably rough. (Structural improvements, in addition to major maintenance, are likely needed.)

Very Poor 0 – 40 Pavement in this category is severely deteriorated, and the ride quality is unacceptable. (Complete road reconstruction is likely needed.)

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SALT LAKE COUNTY Information About Infrastructure Assets Reported Using the Modified Approach (Continued) Year Ended December 31, 2008 Established Condition Level It is the County’s policy to maintain at least 50% of its roads/highways at or above the “good” condition level, and no more than 10% at a “very poor” condition. Condition assessments are performed by geographic district within the network on approximately one-third of the roads/highways each year, in order to achieve a complete condition assessment at least every three years. Assessed Conditions The following table reports the percentage of pavement meeting the “very good” and “good” condition ratings, as well as those falling into the “very poor” category, as assessed in 2008, 2007, and 2006.

Category 2008 2007 2006

Very good/good 57% 60% 75%Very poor 3% 4% 1%

The following table represents the County’s estimated amounts needed to maintain and preserve its road network at or above its established condition levels, as well as the amounts actually spent on road maintenance and preservation, for each of the past five reporting periods (in millions).

2008 2007 2006 2005 2004

Estimated spending 13.2$ 11.6$ 10.7$ 12.0$ 12.3$ Actual spending 13.4 10.2 9.5 10.5 0.7

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SALT LAKE COUNTY

Postemployment Benefit PlanSchedule of Funding ProgressYear Ended December 31, 2008

Actuarial UAAL as aAccrued Percentage

Actuarial Liability Unfunded ofActuarial Value of (AAL)- AAL Funded Covered CoveredValuation Assets Entry Age (UALL) Ratio Payroll Payroll

Date (a) (b) (b-a) (a/b) ( c ) ((b-a)/c)

12/31/2008 -$ 148,718,228$ 148,718,228$ 0% 168,658,187$ 88.2%12/31/2007 - 148,718,228 148,718,228 0% 148,183,442 100.4%

payroll over an open thirty-year period.

Actuarial Assumptions - In the 2007 actuarial valuation, the entry age actuarial cost method was used. The actuarialassumptions included a 5% investment rate of return (net of administrative expenses) and an annual health care costtrend rate of 12% initially, reduced by decrements to an ultimate rate of 4.5% after eleven years. Covered payroll included a 4.5% inflation assumption. The actuarial value of assets was not determined as the County has not advancefunded its obligation. The unfunded actuarial accrued liability (UAAL) is being amortized as a level percentage of

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SALT LAKE COUNTY Major Governmental Funds

• General Fund—The General Fund is used to account for all activities not accounted for by other funds of the County. The principal source of revenue for this fund is property taxes.

• Municipal Services Fund—This special revenue fund is used to account for monies received by the County for the purpose of providing municipal type services for the unincorporated areas of the County.

• Grant Programs Fund—This special revenue fund is used to account for revenues and expenditures of those organizations which are funded primarily from grants.

• Recreation Bond Capital Projects Fund—to account for the cost of acquisition and construction of new recreation facilities.

SALT LAKE COUNTYSALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Budgetary BasisSchedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual Budgetary BasisGeneral FundGeneral FundY E d d D b 31 2008Year Ended December 31, 2008,

Actual on aActual on a Budgetary Variance withBudgeted Amounts Budgetary Variance with

O i i l Fi l B i Fi l B d tBudgeted Amounts


Revenues:Revenues:Taxes:Taxes:

General property taxes current 92 883 796$ 93 577 486$ 92 058 352$ (1 519 134)$General property taxes - current 92,883,796$ 93,577,486$ 92,058,352$ (1,519,134)$ G l d li 3 000 000 3 000 000 2 986 635 (13 365)General property taxes - delinquent 3,000,000 3,000,000 2,986,635 (13,365) Penalties and interest on delinquent taxes 1,600,000 1,600,000 2,141,653 541,653 q , , , , , , ,Sales taxes 51,300,000 49,500,000 46,532,140 (2,967,860) Sales taxes 51,300,000 49,500,000 46,532,140 (2,967,860) Tax Increment - - 40 386 40 386Tax Increment - - 40,386 40,386

148 783 796 147 677 486 143 759 166 (3 918 320)148,783,796 147,677,486 143,759,166 (3,918,320)

Licenses and permits:pMarriage licenses 295,000 295,000 255,961 (39,039) Marriage licenses 295,000 295,000 255,961 (39,039) Other licenses and permits 8 846 100 8 846 100 8 744 712 (101 388)Other licenses and permits 8,846,100 8,846,100 8,744,712 (101,388)

9 141 100 9 141 100 9 000 673 (140 427)9,141,100 9,141,100 9,000,673 (140,427)

Fines and forfeitures 2,305,550 2,305,550 1,988,956 (316,594) , , , , , , ( , )

Intergovernmental and grant revenue:Intergovernmental and grant revenue:Federal 3 945 288 2 208 830 1 895 434 (313 396)Federal 3,945,288 2,208,830 1,895,434 (313,396) S 4 307 154 4 373 126 4 856 751 483 625State 4,307,154 4,373,126 4,856,751 483,625 Other 2,975,481 2,975,481 3,758,523 783,042 , , , , , , ,

11,227,923 9,557,437 10,510,708 953,271 11,227,923 9,557,437 10,510,708 953,271

Charges for services:Charges for services:D l f 21 025 330 20 793 079 21 035 461 242 382Departmental fees 21,025,330 20,793,079 21,035,461 242,382 Inmate fees 105,300 105,300 207,194 101,894 , , , ,

21,130,630 20,898,379 21,242,655 344,276 21,130,630 20,898,379 21,242,655 344,276

Interest rents and concessions:Interest, rents, and concessions:I 1 090 000 1 090 000 278 429 (811 571)Interest 1,090,000 1,090,000 278,429 (811,571) Rents 1,187,018 1,187,018 1,465,330 278,312 , , , , , , ,Concessions 1,045,750 1,045,750 1,205,645 159,895 Concessions 1,045,750 1,045,750 1,205,645 159,895

3 322 768 3 322 768 2 949 404 (373 364)3,322,768 3,322,768 2,949,404 (373,364)

I f d h 28 887 241 31 114 294 30 900 159 (214 135)Interfund charges 28,887,241 31,114,294 30,900,159 (214,135)

Other:Other:Other refunds 35 100 35 100 52 904 17 804Other refunds 35,100 35,100 52,904 17,804 Sale of materials and supplies 102 350 134 850 174 134 39 284Sale of materials and supplies 102,350 134,850 174,134 39,284 C ib i 30 000 30 000 38 100 8 100Contributions 30,000 30,000 38,100 8,100 Miscellaneous 27,500 87,500 153,688 66,188 sce a eous 7,500 87,500 53,688 66, 88

194,950 287,450 418,826 131,376194,950 287,450 418,826 131,376

Total revenues 224,993,958 224,304,464 220,770,547 (3,533,917) , , , , , , ( , , )

E ditExpenditures:General government:G g v :

CouncilCouncilSalaries wages and employee benefits 2 061 533 2 102 865 2 094 571 8 294Salaries, wages, and employee benefits 2,061,533 2,102,865 2,094,571 8,294 Materials supplies and services 268 946 268 946 190 512 78 434Materials, supplies, and services 268,946 268,946 190,512 78,434 C i l l 15 000 15 000 11 073 3 927Capital outlay 15,000 15,000 11,073 3,927 p yCouncil discretionary 685,000 365,000 15,000 350,000 Cou c d sc et o a y 685,000 365,000 5,000 350,000

3,030,479 2,751,811 2,311,156 440,6553,030,479 2,751,811 2,311,156 440,655 Mayor-administrationMayor-administration

Salaries wages and employee benefits 1 401 278 1 393 454 1 340 171 53 283Salaries, wages, and employee benefits 1,401,278 1,393,454 1,340,171 53,283 M i l li d i 208 027 208 027 176 226 31 801Materials, supplies, and services 208,027 208,027 176,226 31,801 ppCapital outlay 7,500 7,500 1,760 5,740 Capital outlay 7,500 7,500 1,760 5,740

1,616,805 1,608,981 1,518,157 90,8241,616,805 1,608,981 1,518,157 90,824

(Continued)(Continued)

-81-


Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Budgetary Basis (Continued)Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual Budgetary Basis (Continued)General FundGeneral FundY E d d D b 31 2008Year Ended December 31, 2008,




Expenditures (Continued):Expenditures (Continued):General government (continued):General government (continued):

Mayor operationsMayor-operationsS l i d l b fi 2 989 003$ 2 986 651$ 2 921 099$ 65 552$Salaries, wages, and employee benefits 2,989,003$ 2,986,651$ 2,921,099$ 65,552$ Materials, supplies, and services 434,256 442,606 323,499 119,107 , pp , , , , ,Capital outlay - 6,650 6,607 43 Capital outlay 6,650 6,607 43

3 423 259 3 435 907 3 251 205 184 7023,423,259 3,435,907 3,251,205 184,702

Cl kClerkSalaries, wages, and employee benefits 938,667 929,247 926,048 3,199 , g , p y , , , ,Materials, supplies, and services 162,259 147,259 143,590 3,669 Materials, supplies, and services 162,259 147,259 143,590 3,669 Indirect costs 110 110 100 779 100 779 -Indirect costs 110,110 100,779 100,779 -

1 211 036 1 177 285 1 170 417 6 8681,211,036 1,177,285 1,170,417 6,868

ElectionsSalaries, wages, and employee benefits 1,448,369 1,643,193 1,622,199 20,994 Salaries, wages, and employee benefits 1,448,369 1,643,193 1,622,199 20,994 Materials supplies and services 4 341 726 4 235 101 4 063 346 171 755Materials, supplies, and services 4,341,726 4,235,101 4,063,346 171,755 Indirect costs 975 770 751 245 751 245Indirect costs 975,770 751,245 751,245 - C i l l 45 000 8 250 8 250Capital outlay 45,000 8,250 8,250 -

6,810,865 6,637,789 6,445,040 192,749 , , , , , , ,

AuditorAuditorSalaries wages and employee benefits 4 254 200 4 210 176 4 142 953 67 223Salaries, wages, and employee benefits 4,254,200 4,210,176 4,142,953 67,223 M i l li d i 665 474 665 474 645 067 20 407Materials, supplies, and services 665,474 665,474 645,067 20,407 Capital outlay - 50,000 43,322 6,678 p y , , ,

4,919,674 4,925,650 4,831,342 94,308 4,919,674 4,925,650 4,831,342 94,308

RecorderRecorderS l i d l b fi 1 747 119 1 730 967 1 310 292 420 675Salaries, wages, and employee benefits 1,747,119 1,730,967 1,310,292 420,675 Materials, supplies, and services 413,931 413,931 226,227 187,704 , pp , ,9 ,9 , ,Indirect costs 142,090 123,894 123,894 - Indirect costs 142,090 123,894 123,894 Capital outlay 35 000 35 000 33 152 1 848Capital outlay 35,000 35,000 33,152 1,848

2 338 140 2 303 792 1 693 565 610 2272,338,140 2,303,792 1,693,565 610,227

SurveyorSu v ySalaries, wages, and employee benefits 1,823,157 1,840,053 1,633,589 206,464 Salaries, wages, and employee benefits 1,823,157 1,840,053 1,633,589 206,464 Materials supplies and services 231 726 253 726 223 627 30 099Materials, supplies, and services 231,726 253,726 223,627 30,099 Indirect costs 170 100 104 802 104 802Indirect costs 170,100 104,802 104,802 - C i l l 150 000 140 831 9 169Capital outlay - 150,000 140,831 9,169 p y

2,224,983 2,348,581 2,102,849 245,732 , ,983 ,3 8,58 , 0 ,8 9 5,73

Information servicesInformation servicesSalaries wages and employee benefits 7 511 211 7 532 235 7 350 739 181 496Salaries, wages, and employee benefits 7,511,211 7,532,235 7,350,739 181,496 M i l li d i 3 701 774 3 894 284 3 893 936 348Materials, supplies, and services 3,701,774 3,894,284 3,893,936 348 ppCapital outlay 605,500 757,336 754,694 2,642 Capital outlay 605,500 757,336 754,694 2,642

11,818,485 12,183,855 11,999,369 184,48611,818,485 12,183,855 11,999,369 184,486

Contracts and procurementContracts and procurementS l i d l b fi 858 404 854 096 824 572 29 524Salaries, wages, and employee benefits 858,404 854,096 824,572 29,524 g p yMaterials, supplies, and services 219,321 219,321 218,718 603 Materials, supplies, and services 219,321 219,321 218,718 603

1,077,725 1,073,417 1,043,290 30,1271,077,725 1,073,417 1,043,290 30,127

Real estateReal estateS l i d l b fi 310 091 323 961 308 238 15 723Salaries, wages, and employee benefits 310,091 323,961 308,238 15,723 g p yMaterials, supplies, and services 75,993 68,543 46,266 22,277 Materials, supplies, and services 75,993 68,543 46,266 22,277

386,084 392,504 354,504 38,000386,084 392,504 354,504 38,000


-82-






Expenditures (Continued):Expenditures (Continued):General government (continued):General government (continued):

Human resourcesHuman resourcesS l i d l b fi 1 442 031$ 1 438 335$ 1 387 221$ 51 114$Salaries, wages, and employee benefits 1,442,031$ 1,438,335$ 1,387,221$ 51,114$ Materials, supplies, and services 243,731 243,731 242,360 1,371 , pp , , , , ,

1,685,762 1,682,066 1,629,581 52,485 1,685,762 1,682,066 1,629,581 52,485

Employees' universityEmployees' universityS l i d l b fi 168 588 256 011 224 581 31 430Salaries, wages, and employee benefits 168,588 256,011 224,581 31,430 Materials, supplies, and services 144,031 132,031 121,858 10,173 , pp , , , , ,Capital outlay - 12,000 12,000 - Capital outlay 12,000 12,000

312 619 400 042 358 439 41 603312,619 400,042 358,439 41,603

R d & hiRecords management & archivesSalaries, wages, and employee benefits 338,637 350,049 349,365 684 , g , p y , , ,Materials, supplies, and services 206,662 192,562 172,308 20,254 Materials, supplies, and services 206,662 192,562 172,308 20,254 Capital outlay - 8 100 7 867 233Capital outlay - 8,100 7,867 233

545 299 550 711 529 540 21 171545,299 550,711 529,540 21,171

Facilities managementgSalaries, wages, and employee benefits 262,513 263,977 236,416 27,561 Salaries, wages, and employee benefits 262,513 263,977 236,416 27,561 Materials supplies and services 292 763 322 763 332 424 (9 661)Materials, supplies, and services 292,763 322,763 332,424 (9,661) Indirect costs 274 425 155 983 155 983Indirect costs 274,425 155,983 155,983 -

829 701 742 723 724 823 17 900829,701 742,723 724,823 17,900

County-wide judgment levy - 1,212,340 - 1,212,340 County wide judgment levy 1,212,340 1,212,340

Statutory and general 5 512 251 5 904 756 5 188 884 715 872Statutory and general 5,512,251 5,904,756 5,188,884 715,872

Total general government 47,743,167 49,332,210 45,152,161 4,180,049Total general government 47,743,167 49,332,210 45,152,161 4,180,049

P bli f t d i i l j tiPublic safety and criminal justice:District attorneyy

Salaries, wages, and employee benefits 18,409,367 19,060,041 19,001,495 58,546 Salaries, wages, and employee benefits 18,409,367 19,060,041 19,001,495 58,546 Materials, supplies, and services 2,728,085 2,743,085 2,644,640 98,445Materials, supplies, and services 2,728,085 2,743,085 2,644,640 98,445 State mandated expenditures 282 500 311 300 286 616 24 684State mandated expenditures 282,500 311,300 286,616 24,684 C it l tl 203 800 175 000 166 207 8 793Capital outlay 203,800 175,000 166,207 8,793

21,623,752 22,289,426 22,098,958 190,468 , , , , , , ,

County jailCounty jailSalaries wages and employee benefits 45 146 527 45 721 739 45 573 403 148 336Salaries, wages, and employee benefits 45,146,527 45,721,739 45,573,403 148,336 M t i l li d i 8 832 797 7 911 170 7 829 044 82 126Materials, supplies, and services 8,832,797 7,911,170 7,829,044 82,126 Indirect costs 2,805,985 2,886,525 2,886,525 - , , , , , ,State mandated expenditures 4,911,387 6,496,387 6,458,129 38,258 State mandated expenditures 4,911,387 6,496,387 6,458,129 38,258 Capital outlay 245 950 345 950 315 153 30 797Capital outlay 245,950 345,950 315,153 30,797

61 942 646 63 361 771 63 062 254 299 51761,942,646 63,361,771 63,062,254 299,517

Sheriff - court services and securityySalaries, wages, and employee benefits 12,946,317 13,012,017 13,008,511 3,506 Salaries, wages, and employee benefits 12,946,317 13,012,017 13,008,511 3,506 Materials supplies and services 1 040 374 1 040 374 740 851 299 523Materials, supplies, and services 1,040,374 1,040,374 740,851 299,523 Indirect costs 447 972 462 156 462 156Indirect costs 447,972 462,156 462,156 - C it l tl 160 000 160 000 150 000 10 000Capital outlay 160,000 160,000 150,000 10,000

14,594,663 14,674,547 14,361,518 313,029 , , , , , , ,


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Expenditures (Continued):Expenditures (Continued):Sheriff - investigation and supportSheriff - investigation and support

Salaries wages and employee benefits 7 289 041$ 7 338 505$ 7 288 362$ 50 143$Salaries, wages, and employee benefits 7,289,041$ 7,338,505$ 7,288,362$ 50,143$ M i l li d i 4 230 282 3 216 782 2 940 852 275 930Materials, supplies, and services 4,230,282 3,216,782 2,940,852 275,930 Indirect costs 1,536,061 1,777,947 1,777,947 - , , , , , ,Capital outlay 69,350 240,919 204,176 36,743 Capital outlay 69,350 240,919 204,176 36,743

13 124 734 12 574 153 12 211 337 362 81613,124,734 12,574,153 12,211,337 362,816

C i i l j i iCriminal justice servicesSalaries, wages, and employee benefits 6,927,756 6,935,292 6,573,924 361,368 , g , p y , , , , , , ,Materials, supplies, and services 1,993,361 2,076,133 1,716,488 359,645 Materials, supplies, and services 1,993,361 2,076,133 1,716,488 359,645 Indirect costs 494 262 493 680 493 680 -Indirect costs 494,262 493,680 493,680 - Capital outlay 25 000 25 000 25 000Capital outlay 25,000 25,000 25,000 -

9 440 379 9 530 105 8 809 092 721 0139,440,379 9,530,105 8,809,092 721,013

Emergency servicesEmergency servicesMaterials supplies and services 3 932 984 4 266 492 4 266 492 -Materials, supplies, and services 3,932,984 4,266,492 4,266,492 - Indirect costs 75 593 69 052 69 052Indirect costs 75,593 69,052 69,052 -

4 008 577 4 335 544 4 335 5444,008,577 4,335,544 4,335,544 -

Indigent legal servicesIndigent legal servicesMaterials supplies and services 13 282 329 13 454 480 13 447 770 6 710Materials, supplies, and services 13,282,329 13,454,480 13,447,770 6,710 I di t t 202 504 202 504Indirect costs - 202,504 202,504 -

13,282,329 13,656,984 13,650,274 6,710 , , , , , , ,

Total public safety and criminal justice 138 017 080 140 422 530 138 528 977 1 893 553Total public safety and criminal justice 138,017,080 140,422,530 138,528,977 1,893,553

Social services:Social services:Economic developmentEconomic development

Salaries wages and employee benefits 283 938 224 418 218 231 6 187Salaries, wages, and employee benefits 283,938 224,418 218,231 6,187 Materials supplies and services 712 207 832 207 736 694 95 513Materials, supplies, and services 712,207 832,207 736,694 95,513 I di 119 927 31 664 31 664Indirect costs 119,927 31,664 31,664 -

Total social services 1 116 072 1 088 289 986 589 101 700Total social services 1,116,072 1,088,289 986,589 101,700

Education recreation and cultural:Education, recreation, and cultural:ParksParks

S l i d l b fi 5 066 260 4 958 840 4 937 574 21 266Salaries, wages, and employee benefits 5,066,260 4,958,840 4,937,574 21,266 g p yMaterials, supplies, and services 3,249,278 3,249,278 3,260,793 (11,515) Materials, supplies, and services 3,249,278 3,249,278 3,260,793 (11,515) Indirect costs 746,955 825,089 825,089 -Indirect costs 746,955 825,089 825,089 - Capital outlay 376 400 376 400 356 597 19 803Capital outlay 376,400 376,400 356,597 19,803

9 438 893 9 409 607 9 380 053 29 5549,438,893 9,409,607 9,380,053 29,554

RecreationRecreationSalaries, wages, and employee benefits 13,191,911 13,432,207 13,428,845 3,362Salaries, wages, and employee benefits 13,191,911 13,432,207 13,428,845 3,362 Materials supplies and services 10 121 007 10 501 007 10 484 019 16 988Materials, supplies, and services 10,121,007 10,501,007 10,484,019 16,988 Indirect costs 1 503 808 1 529 845 1 529 845Indirect costs 1,503,808 1,529,845 1,529,845 -

24 816 726 25 463 059 25 442 709 20 35024,816,726 25,463,059 25,442,709 20,350

Art collectionArt collectionIndirect costs 1 346 2 008 2 008 -Indirect costs 1,346 2,008 2,008 - Capital o tla 43 775 43 775 43 775Capital outlay 43,775 43,775 43,775 -

45 121 45 83 45 8345,121 45,783 45,783 -


-84-






Expenditures (Continued):Expenditures (Continued):Equestrian parkEquestrian park

Salaries wages and employee benefits 711 111$ 672 103$ 665 494$ 6 609$Salaries, wages, and employee benefits 711,111$ 672,103$ 665,494$ 6,609$ M i l li d i 724 778 724 778 723 573 1 205Materials, supplies, and services 724,778 724,778 723,573 1,205 Indirect costs 99,696 81,571 81,571 - , , ,

1,535,585 1,478,452 1,470,638 7,814 1,535,585 1,478,452 1,470,638 7,814

Wheeler farmWheeler farmS l i d l b fi 397 822 428 006 425 635 2 371Salaries, wages, and employee benefits 397,822 428,006 425,635 2,371 Materials, supplies, and services 226,801 235,801 235,188 613 , pp , , , ,Indirect costs 25,744 41,477 41,477 - Indirect costs 25,744 41,477 41,477 Capital outlay 10 000 10 000 9 889 111Capital outlay 10,000 10,000 9,889 111

660 367 715 284 712 189 3 095660,367 715,284 712,189 3,095

Millcreek canyonySalaries, wages, and employee benefits 54,697 54,697 36,568 18,129 Salaries, wages, and employee benefits 54,697 54,697 36,568 18,129 Materials supplies and services 264 733 264 733 216 421 48 312Materials, supplies, and services 264,733 264,733 216,421 48,312 Indirect costs 4 380 7 558 7 558Indirect costs 4,380 7,558 7,558 -

323 810 326 988 260 547 66 441323,810 326,988 260,547 66,441

Extension servicesExtension servicesSalaries wages and employee benefits 404 450 406 130 360 844 45 286Salaries, wages, and employee benefits 404,450 406,130 360,844 45,286 Materials supplies and services 205 348 205 348 201 544 3 804Materials, supplies, and services 205,348 205,348 201,544 3,804 I di 57 080 57 854 57 854Indirect costs 57,080 57,854 57,854 -

666,878 669,332 620,242 49,090 , , , ,

T t l d ti ti d lt l 37 487 380 38 108 505 37 932 161 176 344Total education, recreation, and cultural 37,487,380 38,108,505 37,932,161 176,344

Total expenditures 224 363 699 228 951 534 222 599 888 6 351 646Total expenditures 224,363,699 228,951,534 222,599,888 6,351,646

Excess (deficiency) of revenues over (under) expenditures 630,259 (4,647,070) (1,829,341) 2,817,729 Excess (deficiency) of revenues over (under) expenditures 630,259 (4,647,070) (1,829,341) 2,817,729

Other financing sources (uses):Other financing sources (uses):P d f l f t 36 000 36 000 24 361 (11 639)Proceeds from sale of property 36,000 36,000 24,361 (11,639) Transfers in 24,454,878 26,735,944 26,834,780 98,836 , , , , , , ,Transfers out (28,716,000) (34,061,000) (34,061,000) - Transfers out (28,716,000) (34,061,000) (34,061,000)

T l h fi i ( ) (4 225 122) (7 289 056) (7 201 859) 87 197Total other financing sources (uses) (4,225,122) (7,289,056) (7,201,859) 87,197

Net change in fund balances (3 594 863) (11 936 126) (9 031 200) 2 904 926Net change in fund balances (3,594,863) (11,936,126) (9,031,200) 2,904,926

Fund balances - beginning 35,799,611 35,799,611 35,799,611 - g gPrior year encumbrances canceled during 2008 542,174 542,174 542,174 - Prior year encumbrances canceled during 2008 542,174 542,174 542,174

F d b l di 32 746 922$ 24 405 659$ 27 310 585$ 2 904 926$Fund balances - ending 32,746,922$ 24,405,659$ 27,310,585$ 2,904,926$

(C l d d)(Concluded)

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Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMunicipal Services FundYear Ended December 31, 2008



Revenues: Taxes: General property taxes - current 7,600,000$ 7,839,095$ 7,714,799$ (124,296)$ General property taxes - delinquent 400,000 400,000 299,553 (100,447) Penalties and interest on delinquent taxes 25,000 25,000 10,032 (14,968) Sales taxes 23,700,000 22,500,000 19,568,460 (2,931,540) Franchise tax 900,000 900,000 1,018,208 118,208

Total taxes 32,625,000 31,664,095 28,611,052 (3,053,043)

License and permits 6,903,050 5,003,814 4,668,264 (335,550) Fines and forfeitures 1,600,000 1,600,000 1,302,065 (297,935) Intergovernmental and grant revenue 17,468,970 16,819,366 16,939,079 119,713 Charges for services 2,171,713 2,191,713 2,235,361 43,648 Interests, rents, and concessions 1,135,000 1,135,000 721,338 (413,662) Interfund charges 6,058,895 6,058,895 5,490,965 (567,930) Other 100,600 100,600 131,140 30,540

Total revenues 68,063,228 64,573,483 60,099,264 (4,474,219)

Expenditures:General government:

Materials, supplies, and services 2,417,325 3,137,330 2,618,848 518,482

SALT LAKE COUNTY

Budgeted Amounts

Materials, supplies, and services 2,417,325 3,137,330 2,618,848 518,482 Indirect costs 18,759 22,167 22,167 - Judgment levy - 71,049 - 71,049

2,436,084 3,230,546 2,641,015 589,531

Public safety and criminal justice:Sheriff law enforcement

Salaries, wages, and employee benefits 28,355,347 27,531,868 26,643,337 888,531 Materials, supplies, and services 5,503,937 5,421,648 4,090,018 1,331,630 Indirect costs 1,636,715 1,380,410 1,380,410 - Capital outlay 865,000 865,000 583,880 281,120

36,360,999 35,198,926 32,697,645 2,501,281

Justice courtsSalaries, wages, and employee benefits 1,551,952 1,567,648 1,455,557 112,091 Materials, supplies, and services 492,946 507,739 393,685 114,054 Indirect costs 127,736 140,522 140,522 - Capital outlay 45,000 30,207 25,207 5,000

2,217,634 2,246,116 2,014,971 231,145

Total public safety and criminal justice 38,578,633 37,445,042 34,712,616 2,732,426

Health and regulatory:Animal services

Salaries, wages, and employee benefits 3,006,031 2,849,627 2,555,535 294,092 Materials, supplies, and services 885,835 885,835 822,289 63,546 Indirect costs - 5,200 5,200 - Capital outlay 277,685 255,262 255,262 -

4,169,551 3,995,924 3,638,286 357,638

Planning and development servicesSalaries, wages, and employee benefits 5,032,054 4,775,872 4,726,418 49,454 Materials, supplies, and services 1,211,566 920,743 838,647 82,096 Indirect costs 477,603 635,373 635,373 - Capital outlay 137,000 97,000 71,429 25,571

6,858,223 6,428,988 6,271,867 157,121

Total health and regulatory 11,027,774 10,424,912 9,910,153 514,759 (Continued)

-86-

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary Basis (Continued)Municipal Services FundYear Ended December 31, 2008



Expenditures (Continued):Public works:Street lighting

Materials, supplies, and services 791,660$ 791,660$ 691,428$ 100,232$ Indirect costs 14,023 15,077 15,077 -

805,683 806,737 706,505 100,232 Public works operations (highway)

Salaries, wages, and employee benefits 8,817,631 8,851,783 8,601,642 250,141 Materials, supplies, and services 6,950,833 7,839,533 7,695,283 144,250 Indirect costs 678,208 700,548 700,548 - Capital outlay 1,227,581 1,238,881 1,053,444 185,437

17,674,253 18,630,745 18,050,917 579,828 Public works engineering

Salaries, wages, and employee benefits 921,616 918,916 840,450 78,466 Materials, supplies, and services 60,029 60,029 36,487 23,542 Indirect costs 90,196 100,718 100,718 - Capital outlay 10,000 10,000 8,179 1,821

1,081,841 1,089,663 985,834 103,829

Total public works 19,561,777 20,527,145 19,743,256 783,889

Capital outlay 9 132 573 9 956 850 5 842 831 4 114 019

SALT LAKE COUNTY

Budgeted Amounts

Capital outlay 9,132,573 9,956,850 5,842,831 4,114,019


Excess (deficiency) of revenues over (under) expenditures (12,673,613) (17,011,012) (12,750,607) 4,260,405

Other financing sources (uses):Proceeds from sale of property 15,200 15,200 190,080 174,880 Transfers in 3,287,805 3,287,805 3,287,805 - Transfers out (783,809) (3,962,326) (3,962,326) -

Total other financing sources (uses) 2,519,196 (659,321) (484,441) 174,880

Net change in fund balances (10,154,417) (17,670,333) (13,235,048) 4,435,285

Fund balance - beginning 32,884,796 32,885,730 32,885,730 - Prior year encumbrances canceled during 2008 18,316 18,316 18,316 -

Fund balance - ending 22,748,695$ 15,233,713$ 19,668,998$ 4,435,285$ (Concluded)

-87-

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisGrant Programs FundYear Ended December 31, 2008



Revenues: Intergovernmental and grant revenue 51,424,355$ 52,975,229$ 45,965,862$ (7,009,367)$ Charges for services 788,517 788,517 694,174 (94,343) Interests, rents, and concessions 200,000 200,000 801 (199,199) Interfund charges 756,415 881,415 706,634 (174,781) Other 44,974 119,974 390,103 270,129

Total revenues 53,214,261 54,965,135 47,757,574 (7,207,561)

Expenditures:Social services: Youth services

Salaries, wages, and employee benefits 9,154,144 9,244,003 9,150,811 93,192 Materials, supplies, and services 1,173,506 1,369,177 1,109,792 259,385 Indirect costs 938,621 888,186 888,186 -

11,266,271 11,501,366 11,148,789 352,577 Substance abuse services

Salaries, wages, and employee benefits 1,674,031 1,773,605 1,590,398 183,207 Materials, supplies, and services 17,318,694 19,086,237 16,466,382 2,619,855 Indirect costs 408,227 363,629 363,629 - Capital outlay 100,000 100,000 56,892 43,108

19,500,952 21,323,471 18,477,301 2,846,170 Aging services

Salaries, wages, and employee benefits 9,357,180 9,435,793 9,338,358 97,435 Materials, supplies, and services 6,089,048 6,197,848 5,860,964 336,884 Indirect costs 847,810 946,008 946,008 - Capital outlay 30,000 105,002 63,302 41,700

16,324,038 16,684,651 16,208,632 476,019 Mental health services

Indirect costs 454,829 411,636 411,636 - Pass through grant contracts 17,396,952 17,575,052 17,498,582 76,470

17,851,781 17,986,688 17,910,218 76,470 Community resources and development

Salaries, wages, and employee benefits 2,320,138 2,338,654 2,104,756 233,898 Materials, supplies, and services 10,412,621 10,412,621 8,289,745 2,122,876 Revolving loan programs 2,265,000 2,265,000 754,336 1,510,664 Indirect costs 396,991 412,516 412,516 - Capital outlay 200,000 200,000 10,679 189,321

15,594,750 15,628,791 11,572,032 4,056,759

Statutory and general 30,015 115,000 111,450 3,550

Total social services 80,567,807 83,239,967 75,428,422 7,811,545

Debt service:Principal retirement 345,000 345,000 345,000 - Interest and fiscal charges 24,637 24,637 24,637 -

Total debt service 369,637 369,637 369,637 -


Excess (deficiency) of revenues over (under) expenditures (27,723,183) (28,644,469) (28,040,485) 603,984

Other financing sources: Proceeds from sale of property - - 95 95 Transfers in 27,102,796 27,102,796 27,102,796 -

Total other financing sources 27,102,796 27,102,796 27,102,891 95

Net change in fund balance (620,387) (1,541,673) (937,594) 604,079


Fund balance - ending 4,215,567$ 20,010,510$ 20,614,589$ 604,079$

SALT LAKE COUNTY

Budgeted Amounts

-88-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisRecreation Bond Projects FundYear Ended December 31, 2008


Original Final Basis Final BudgetRevenues:

Intergovernmental and grant revenue -$ 2,618,945$ 2,624,291$ 5,346$ Interests, rents, and concessions 4,437,900 3,120,000 2,405,884 (714,116)

Total revenues 4,437,900 5,738,945 5,030,175 (708,770)

Expenditures:Education, recreation, and cultural:

Indirect costs 4,712,715 3,088,317 587,209 2,501,108 Capital outlay 71,646,877 73,646,878 34,723,619 38,923,259


Deficiency of revenues under expenditures (71,921,692) (70,996,250) (30,280,653) 40,715,597

Other financing sources (uses):Transfers in 4,437,900 210,000 210,000 - Transfers out (2,925,687) (2,925,687) (2,925,687) -

Total other financing sources (uses) 1,512,213 (2,715,687) (2,715,687) -

Net change in fund balance (70,409,479) (73,711,937) (32,996,340) 40,715,597

Budgeted Amounts

g ( , , ) ( , , ) ( , , ) , ,


Fund balance - ending 13,954,541$ 10,652,083$ 51,367,680$ 40,715,597$

-89-


-90-

SALT LAKE COUNTY Nonmajor Governmental Funds

• Class B Roads Special Revenue Fund—to account for the revenues and expenditures relating to the construction and maintenance of highway projects under the statutory responsibility of the County, known as class B and collector roads.

• Open Space Fund—to account for the acquisition and preservation of open space, natural habitat, parks and community trails.

• Salt Lake Valley Fire Service Area Special Revenue Fund—a blended component unit of the County. Accounts for revenues and expenditures relating to the County’s membership in the Unified Fire Authority, a cooperative agreement entered into to provide firefighting services to its members.

• Flood Control Special Revenue Fund—to account for revenues and expenditures related to flood control within the County.

• Visitor Promotion Special Revenue Fund—to account for revenues received from transient room taxes used to develop and promote Salt Lake County, contracted to Salt Lake Convention and Visitors Bureau.

• State Tax Administration Levy Special Revenue Fund—to account for taxes levied to cover expenditures related to assessing, collecting, and distributing property tax.

• Redevelopment Agency Special Revenue Fund—to account for revenues and expenditures of the Redevelopment Agency of Salt Lake County, a blended component unit of the County.

• Library Special Revenue Fund—to account for taxes levied for the purpose of operating County libraries.

• Health Special Revenue Fund—to account for monies used to provide health services by the Department of Health.

• Zoos, Arts, and Parks (ZAP) Special Revenue Fund—to account for the revenues and expenditures relating to the local option recreation sales tax authorized under Title 59, Chapter 12, Section 703 of the Utah code.

• Housing Programs Special Revenue Fund—to account for revenues and expenditures used exclusively to assist with affordable and special needs for housing in the County.

• Clark Planetarium Special Revenue Fund—to account for revenues and expenditures of the Clark Planetarium.

• Center for the Arts Special Revenue Fund—to account for revenues and expenses of the Center for the Arts facilities.

• Salt Palace Operations Special Revenue Fund—to account for revenues and expenditures of the Salt Palace convention center.

• South Towne Operations Special Revenue Fund—to account for revenues and expenditures of the South Towne convention center.

• Tourism, Recreation, Cultural, and Convention (TRCC) Special Revenue Fund—to account for revenues and expenditures of TRCC activities.

• Capital Improvements Fund—to account for taxes levied and expenditures for the acquisition of capital-type improvements.

• Capital Projects Revolving Fund—to account for funds accumulated for capital projects financed on a pay-as-you-go basis, and for the costs of constructing these projects.

• Salt Palace Expansion 3 Phase 1 Capital Projects Fund—to account for the costs associated with parking improvements for the Salt Palace Convention Center.

SALT LAKE COUNTY Nonmajor Governmental Funds (Continued)

• Salt Palace Expansion 3 Phase 2 Fund—to account for the revenues (bond proceeds) and expenditures relating to construction of the Salt Palace Exp 3 Construction phase 2 and the South Towne Parking structure.

• Millcreek Fireflow Improvement District Capital Projects Fund—to account for the revenues and expenditures relating to the replacement of the water lines and fire hydrants in the Millcreek area.

• Children’s Museum Construction Capital Projects Fund—to account for the cost of acquisition and construction of a new Children’s Museum.

• Municipal Building Authority Senior Center Bond Capital Projects Fund—to account for the cost of constructing several new senior centers and related renovations.

• Municipal Building Authority Library Bond Capital Projects Fund—to account for cost of constructing several new libraries.

• Municipal Building Authority Public Works Administration Capital Projects Fund—to account for the cost of constructing a new Public Works Administration Building.

• Municipal Building Authority East Millcreek Bond Capital Projects Fund—to account for the cost of constructing the new Millcreek Community Center.

• General Government Debt Service Fund—to account for the accumulation of resources for and the payment of general long-term debt principal, interest, and related costs.

• Millcreek Fireflow Improvement District Debt Service Fund—to account for the accumulation of resources for and the payment of special assessment debt principal, interest, and other related costs.

• Municipal Building Authority Debt Service Fund—to account for the accumulation of resources for, and the payment of, Municipal Building Authority lease revenue bond principal, interest, and other related costs.


-91-

SALT LAKE COUNTY

Combining Balance SheetNonmajor Governmental FundsDecember 31, 2008

Salt Lake State TaxClass B Open Valley Fire Flood Visitor AdminRoads Space Service Area Control Promotion Levy


Pooled cash and investments 4,478,330$ 1,203,074$ -$ 3,888,039$ 2,082,946$ 3,532,959$ Restricted cash and investments - 3,273,085 - - - - Other cash - - - - - 51,600

Receivables:Taxes receivable - - - 294,605 1,406,641 986,982 Due from other governments 1,054,898 - - - - - Accrued revenue 265,600 - - 8,314 - 11,517 Other receivables - - - 140 - 2,371

Due from other funds - - - - - - Inventory - - - - - -

Total assets 5,798,828$ 4,476,159$ -$ 4,191,098$ 3,489,587$ 4,585,429$


Accounts payable 333,802$ - -$ 347,117$ 1,239,617$ 220,359$ Accrued expenditures - - - 104,178 - 987,243 Due to other funds - - - 20,752 - 147,487 Deferred revenue 55,840 - - 273,808 - 897,617

Total liabilities 389,642 - - 745,855 1,239,617 2,252,706


Encumbrances 370,235 57 - 1,822,854 - 118,329 Contractual obligations - - - - 250,000 - ZAP recreation projects - - - - - -


Judgment levies - - - - - 76,021 Bond retirement - - - - 1,207,056 - Special programs - - - - 10,000 - Tax administration - - - - - - Capital improvements - - - - - -

Undesignated 5,038,951 4,476,102 - 1,622,389 782,914 2,138,373

Total fund balances 5,409,186 4,476,159 - 3,445,243 2,249,970 2,332,723

Total liabilities and fund balances 5,798,828$ 4,476,159$ -$ 4,191,098$ 3,489,587$ 4,585,429$

Special Revenue Funds

-92-

SALT LAKE COUNTY

Combining Balance Sheet (Continued)Nonmajor Governmental FundsDecember 31, 2008

Redevelopment Zoos, Arts, Housing Clark Center ForAgency Library Health and Parks Programs Planetarium The Arts


Pooled cash and investments 4,159,517$ 7,121,605$ 6,287,024$ 967,361$ 2,758,183$ 1,782,834$ 1,338,024$ Restricted cash and investments - - - 402,382 - 94 - Other cash - 8,645 35,975 4 - 56,100 2,067,596

Receivables:Taxes receivable - 1,782,636 644,066 3,005,813 - 180,656 - Due from other governments - - 2,483,475 - - - - Accrued revenue - 29,004 264,166 2,940 - 306,104 - Other receivables - 4,467 - - - - 144,740

Due from other funds - - - - - - - Inventory - - - - - 191,975 -

Total assets 4,159,517$ 8,946,357$ 9,714,706$ 4,378,500$ 2,758,183$ 2,517,763$ 3,550,360$


Accounts payable 4,200$ 647,311$ 434,391$ 883,350$ -$ 169,229$ 189,084$ Accrued expenditures 2,244 585,281 1,021,041 3,067,870 - 76,257 2,186,804 Due to other funds 1,056 208,246 230,956 750 - 18,746 26,511 Deferred revenue - 1,626,437 597,157 - - 166,839 -

Total liabilities 7,500 3,067,275 2,283,545 3,951,970 - 431,071 2,402,399


Encumbrances - 176,943 387,495 19,050 - 54,079 181,560 Contractual obligations - - - - - - - ZAP recreation projects - - - 402,382 - - -


Judgment levies - 68,806 - - - - - Bond retirement - - - - - - - Special programs - - - - - - 115,456 Tax administration - - - - - - - Capital improvements - - - - - - -

Undesignated 4,152,017 5,633,333 7,043,666 5,098 2,758,183 2,032,613 850,945

Total fund balances 4,152,017 5,879,082 7,431,161 426,530 2,758,183 2,086,692 1,147,961

Total liabilities and fund balances 4,159,517$ 8,946,357$ 9,714,706$ 4,378,500$ 2,758,183$ 2,517,763$ 3,550,360$


-93-

SALT LAKE COUNTY


Capital Salt PalaceSalt Palace South Towne Capital Projects Expansion 3Operations Operations TRCC Improvements Revolving Phase 2


Pooled cash and investments 8,792,323$ 3,724,058$ 2,372,413$ 7,192,358$ 16,758,810$ 195,636$ Restricted cash and investments 1,077 - - - - 1,915,226 Other cash - 51,000 - - - -

Receivables:Taxes receivable - - 3,774,854 48,950 - - Due from other governments - - - - - - Accrued revenue 1,483,354 256,881 - - - - Other receivables - - - - - -

Due from other funds - - - - - Inventory - - - - - -

Total assets 10,276,754$ 4,031,939$ 6,147,267$ 7,241,308$ 16,758,810$ 2,110,862$


Accounts payable -$ -$ -$ 475,107$ 288,848$ 128,584$ Accrued expenditures 1,500,912 1,887,242 - 18,361 49,245 90,987 Due to other funds - - - - - - Deferred revenue - - - 45,671 - -

Total liabilities 1,500,912 1,887,242 - 539,139 338,093 219,571


Encumbrances 216,657 - - 1,200,733 1,206,029 79,260 Contractual obligations - - - - - - ZAP recreation projects - - - - - -


Judgment levies - - - - - - Bond retirement - - - - - - Special programs - - 1,650,000 - - - Tax administration - - - - 5,740,604 - Capital improvements - - - - 9,474,084 -

Undesignated 8,559,185 2,144,697 4,497,267 5,501,436 - 1,812,031

Total fund balances 8,775,842 2,144,697 6,147,267 6,702,169 16,420,717 1,891,291

Total liabilities and fund balances 10,276,754$ 4,031,939$ 6,147,267$ 7,241,308$ 16,758,810$ 2,110,862$

Special Revenue Funds Capital Projects Funds

-94-

SALT LAKE COUNTY


Millcreek Children's Senior Center Library Midvale Complex East MillcreekFireflow Museum MBA Bond MBA Bond MBA Bond MBA Bond

Impr. District Construction Projects Projects Projects ProjectsAssets:

Cash and investments:Pooled cash and investments 439,460$ -$ 4,528,915$ 1,033,721$ 6,244,374$ -$ Restricted cash and investments - 89,440 - - - - Other cash - - - - - -

Receivables:Taxes receivable - - - - - - Due from other governments - - - - - - Accrued revenue - - - - - - Other receivables - - - - - -

Due from other funds - - - - - - Inventory - - - - - -

Total assets 439,460$ 89,440$ 4,528,915$ 1,033,721$ 6,244,374$ -$


Accounts payable 4,056$ 83,761$ 269,074$ 50,840$ 11,035$ -$ Accrued expenditures - - 193,371 - - - Due to other funds - - - - - 3,504 Deferred revenue - - - - - -

Total liabilities 4,056 83,761 462,445 50,840 11,035 3,504


Encumbrances - - - - - - Contractual obligations - - - - - - ZAP recreation projects - - - - - -


Judgment levies - - - - - - Bond retirement - - - - - - Special programs - - - - - - Tax administration - - - - - - Capital improvements - - - - - -

Undesignated 435,404 5,679 4,066,470 982,881 6,233,339 (3,504)

Total fund balances 435,404 5,679 4,066,470 982,881 6,233,339 (3,504)

Total liabilities and fund balances 439,460$ 89,440$ 4,528,915$ 1,033,721$ 6,244,374$ -$

Capital Projects Funds

-95-

SALT LAKE COUNTY


Total Millcreek Municipal Nonmajor

General Improvement Building GovernmentalGovernment District Authority Funds


Pooled cash and investments 5,424,670$ 590,250$ 157,105$ 97,053,989$ Restricted cash and investments - 1,243,704 12,106,922 19,031,930 Other cash - - - 2,270,920

Receivables:Taxes receivable 1,106,475 - - 13,231,678 Due from other governments - - - 3,538,373 Accrued revenue - - - 2,627,880 Other receivables - 3,634,568 438,653 4,224,939

Due from other funds - - - - Inventory - - - 191,975

Total assets 6,531,145$ 5,468,522$ 12,702,680$ 142,171,684$


Accounts payable -$ 1,902$ 8,000$ 5,789,667$ Accrued expenditures 209 9,694 - 11,780,939 Due to other funds - - - 658,008 Deferred revenue 1,024,958 3,634,568 - 8,322,895

Total liabilities 1,025,167 3,646,164 8,000 26,551,509


Encumbrances - - - 5,833,281 Contractual obligations - - - 250,000 ZAP recreation projects - - - 402,382


Judgment levies - - 144,827 Bond retirement 5,505,978 1,822,358 12,694,680 21,230,072 Special programs - - - 1,775,456 Tax administration - - - 5,740,604 Capital improvements - - - 9,474,084

Undesignated - - - 70,769,469

Total fund balances 5,505,978 1,822,358 12,694,680 115,620,175

Total liabilities and fund balances 6,531,145$ 5,468,522$ 12,702,680$ 142,171,684$

Debt Service Funds

-96-


-97-

SALT LAKE COUNTY

Combining Statement of Revenues, Expenditures, and Changes in Fund BalancesNonmajor Governmental FundsYear Ended December 31, 2008

Salt Lake State TaxClass B Open Valley Fire Flood Visitor AdminRoads Space Service Area Control Promotion Levy

Revenues:Taxes:

General property taxes - current -$ -$ -$ 4,597,658$ -$ 15,530,377$ General property taxes - delinquent - - - 159,459 - 492,242 Penalties and interest on delinquent taxes - - - - - 24,287 Sales taxes - - - - - - Transient room tax - - - - 12,625,389 - Tax increment - - - 2,203 - 6,610

Total taxes - - - 4,759,320 12,625,389 16,053,516 Licenses and permits 16,974 - - 415,397 - 1,413,235 Fines and forfeitures 4,416 - - - - - Intergovernmental and grant revenue 7,768,079 - - 18,247 - 35,416 Charges for services 842,802 - - - - 2,079,422 Special assessments - - - - - - Interest, rents, and concessions 104,037 425,929 43,577 80,703 57,007 12,609 Interfund charges 767,986 - - 441,721 - - Other 767,297 40 - 460,849 - 4,675

Total revenues 10,271,591 425,969 43,577 6,176,237 12,682,396 19,598,873

Expenditures: Current:

Public safety and criminal justice - - 2,554,657 - - - Education recreation and cultural - 11 230 405 - - 8 187 323 -


Education, recreation, and cultural - 11,230,405 - - 8,187,323 - Health and regulatory - - - - - - Public works 10,708,121 - - 5,985,032 - - Tax administration - - - - - 22,377,082

Capital outlay - - - - - - Debt service:

Principal retirement - - - - - - Interest and fiscal charges - - - - - -

Total expenditures 10,708,121 11,230,405 2,554,657 5,985,032 8,187,323 22,377,082

Excess (deficiency) of revenuesover (under) expenditures (436,530) (10,804,436) (2,511,080) 191,205 4,495,073 (2,778,209)

Other financing sources (uses):Proceeds from sale of property 13,920 - - - - - General obligation bond issued - 24,000,000 - - - - Premium on general obligation bond debt - 153,139 - - - - Transfers in - - - 58,310 - 661,368 Transfers out - (10,465,250) - (603,000) (5,650,000) (71,374)

Total other financing sources (uses) 13,920 13,687,889 - (544,690) (5,650,000) 589,994

Net change in fund balances (422,610) 2,883,453 (2,511,080) (353,485) (1,154,927) (2,188,215)

Fund balances - beginning 5,831,796 1,592,706 2,511,080 3,798,728 3,404,897 4,520,938

Fund balances - ending 5,409,186$ 4,476,159$ -$ 3,445,243$ 2,249,970$ 2,332,723$

-98-

SALT LAKE COUNTY

Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued)Nonmajor Governmental FundsYear Ended December 31, 2008

Redevelopment Zoos, Arts, Housing Clark Center ForAgency Library Health and Parks Programs Planetarium The Arts

Revenues:Taxes:

General property taxes - current -$ 26,068,048$ 10,249,505$ -$ -$ 3,014,292$ -$ General property taxes - delinquent - 766,728 338,641 - - 85,601 - Penalties and interest on delinquent taxes - 29,571 - - - - - Sales taxes - - - 18,215,877 - - - Transient room tax - - - - - - - Tax increment 36,181 16,274 4,533 - - 1,259 -

Total taxes 36,181 26,880,621 10,592,679 18,215,877 - 3,101,152 - Licenses and permits - 2,515,334 6,936,714 - - 270,994 261,642 Fines and forfeitures - 2,092,684 39,822 - - - - Intergovernmental and grant revenue - 89,101 8,446,133 - - 587,274 - Charges for services - - 3,468,786 - - 2,446,586 - Special assessments - - - - - - - Interest, rents, and concessions 116,563 90,575 137,294 149,735 75,896 291,346 1,882,295 Interfund charges - - 219,556 - - - - Other - 138,759 (31,028) - - 592,117 250

Total revenues 152,744 31,807,074 29,809,956 18,365,612 75,896 7,289,469 2,144,187


Public safety and criminal justice - - - - - - - Education recreation and cultural - 30 248 450 - 13 149 650 - 5 078 676 5 592 205


Education, recreation, and cultural - 30,248,450 - 13,149,650 - 5,078,676 5,592,205 Health and regulatory - - 29,433,149 - - - - Public works 140,083 - - - - - - Tax administration - - - - - - -

Capital outlay - - - - - - - Debt service:

Principal retirement - - - 450,000 - 950,000 - Interest and fiscal charges - - - 867,687 - 559,675 -

Total expenditures 140,083 30,248,450 29,433,149 14,467,337 - 6,588,351 5,592,205

Excess (deficiency) of revenuesover (under) expenditures 12,661 1,558,624 376,807 3,898,275 75,896 701,118 (3,448,018)

Other financing sources (uses):Proceeds from sale of property - 6,462 35 - - 5 - General obligation bond issued - - - - - - - Premium on general obligation bond debt - - - - - - - Transfers in - - 680,986 1,902,687 - - 2,914,717 Transfers out - (5,850,000) (567,000) (8,886,335) - (20,000) -

Total other financing sources (uses) - (5,843,538) 114,021 (6,983,648) - (19,995) 2,914,717

Net change in fund balances 12,661 (4,284,914) 490,828 (3,085,373) 75,896 681,123 (533,301)

Fund balances - beginning 4,139,356 10,163,996 6,940,333 3,511,903 2,682,287 1,405,569 1,681,262

Fund balances - ending 4,152,017$ 5,879,082$ 7,431,161$ 426,530$ 2,758,183$ 2,086,692$ 1,147,961$

-99-

SALT LAKE COUNTY


Capital Salt Palace Salt PalaceSalt Palace South Towne Capital Projects Expansion 3 Expansion 3Operations Operations TRCC Improvements Revolving Phase 1 Phase 2

Revenues:Taxes:

General property taxes - current -$ -$ -$ 904,309$ -$ -$ -$ General property taxes - delinquent - - - 19,553 - - - Penalties and interest on delinquent taxes - - - - - - - Sales taxes - - 25,584,962 - - - - Transient room tax - - 1,747,315 - - - - Tax increment - - - 409 - - -

Total taxes - - 27,332,277 924,271 - - - Licenses and permits - - - 81,294 - - - Fines and forfeitures - - - - - - - Intergovernmental and grant revenue - - - 96,578 - - - Charges for services - - - - - - - Special assessments - - - - - - - Interest, rents, and concessions 8,199,027 3,628,553 262,946 189,649 396,527 - 121,847 Interfund charges - - - - - - - Other - - - - - - 84,954

Total revenues 8,199,027 3,628,553 27,595,223 1,291,792 396,527 - 206,801


Public safety and criminal justice - - - - - - - Education recreation and cultural 9 801 159 3 691 356 2 737 570 - - - -

Special Revenue Funds Capital Projects Funds

Education, recreation, and cultural 9,801,159 3,691,356 2,737,570 - - - - Health and regulatory - - - - - - - Public works - - - - - - - Tax administration - - - - - - -

Capital outlay - - - 6,923,768 3,902,581 1,103 1,317,313 Debt service:

Principal retirement 1,695,000 - - - - - - Interest and fiscal charges 2,358,165 - - - - - -

Total expenditures 13,854,324 3,691,356 2,737,570 6,923,768 3,902,581 1,103 1,317,313

Excess (deficiency) of revenuesover (under) expenditures (5,655,297) (62,803) 24,857,653 (5,631,976) (3,506,054) (1,103) (1,110,512)

Other financing sources (uses):Proceeds from sale of property - - - - - - - General obligation bond issued - - - - - - - Premium on general obligation bond debt - - - - - - - Transfers in 8,876,035 - 8,650,000 4,981,400 6,353,000 988 - Transfers out - - (40,313,348) (210,000) - - (988)

Total other financing sources (uses) 8,876,035 - (31,663,348) 4,771,400 6,353,000 988 (988)

Net change in fund balances 3,220,738 (62,803) (6,805,695) (860,576) 2,846,946 (115) (1,111,500)

Fund balances - beginning 5,555,104 2,207,500 12,952,962 7,562,745 13,573,771 115 3,002,791

Fund balances - ending 8,775,842$ 2,144,697$ 6,147,267$ 6,702,169$ 16,420,717$ -$ 1,891,291$

-100-

SALT LAKE COUNTY


Millcreek Children's Senior Center Library Midvale Complex East MillcreekFireflow Museum MBA Bond MBA Bond MBA Bond MBA Bond

Impr. District Construction Projects Projects Projects ProjectsRevenues:

Taxes:General property taxes - current -$ -$ -$ -$ -$ -$ General property taxes - delinquent - - - - - - Penalties and interest on delinquent taxes - - - - - - Sales taxes - - - - - - Transient room tax - - - - - - Tax increment - - - - -

Total taxes - - - - - - Licenses and permits - - - - - - Fines and forfeitures - - - - - - Intergovernmental and grant revenue - - - - - - Charges for services - - - - - - Special assessments - - - - - - Interest, rents, and concessions 15,240 11,679 1,165 258 1,113 - Interfund charges - - - - - - Other - - - - - -

Total revenues 15,240 11,679 1,165 258 1,113 -


Public safety and criminal justice - - - - - - Education recreation and cultural - - - - - -

Capital Projects Funds

Education, recreation, and cultural - - - - - - Health and regulatory - - - - - - Public works - - - - - - Tax administration - - - - -

Capital outlay 164,209 352,070 684,695 67,377 467,774 3,490 Debt service:

Principal retirement - - - - - - Interest and fiscal charges - - - - - 14

Total expenditures 164,209 352,070 684,695 67,377 467,774 3,504

Excess (deficiency) of revenuesover (under) expenditures (148,969) (340,391) (683,530) (67,119) (466,661) (3,504)

Other financing sources (uses):Proceeds from sale of property - - - - - - General obligation bond issued - - - - - - Premium on general obligation bond debt - - - - - - Transfers in - - 4,750,000 1,050,000 6,700,000 - Transfers out - - - - - -

Total other financing sources (uses) - - 4,750,000 1,050,000 6,700,000 -

Net change in fund balances (148,969) (340,391) 4,066,470 982,881 6,233,339 (3,504)

Fund balances - beginning 584,373 346,070 - - - -

Fund balances - ending 435,404$ 5,679$ 4,066,470$ 982,881$ 6,233,339$ (3,504)$

-101-

SALT LAKE COUNTY


Total Millcreek Municipal Nonmajor

General Improvement Building GovernmentalGovernment District Authority Funds

Revenues:Taxes:

General property taxes - current 18,235,917$ -$ -$ 78,600,106$ General property taxes - delinquent 543,031 - - 2,405,255 Penalties and interest on delinquent taxes - - - 53,858 Sales taxes - - - 43,800,839 Transient room tax - - - 14,372,704 Tax increment 7,303 - - 74,772

Total taxes 18,786,251 - - 139,307,534 Licenses and permits 1,643,308 - - 13,554,892 Fines and forfeitures - - - 2,136,922 Intergovernmental and grant revenue - - - 17,040,828 Charges for services - - - 8,837,596 Special assessments - 819,615 - 819,615 Interest, rents, and concessions 108,527 52,036 918,903 17,375,036 Interfund charges - - - 1,429,263 Other - - 1,727,861 3,745,774

Total revenues 20,538,086 871,651 2,646,764 204,247,460


Public safety and criminal justice - - - 2,554,657 Education recreation and cultural - - - 89 716 794

Debt Service Funds

Education, recreation, and cultural - - - 89,716,794 Health and regulatory - - - 29,433,149 Public works - - - 16,833,236 Tax administration - - - 22,377,082

Capital outlay - - - 13,884,380 Debt service:

Principal retirement 12,927,400 810,000 12,615,873 29,448,273 Interest and fiscal charges 7,331,267 262,942 7,264,449 18,644,199


Excess (deficiency) of revenuesover (under) expenditures 279,419 (201,291) (17,233,558) (18,644,310)

Other financing sources (uses):Proceeds from sale of property - - - 20,422 General obligation bond issued - - - 24,000,000 Premium on general obligation bond debt - - - 153,139 Transfers in 2,570,413 - 16,574,890 66,724,794 Transfers out (3,385,000) - - (76,022,295)

Total other financing sources (uses) (814,587) - 16,574,890 14,876,060

Net change in fund balances (535,168) (201,291) (658,668) (3,768,250)

Fund balances - beginning 6,041,146 2,023,649 13,353,348 119,388,425

Fund balances - ending 5,505,978$ 1,822,358$ 12,694,680$ 115,620,175$

-102-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisClass B Roads Special Revenue FundYear Ended December 31, 2008

Actual on aFinal Budgetary Variance With

Budget Basis Final BudgetRevenues:

License and permits 25,000$ 16,974$ (8,026)$ Fines and forfeitures - 4,416 4,416 Intergovernmental and grant revenue 8,791,824 7,768,079 (1,023,745) Charges for services 1,197,122 842,802 (354,320) Interest, rents, and concessions 242,500 104,037 (138,463) Interfund charges 837,321 767,986 (69,335) Other 112,668 767,297 654,629

Total revenues 11,206,435 10,271,591 (934,844)

Expenditures:Public works:

Class B roads - projects:Materials, supplies, and services 2,034,534 1,453,567 580,967 Indirect costs 94,111 94,111 -

2,128,645 1,547,678 580,967 Class B roads - maintenance:

M t i l li d i 8 956 883 8 673 799 283 084Materials, supplies, and services 8,956,883 8,673,799 283,084 Indirect costs 174,385 174,385 -

9,131,268 8,848,184 283,084

Total expenditures - public works 11,259,913 10,395,862 864,051

Excess (deficiency) of revenues over (under) expenditures (53,478) (124,271) (70,793)

Other financing sources:Proceeds from sale of property - 13,920 13,920

Net change in fund balances (53,478) (110,351) (56,873)

Fund balances - beginning 5,061,110 5,061,110 - Prior year encumbrances canceled during 2008 25,468 25,468 - Fund balances - ending 5,033,100$ 4,976,227$ (56,873)$

-103-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisOpen Space Special Revenue FundYear Ended December 31, 2008


Budget Basis Final Budget

Revenues:Interest, rents, and concessions -$ 425,929$ 425,929$ Other - 40 40

Total revenues - 425,969 425,969


Materials, supplies, and services 165,787 118,404 47,383 Indirect costs 144,254 144,254 - Capital outlay 24,017,721 10,952,859 13,064,862

Total expenditures - education, recreation, and cultural 24,327,762 11,215,517 13,112,245

Excess (deficiency) of revenues over (under) expenditures (24,327,762) (10,789,548) 13,538,214

Other financing sources:General obligation bond issued 33,215,250 24,000,000 (9,215,250) Premium on general obligation bond debt - 153,139 153,139 Transfers out (10,465,250) (10,465,250) -

Total other financing sources (uses), net 22,750,000 13,687,889 (9,062,111)

Net change in fund balances (1,577,762) 2,898,341 4,476,103

Fund balances - beginning 1,592,706 1,592,706 - Fund balances - ending 14,944$ 4,491,047$ 4,476,103$

-104-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisSalt Lake Valley Fire Service Area Special Revenue FundYear Ended December 31, 2008



Interest, rents, and concessions 91,000$ 43,577$ (47,423)$

Expenditures:Public safety and criminal justice:

Materials, supplies, and services 2,182,555 2,135,132 47,423 Indirect costs 419,526 419,526 -

Total expenditures - public safety and criminal justice 2,602,081 2,554,658 47,423

Excess (deficiency) of revenues over (under) expenditures (2,511,081) (2,511,081) -

Net change in fund balances (2,511,081) (2,511,081) -

Fund balances - beginning 2,511,081 2,511,081 - Fund balances - ending -$ -$ -$

-105-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisFlood Control Special Revenue FundYear Ended December 31, 2008



General property taxes:Current 4,622,046$ 4,597,658$ (24,388)$ Delinquent 165,000 159,459 (5,541) Tax increment - 2,203 2,203

Total general property taxes 4,787,046 4,759,320 (27,726) License and permits 430,000 415,397 (14,603) Intergovernmental and grant revenue 58,310 18,247 (40,063) Interests, rents, and concessions 269,000 80,703 (188,297) Interfund charges 491,620 441,721 (49,899) Other 153,000 460,849 307,849

Total revenues 6,188,976 6,176,237 (12,739)


Flood control - engineeringSalaries, wages, and employee benefits 2,323,462 2,203,294 120,168 M i l li d i 2 323 035 2 064 749 258 286Materials, supplies, and services 2,323,035 2,064,749 258,286 Indirect costs 436,397 436,397 - Capital outlay 40,000 15,972 24,028

5,122,894 4,720,412 402,482 Flood control - projects

Materials, supplies, and services 2,071,000 1,811,478 259,522 Indirect costs 126,271 126,271 -

2,197,271 1,937,749 259,522

Total expenditures - public works 7,320,165 6,658,161 662,004

Excess (deficiency) of revenues over (under) expenditures (1,131,189) (481,924) 649,265

Other financing sources: Transfers in 58,310 58,310 - Transfers out (603,000) (603,000) -

Total other financing sources (uses), net (544,690) (544,690) -

Net change in fund balance (1,675,879) (1,026,614) 649,265

Fund balances - beginning 3,798,728 3,798,728 - Prior year encumbrances canceled during 2008 8,203 8,203 - Fund balances - ending 2,131,052$ 2,780,317$ 649,265$

-106-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisVisitor Promotion Special Revenue FundYear Ended December 31, 2008



Transient room tax 13,500,000$ 12,625,389$ (874,611)$ Interests, rents, and concessions 150,000 57,007 (92,993)

Total revenues 13,650,000 12,682,396 (967,604)


Visitor promotion - contract:Salaries, wages, and employee benefits 3,881,691 3,695,766 185,925 Materials, supplies, and services 4,283,053 4,283,053 - Indirect costs 85,491 85,491 -

8,250,235 8,064,310 185,925 Visitor promotion - County expenditures 198,013 123,013 75,000

Total expenditures - education, recreation, and cultural 8,448,248 8,187,323 260,925

Excess (deficiency) of revenues over (under) expenditures 5,201,752 4,495,073 (706,679)

Other financing uses:Transfers out (5,650,000) (5,650,000) -

Net change in fund balances (448,248) (1,154,927) (706,679)

Fund balances - beginning 3,404,897 3,404,897 - Fund balances - ending 2,956,649$ 2,249,970$ (706,679)$

-107-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisState Tax Administration Levy Special Revenue FundYear Ended December 31, 2008



General property taxes:Current 15,305,791$ 15,530,377$ 224,586$ Delinquent 480,000 492,242 12,242 Penalties and interest on delinquent taxes 45,000 24,287 (20,713) Tax increment - 6,610 6,610

Total taxes 15,830,791 16,053,516 222,725 Licenses and permits 1,370,000 1,413,235 43,235 Intergovernmental and grant revenue 35,380 35,416 36 Charges for services 2,670,000 2,079,422 (590,578) Interest, rents, and concessions 145,751 12,609 (133,142) Other - 4,675 4,675

Total revenues 20,051,922 19,598,873 (453,049)

Expenditures: Tax administration:

Council:Salaries, wages, and employee benefits 706,811 692,340 14,471 Materials, supplies, and services 71,048 69,762 1,286 Indirect costs 287,708 283,255 4,453

1,065,567 1,045,357 20,210 Auditor:

Salaries, wages, and employee benefits 1,219,701 1,208,657 11,044 Materials, supplies, and services 291,631 265,819 25,812 Indirect costs 327,637 316,460 11,177 Capital outlay 1,561 1,561 -

1,840,530 1,792,497 48,033 Recorder:

Salaries, wages, and employee benefits 2,472,536 2,186,113 286,423 Salaries, wages, and employee benefits 2,472,536 2,186,113 286,423 Materials, supplies, and services 473,928 269,005 204,923 Indirect costs 274,398 274,398 - Capital outlay 95,000 94,554 446

3,315,862 2,824,070 491,792 Treasurer:

Salaries, wages, and employee benefits 2,247,426 1,891,802 355,624 Materials, supplies, and services 548,326 431,187 117,139 Indirect costs 721,601 705,069 16,532 Capital outlay 26,500 17,843 8,657

3,543,853 3,045,901 497,952 Assessor:

Salaries, wages, and employee benefits 8,608,675 8,608,649 26 Materials, supplies, and services 1,215,649 1,191,941 23,708 Indirect costs 2,535,461 2,475,222 60,239 Capital outlay 83,658 83,159 499

12,443,443 12,358,971 84,472 Attorney:

Salaries, wages, and employee benefits 470,087 466,545 3,542 Materials, supplies, and services 145,643 131,786 13,857 Indirect costs 39,907 36,812 3,095

655,637 635,143 20,494 Surveyor:

Salaries, wages, and employee benefits 437,631 401,207 36,424 Materials, supplies, and services 60,000 32,514 27,486 Indirect costs 36,853 35,383 1,470

534,484 469,104 65,380

Judgment levy 151,542 - 151,542

Total expenditures - tax administration 23,550,918 22,171,043 1,379,875

Excess (deficiency) of revenues over (under) expenditures (3,498,996) (2,572,170) 926,826

Other financing sources (uses):Transfers in 661,368 661,368 - Transfers out (71,374) (71,374) -

Total other financing sources (uses), net 589,994 589,994 -

Net change in fund balances (2,909,002) (1,982,176) 926,826

Fund balances - beginning 4,520,938 4,520,938 - Prior year encumbrances canceled during 2008 114,744 114,744 -

Fund balances - ending 1,726,680$ 2,653,506$ 926,826$

-108-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisRedevelopment Agency Special Revenue FundYear Ended December 31, 2008



Tax increment 16,992$ 36,181$ 19,189$ Interest, rents, and concessions 200,000 116,563 (83,437) Intergovernmental and grant revenue 200,000 - (200,000) Interfund charges 127,000 - (127,000)

Total revenues 543,992 152,744 (391,248)


Salaries, wages, and employee benefits 77,118 74,949 2,169 Materials, supplies, and services 597,739 62,571 535,168 Indirect costs 2,564 2,564 -

Total expenditures - public works 677,421 140,084 537,337

Excess (deficiency) of revenues over (under)expenditures/net change in fund balances (133,429) 12,660 146,089

Fund balances - beginning 4,139,356 4,139,356 - Fund balances - ending 4,005,927$ 4,152,016$ 146,089$

-109-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisLibrary Special Revenue FundYear Ended December 31, 2008



General property taxes:Current 26,677,980$ 26,068,048$ (609,932)$ Delinquent 875,000 766,728 (108,272) Penalties and interest on delinquent taxes 30,000 29,571 (429) Tax increment - 16,274 16,274

Total taxes 27,582,980 26,880,621 (702,359) Licenses and permits 2,775,000 2,515,334 (259,666) Fines and forfeitures 1,950,000 2,092,684 142,684 Intergovernmental and grant revenue 69,000 89,101 20,101 Interest, rents, and concessions 170,000 90,575 (79,425) Other 131,563 138,759 7,196

Total revenues 32,678,543 31,807,074 (871,469)


Salaries, wages, and employee benefits 19,225,371 19,148,442 76,929 Salaries, wages, and employee benefits 19,225,371 19,148,442 76,929 Materials, supplies, and services 10,651,676 9,955,227 696,449 Indirect costs 1,011,429 996,429 15,000 Capital outlay 79,400 68,575 10,825 Judgment levy 268,390 - 268,390

Total expenditures - education, recreation, and cultural 31,236,266 30,168,673 1,067,593

Excess of revenues over expenditures 1,442,277 1,638,401 196,124

Other financing sources (uses):Proceeds from sale of property 200 6,462 6,262 Transfers out (5,850,000) (5,850,000) -

Total other financing sources (uses), net (5,849,800) (5,843,538) 6,262

Net change in fund balances (4,407,523) (4,205,137) 202,386


-110-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisHealth Special Revenue FundYear Ended December 31, 2008



General property taxes:Current 10,304,889$ 10,249,505$ (55,384)$ Delinquent 360,000 338,641 (21,359) Tax increment - 4,533 4,533

Total taxes 10,664,889 10,592,679 (72,210) Licenses and permits 6,574,226 6,936,714 362,488 Fines and forfeitures 50,000 39,822 (10,178) Intergovernmental and grant revenue 7,787,627 8,446,133 658,506 Charges for services 3,048,853 3,468,786 419,933 Interest, rents, and concessions 735,000 137,294 (597,706) Interfund charges 229,832 219,556 (10,276) Other 6,725 (31,028) (37,753)

Total revenues 29,097,152 29,809,956 712,804

Expenditures:Health and regulatory:g y

Salaries, wages, and employee benefits 22,794,589 21,373,037 1,421,552 Materials, supplies, and services 7,394,303 6,395,353 998,950 Indirect costs 1,730,156 1,726,756 3,400 Capital outlay 186,700 126,468 60,232

Total expenditures - health and regulatory 32,105,748 29,621,614 2,484,134

Excess (deficiency) of revenues over (under) expenditures (3,008,596) 188,342 3,196,938

Other financing sources (uses): Proceeds from sale of property - 35 35 Transfers in 680,986 680,986 - Transfers out (567,000) (567,000) -

Total other financing sources (uses), net 113,986 114,021 35

Net change in fund balances (2,894,610) 302,363 3,196,973

Fund balances - beginning 6,940,333 6,940,333 - Prior year encumbrances canceled during 2008 815 815 - Fund balances - ending 4,046,538$ 7,243,511$ 3,196,973$

-111-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisZoos, Arts, and Parks Special Revenue FundYear Ended December 31, 2008



Sales taxes 19,500,000$ 18,215,877$ (1,284,123)$ Interest, rents, and concessions 1,517,900 149,735 (1,368,165)

Total revenues 21,017,900 18,365,612 (2,652,288)


Large arts groups 9,483,949 8,841,069 642,880 Small arts groups 1,746,405 1,630,963 115,442 Zoological 2,352,796 2,193,308 159,488 Administration 170,192 168,232 1,960 Indirect costs 306,006 306,006 -

Total education, recreation, and cultural 14,059,348 13,139,578 919,770

Debt service:Principal retirement 450,000 450,000 - Interest and fiscal charges 867,900 867,687 213 g , ,

Total debt service 1,317,900 1,317,687 213

Total expenditures 15,377,248 14,457,265 919,983

Excess of revenues over expenditures 5,640,652 3,908,347 (1,732,305)

Other financing sources (uses):Transfers in 1,902,687 1,902,687 - Transfers out (8,886,335) (8,886,335) -

Total other financing sources (uses), net (6,983,648) (6,983,648) -

Net change in fund balances (1,342,996) (3,075,301) (1,732,305)

Fund balances - beginning 3,511,903 3,511,903 - Fund balances - ending 2,168,907$ 436,602$ (1,732,305)$

-112-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisHousing Programs Special Revenue FundYear Ended December 31, 2008



Interest, rents, and concessions 130,000$ 75,896$ (54,104)$

Expenditures:Social services 2,516,700 - 2,516,700

Excess (deficiency) of revenues over (under) expenditures (2,386,700) 75,896 2,462,596

Fund balances - beginning 2,682,287 2,682,287 - Fund balances - ending 295,587$ 2,758,183$ 2,462,596$

-113-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisClark Planetarium Special Revenue FundYear Ended December 31, 2008



General property taxes:Current 3,030,850$ 3,014,292$ (16,558)$ Delinquent 80,000 85,601 5,601 Tax Increment - 1,259 1,259

Total taxes 3,110,850 3,101,152 (9,698) Licenses and permits 260,000 270,994 10,994 Intergovernmental and grant revenue 612,800 587,274 (25,526) Charges for services 2,651,500 2,446,586 (204,914) Interest, rents, and concessions 305,000 291,346 (13,654) Other 600,000 592,117 (7,883)

Total revenues 7,540,150 7,289,469 (250,681)


Salaries, wages, and employee benefits 2,443,410 2,322,728 120,682 Materials, supplies, and services 2,691,566 2,265,749 425,817 I di 287 124 287 124Indirect costs 287,124 287,124 - Capital outlay 245,000 208,179 36,821


Debt service:Principal retirement 950,000 950,000 - Interest and fiscal charges 559,675 559,675 -

Total debt service 1,509,675 1,509,675 -


Excess (deficiency) of revenues over (under) expenditures 363,375 696,014 332,639

Other financing sources:Proceeds from the sale of property - 5 5 Transfers out (20,000) (20,000) -

Total other financing sources (uses), net (20,000) (19,995) 5

Net change in fund balances 343,375 676,019 332,644


-114-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisCenter for the Arts Special Revenue FundYear Ended December 31, 2008



Licenses and permits 246,426$ 261,642$ 15,216$ Interest, rents, and concessions 1,911,727 1,882,295 (29,432) Other - 250 250

Total revenues 2,158,153 2,144,187 (13,966)


Salaries, wages, and employee benefits 2,911,977 2,875,127 36,850 Materials, supplies, and services 1,982,837 2,011,708 (28,871) Indirect costs 341,168 341,168 - Capital outlay 234,500 225,979 8,521


Deficiency of revenues under expenditures (3,312,329) (3,309,795) 2,534

Other financing sources:Transfers in 2 914 717 2 914 717 - Transfers in 2,914,717 2,914,717 -

Net change in fund balances (397,612) (395,078) 2,534


-115-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisSalt Palace Special Revenue FundYear Ended December 31, 2008



Interests, rents, and concessions 6,176,909$ 8,199,027$ 2,022,118$ Interfund charges 4,063,500 - (4,063,500)

Total revenues 10,240,409 8,199,027 (2,041,382)


Salaries, wages, and employee benefits 4,838,707 4,756,318 82,389 Materials, supplies, and services 5,069,595 4,941,078 128,517 Indirect costs 205,824 205,824 - Capital outlay 132,500 96,875 35,625


Debt service:Principal retirement 1,695,000 1,695,000 - Interest and fiscal charges 2,368,500 2,364,608 3,892

Total debt service 4,063,500 4,059,608 3,892


Deficiency of revenues under expenditures (4,069,717) (5,860,676) (1,790,959)

Other financing sources:Transfers in 4,816,414 8,876,035 4,059,621

Net change in fund balances 746,697 3,015,359 2,268,662

Fund balances - beginning 5,555,104 5,555,104 - Prior year encumbrances canceled during 2008 - - - Fund balances - ending 6,301,801$ 8,570,463$ 2,268,662$

-116-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisSouth Towne Special Revenue FundYear Ended December 31, 2008



Interests, rents, and concessions 3,223,491$ 3,628,553$ 405,062$

Total revenues 3,223,491 3,628,553 405,062


Salaries, wages, and employee benefits 1,714,600 1,691,928 22,672 Materials, supplies, and services 1,913,316 1,900,210 13,106 Capital outlay 25,400 - 25,400 Indirect costs 99,218 99,218 -


Deficiency of revenues under expenditures/net change in fund balances (529,043) (62,803) 466,240

Fund balances - beginning 2,207,500 2,207,500 - Prior year encumbrances canceled during 2008 - - - Fund balances - ending 1,678,457$ 2,144,697$ 466,240$

-117-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisTourism, Recreation, Cultural and Convention Special Revenue FundYear Ended December 31, 2008



Sales taxes 26,300,000$ 25,584,962$ (715,038)$ Transient room tax 1,900,000 1,747,315 (152,685) Intergovernmental and grant revenue 2,000,000 - (2,000,000) Interests, rents, and concessions 500,000 262,946 (237,054)

Total revenues 30,700,000 27,595,223 (3,104,777)


Materials, supplies, and services 22,739,052 21,952,198 786,854 Indirect costs 361,043 361,043 - Contribution 2,449,343 2,376,527 72,816


Excess of revenues over expenditures 5,150,562 2,905,455 (2,245,107)

Other financing sources (uses):Transfers in 8,650,000 8,650,000 - Transfers out (40,313,348) (40,313,348) -

Total other financing sources (uses), net (31,663,348) (31,663,348) -

Net change in fund balances (26,512,786) (28,757,893) (2,245,107)

Fund balances - beginning 12,952,962 12,952,962 - Fund balances - ending (13,559,824)$ (15,804,931)$ (2,245,107)$

-118-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisCapital Improvements FundYear Ended December 31, 2008



Taxes - general property taxes - current 909,255$ 904,309$ (4,946)$ Taxes - general property taxes - delinquent - 19,553 19,553 Tax increment - 409 409 Licenses and permits 85,000 81,294 (3,706) Intergovernmental and grant revenue 250,000 96,578 (153,422) Interests, rents, and concessions 400,000 189,649 (210,351)

Total revenues 1,644,255 1,291,792 (352,463)

Expenditures:Capital outlay 8,538,002 5,525,547 3,012,455

Deficiency of revenues under expenditures (6,893,747) (4,233,755) 2,659,992

Other financing sources (uses):Transfers in 4,981,400 4,981,400 - Transfers out (210,000) (210,000) -

T t l th fi i ( ) t 4 771 400 4 771 400Total other financing sources (uses), net 4,771,400 4,771,400 -

Net change in fund balances (2,122,347) 537,645 2,659,992

Fund balances - beginning 7,562,745 7,562,745 - Prior year encumbrances canceled during 2008 25,991 25,991 - Fund balances - ending 5,466,389$ 8,126,381$ 2,659,992$

-119-

SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisCapital Projects Revolving FundYear Ended December 31, 2008



Intergovernmental and grant revenue 1,489,820$ -$ (1,489,820)$ Interest 800,000 396,527 (403,473) Other 50,000 - (50,000)

Total revenues 2,339,820 396,527 (1,943,293)

Expenditures:Indirect costs 42,886 42,886 - Capital outlay 19,392,175 4,297,396 15,094,779

Total expenditures 19,435,061 4,340,282 15,094,779


Other financing sources:Transfers in 6,353,000 6,353,000 -

Net change in fund balances (10,742,241) 2,409,245 13,151,486

Fund balances beginning 13 573 771 13 573 771Fund balances - beginning 13,573,771 13,573,771 - Prior year encumbrances canceled during 2008 105,333 105,333 - Fund balances - ending 2,936,863$ 16,088,349$ 13,151,486$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisSalt Palace Expansion 3, Phase 1, Construction Capital Projects FundYear Ended December 31, 2008



Revenues:Interest 50,233$ -$ (50,233)$

Expenditures:Capital outlay 76,357 1,103 75,254

Deficiency of revenues under expenditures (26,124) (1,103) 25,021

Other financing sources:Transfers in - 988 988

Net change in fund balances (26,124) (115) 26,009

Fund balances - beginning 115 115 - Prior year encumbrances canceled during 2008 - - - Fund balances - ending (26,009)$ -$ 26,009$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisSalt Palace Expansion 3, Phase 2, Construction Capital Projects FundYear Ended December 31, 2008



Revenues:Interest, rents, and concessions 60,234$ 121,847$ 61,613$ Other-contributions 267,000 84,954 (182,046)

Total revenues 327,234 206,801 (120,433)

Expenditures:Salt Palace:

Indirect costs 36,085 36,085 - Capital outlay 1,366,502 318,579 1,047,923

Total Salt Palace 1,402,587 354,664 1,047,923

South Towne parking:Indirect costs 18,845 18,845 - Capital outlay 918,421 47,682 870,739

Total South Towne parking 937,266 66,527 870,739

Total expenditures 2 339 853 421 191 1 918 662Total expenditures 2,339,853 421,191 1,918,662

Deficiency of revenues under expenditures (2,012,619) (214,390) 1,798,229

Other financing uses:Transfers out (988) (988) -

Net change in fund balances (2,013,607) (215,378) 1,798,229

Fund balances - beginning 3,002,791 3,002,791 - Prior year encumbrances canceled during 2008 14,789 14,789 - Fund balances - ending 1,003,973$ 2,802,202$ 1,798,229$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMillcreek Fireflow Special Improvement District Capital Projects FundYear Ended December 31, 2008



Interests, rents, and concessions 5,000$ 15,240$ 10,240$

Total revenues 5,000 15,240 10,240

Expenditures:Indirect costs 24,334 24,334 - Capital outlay 100,000 42,556 57,444

Total expenditures 124,334 66,890 57,444


Fund balances - beginning 584,373 584,373 - Prior year encumbrances canceled during 2008 325,297 325,297 - Fund balances - ending 790,336$ 858,020$ 67,684$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisChildren's Museum Construction Capital Projects FundYear Ended December 31, 2008



Interests, rents, and concessions 6,000$ 11,679$ 5,679$

Expenditures:Indirect costs 47,236 47,236 - Capital outlay 304,834 304,834 -

Total expenditures 352,070 352,070 -


Fund balances - beginning 346,070 346,070 - Fund balances - ending -$ 5,679$ 5,679$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMunicipal Building Authority Senior Center Bond Capital Projects FundYear Ended December 31, 2008



Revenues:Interest, rents, and concessions -$ 1,165$ 1,165$ Charges for services 1,500,000 - (1,500,000)

Total revenues 1,500,000 1,165 (1,498,835)

Expenditures:East Millcreek:

Capital outlay 7,500,000 - 7,500,000

Magna:Capital outlay 7,040,000 3,718,961 3,321,039

Riverton:Capital outlay 5,500,000 - 5,500,000



Other financing sources:Transfers in 18,540,000 4,750,000 (13,790,000)

Net change in fund balances - 1,032,204 1,032,204

Fund balances - beginning - - - Fund balances - ending -$ 1,032,204$ 1,032,204$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMunicipal Building Authority Library Bond Capital Projects FundYear Ended December 31, 2008



Revenues:Interest, rents, and concessions -$ 258$ 258$ Charges for services 1,250,000 - (1,250,000)

Total revenues 1,250,000 258 (1,249,742)

Expenditures:Herriman:

Capital outlay 6,927,800 421,423 6,506,377

West Jordan:Capital outlay 17,982,800 3,718,961 14,263,839

East Millcreek:Capital outlay 7,027,800 - 7,027,800



Other financing sources:Transfers in 30,688,400 1,050,000 (29,638,400)

Net change in fund balances - (3,090,126) (3,090,126)

Fund balances - beginning - - - Fund balances - ending -$ (3,090,126)$ (3,090,126)$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMunicipal Building Authority Public Works Administration Capital Projects FundYear Ended December 31, 2008



Revenues:Interests, rents, and concessions -$ 1,113$ 1,113$

Expenditures:Capital outlay 7,400,000 112,995 7,287,005

Deficiency of revenues under expenditures (7,400,000) (111,882) 7,288,118

Other financing sources:Transfers in 7,400,000 6,700,000 (700,000)

Net change in fund balances - 6,588,118 6,588,118

Fund balances - beginning - - - Fund balances - ending -$ 6,588,118$ 6,588,118$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMunicipal Building Authority East Millcreek Bond Capital Projects FundYear Ended December 31, 2008



Revenues -$ -$ -$

Expenditures:Capital outlay 2,000,000 14 1,999,986

Deficiency of revenues under expenditures (2,000,000) (14) 1,999,986

Other financing sources:Transfers in 2,000,000 - (2,000,000)

Net change in fund balances - (14) (14)

Fund balances - beginning - - - Fund balances - ending -$ (14)$ (14)$

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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisGeneral Government Debt Service FundYear Ended December 31, 2008



Taxes - general property taxes - current 18,336,641$ 18,235,917$ (100,724)$ Taxes - general property taxes - delinquent 450,000 543,031 93,031 Tax increment - 7,303 7,303 Licenses and permits 1,650,000 1,643,308 (6,692) Intergovernmental and grant revenue 39,585 - (39,585) Interests, rents, and concessions 250,000 108,527 (141,473)

Total revenues 20,726,226 20,538,086 (188,140)

Expenditures:Principal retirement 12,927,400 12,927,400 - Interest expense and fiscal charges 7,331,268 7,331,267 1

Total expenditures 20,258,668 20,258,667 1

Excess of revenues over expenditures 467,558 279,419 (188,139)

Other financing sources (uses):Transfers in 2,570,413 2,570,413 Transfers out (3,385,000) (3,385,000) -

Total other financing sources (uses) (814,587) (814,587) -

Net change in fund balances (347,029) (535,168) (188,139)


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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMillcreek Special Improvement District Debt Service FundYear Ended December 31, 2008



Revenues:Special assessments 1,058,500$ 819,615$ (238,885)$ Interests, rents, and concessions 92,600 52,036 (40,564)

Total revenues 1,151,100 871,651 (279,449)

Expenditures:Principal retirement 825,000 810,000 15,000 Interest expense and fiscal charges 347,232 262,942 84,290


Excess (deficiency) of revenues over (under) expenditures (21,132) (201,291) (180,159)


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SALT LAKE COUNTY

Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Budgetary BasisMunicipal Building Authority Debt Service FundYear Ended December 31, 2008



Revenues:Interests, rents, and concessions 19,228,663$ 918,903$ (18,309,760)$ Other - 1,727,861 1,727,861

Total revenues 19,228,663 2,646,764 (16,581,899)

Expenditures:Salt Palace Renovation:

Principal retirement - 5,010,000 (5,010,000) Interest expense and fiscal charges 773,250 773,250 - Indirect costs 81,667 81,667 -

Salt Palace Expansion 2:Principal retirement - 4,175,000 (4,175,000) Interest expense and fiscal charges 2,099,899 1,652,749 447,150 Indirect costs 99,980 99,980 -

South Towne Expo Center:Principal retirement - 66,500 (66,500) Interest expense and fiscal charges 2,612,274 2,612,274 - Indirect costs 119,923 119,923 -

Emergency Operations Center:Principal retirement - 9,373 (9,373) Interest expense and fiscal charges 344,114 338,716 5,398 Indirect costs 19,415 19,415 -

University Hospital Ambassador Building:Principal retirement - 379,000 (379,000) Interest expense and fiscal charges 618,418 616,840 1,578 Indirect costs 25,184 25,184 -

Total expenditures 6,794,124 15,979,871 (9,185,747)

Excess (deficiency) of revenues over (under) expenditures 12,434,539 (13,333,107) (25,767,646)

Other financing sources:Transfers in - 16,574,890 16,574,890

Net change in fund balances 12,434,539 3,241,783 (9,192,756)

Fund balances - beginning 13,353,348 13,353,348 - Fund balances - ending 25,787,887$ 16,595,131$ (9,192,756)$

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SALT LAKE COUNTY Internal Service Funds

• Governmental Immunity Fund—to account for monies received by the County to provide for self-insurance claims for general liability, automobile coverage, certain property exposures, and employee indemnification not covered under a commercial policy.

• Fleet Management Fund—to account for fleet maintenance services provided to County agencies.

• Facilities Services Fund—to account for the management of those county-owned facilities under centralized management.

• Employee Service Reserve Fund—to account for monies received and expended by the County to provide for employee medical insurance, dental insurance, worker’s compensation claims and other benefits.


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EmployeeGovernmental Fleet Facilities Service

Immunity Management Services Reserve Total

AssetsCurrent assets:

Cash and investments:Pooled cash and investments 4,113,161$ 18,923,505$ 3,511,140$ 25,553,253$ 52,101,059$ Restricted cash and investments - - - 1,528,650 1,528,650 Other cash 80,000 3,000 2,000 500 85,500

Receivables:Taxes receivable 6,238 - - - 6,238 Accrued revenue - 443,254 196,661 44,667 684,582 Other receivables - - 158,819 - 158,819

Due from other funds - - - 2,910,014 2,910,014 Inventory - 21,391 229,337 - 250,728

Total current assets 4,199,399 19,391,150 4,097,957 30,037,084 57,725,590

Noncurrent assets:Other - - 73,261 - 73,261 Capital assets:

Land - - - - - Buildings - 738,871 778,552 - 1,517,423 Improvements other than buildings - 643,248 - - 643,248 Furniture, fixtures, and equipment - 41,109,552 11,348,293 48,841 52,506,686 Accumulated depreciation - (21,949,810) (11,545,494) (34,461) (33,529,765)

Total noncurrent assets - 20,541,861 654,612 14,380 21,210,853

Total assets 4,199,399$ 39,933,011$ 4,752,569$ 30,051,464$ 78,936,443$

Liabilities and net assets

Liabilities:Current liabilities:

Accounts payable 46,181$ 688,123$ 505,152$ 1,716,254$ 2,955,710$ Accrued expenses - 112,220 184,178 506,165 802,563 Due to other funds - 30,117 57,705 - 87,822 Unearned revenue - - 670 - 670 Compensated absences - 110,328 191,589 25,824 327,741

Total current liabilities 46,181 940,788 939,294 2,248,243 4,174,506

Noncurrent liabilities:Compensated absences - 110,328 191,589 25,823 327,740 Claims and judgments payable 3,900,000 - - 10,660,982 14,560,982 Net OPEB obligation - 125,248 215,828 26,916 367,992

Total noncurrent liabilities 3,900,000 235,576 407,417 10,713,721 15,256,714

Total liabilities 3,946,181 1,176,364 1,346,711 12,961,964 19,431,220 Net assets:

Invested in capital assets - 20,541,861 581,351 14,380 21,137,592 Unrestricted 253,218 18,214,786 2,824,507 17,075,120 38,367,631

Total net assets 253,218 38,756,647 3,405,858 17,089,500 59,505,223

Total liabilities and net assets 4,199,399$ 39,933,011$ 4,752,569$ 30,051,464$ 78,936,443$

Internal Service FundsDecember 31, 2008

SALT LAKE COUNTYCombining Statement of Net Assets

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Operating revenues:Charges to other funds 1,595,817$ 16,770,550$ 11,732,570$ 9,401,940$ 39,500,877$ Health and life insurance premiums - - - 40,022,752 40,022,752 Statutory benefits - - - 45,627,127 45,627,127 Other revenues 47,443 2,476,589 1,937,358 1,312,126 5,773,516

Total operating revenues 1,643,260 19,247,139 13,669,928 96,363,945 130,924,272

Operating expenses: Salaries, wages, and benefits 114,834 3,036,012 5,623,251 51,775,012 60,549,109 Materials, supplies, and services 148,271 10,906,537 7,950,136 540,812 19,545,756 Other operating expenses 4,133,438 1,036,169 771,822 46,622,262 52,563,691 Depreciation - 4,959,701 182,102 7,375 5,149,178

Total operating expenses 4,396,543 19,938,419 14,527,311 98,945,461 137,807,734

Operating income (2,753,283) (691,280) (857,383) (2,581,516) (6,883,462)

Nonoperating income (expense): Property taxes 4,016 - - - 4,016 Interest income 169,483 623,707 91,717 708,127 1,593,034 Gain (loss) on sale of capital assets - (59,295) 30 - (59,265)

Total nonoperating income 173,499 564,412 91,747 708,127 1,537,785

Net income (loss) before transfers (2,579,784) (126,868) (765,636) (1,873,389) (5,345,677)

Transfers in - - 207,902 - 207,902 Transfer out - (5,774,722) (361,400) - (6,136,122)

Change in net assets (2,579,784) (5,901,590) (919,134) (1,873,389) (11,273,897)

Net assets - beginning 2,833,002 44,658,237 4,324,992 18,962,889 70,779,120

Net assets - ending 253,218$ 38,756,647$ 3,405,858$ 17,089,500$ 59,505,223$

Internal Service FundsYear Ended December 31, 2008

SALT LAKE COUNTYCombining Statement of Revenues, Expenses and Changes in Net Assets

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Cash flows from operating activities:Receipts from customers and users -$ 42,585$ 1,811,219$ 67,293$ 1,921,097$ Intergovernmental receipts 1,643,260 18,813,960 14,470,922 96,296,652 131,224,794 Payments to suppliers (3,651,161) (11,582,510) (11,338,871) (43,710,647) (70,283,189) Payments to employees (114,834) (2,961,549) (5,406,995) (52,199,152) (60,682,530) Intergovernmental payments - (195,396) - (75,999) (271,395)

Net cash provided (used) by operating activities (2,122,735) 4,117,090 (463,725) 378,147 1,908,777

Cash flows from non-capital financing activities:Transfers in - - 207,902 - 207,902 Transfers out - (5,774,722) (361,400) - (6,136,122) Loans from other funds - - - - - Property taxes 7,980 - - - 7,980

Net cash provided (used) by non-capital financing activities 7,980 (5,774,722) (153,498) - (5,920,240)

Cash flows from capital and related financing activitiesAcquisition of capital assets - (5,309,339) (127,583) - (5,436,922) Proceeds from sale of capital assets - 483,083 30 - 483,113

Net cash used by capital and related financing activities - (4,826,256) (127,553) - (4,953,809)

Cash flows from investing activities:Interest received 169,483 623,707 91,717 708,127 1,593,034

Net change in cash and cash equivalents (1,945,272) (5,860,181) (653,059) 1,086,274 (7,372,238)

Cash and cash equivalents - beginning 6,138,433 24,786,686 4,166,199 25,996,129 61,087,447

Cash and cash equivalents - ending 4,193,161$ 18,926,505$ 3,513,140$ 27,082,403$ 53,715,209$

Displayed on combining statement of net assets as:Pooled cash and investments 4,113,161$ 18,926,505$ 3,513,140$ 27,082,403$ 53,715,209$ Restricted cash and investments - - - 1,528,650 1,528,650 Other cash 80,000 3,000 2,000 500 85,500

4,193,161$ 18,929,505$ 3,515,140$ 28,611,553$ 55,329,359$

Reconciliation of operating income (loss) to net cashprovided by (used in) operating activities:

Operating income (loss) (2,753,283)$ (691,280)$ (857,383)$ (2,581,516)$ (6,883,462)$ Adjustments to reconcile operating income (loss) to

net cash provided (used) by operating activities:Depreciation expense - 4,959,701 182,102 7,375 5,149,178 Change in assets and liabilities:

Accrued revenue receivable - (390,593) 18,798 (295,188) (666,983) Other receivables - - 26,997 - 26,997 Inventory - 564,561 26,523 - 591,084 Other assets - - (17,377) 3,236,112 3,218,735 Accounts payable 7,574 (399,762) (53,820) (1,033,942) (1,479,950) Accrued expenses - 6,345 24,126 1,024,789 1,055,260 Unearned revenue - (5,821) - (5,821) Compensated absences payable - - - - - Net OPEB obligation 622,974 68,118 192,130 20,517 903,739

Total adjustments 630,548 4,808,370 393,658 2,959,663 8,792,239

Net cash provided (used) by operating activities (2,122,735)$ 4,117,090$ (463,725)$ 378,147$ 1,908,777$

Noncash investing, capital, and financing activities none none none none none

SALT LAKE COUNTYCombining Statement of Cash FlowsInternal Service FundsYear Ended December 31, 2008

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SALT LAKE COUNTY Agency Funds

• Criminal Justice Agency Fund—to account for monies received by the County on behalf of individuals involved in various stages of the criminal justice process.

• Treasurer’s Tax Collection Fund—to account for non-county tax collections pending final distribution.

• Special Deposits Fund—to account for deposits held in trust for outside parties related to construction and development costs. These include subdivision guarantee and performance bonds; storm drain impact fee deposits; and curb, gutter, and sidewalk construction deposits.

SALT LAKE COUNTY

Combining Statement of Fiduciary Assets and LiabilitiesAgency FundsDecember 31, 2008

Treasurer'sCriminal Tax SpecialJustice Collection Deposits

Agency Fund Agency Fund Agency Fund Total

ASSETS

Pooled cash and investments 884,010$ 16,560,997$ 3,020,668$ 20,465,675$

LIABILITIES

Funds held in trust 884,010$ 16,560,997$ 3,020,668$ 20,465,675$

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SALT LAKE COUNTY

Combining Statement of Changes in Assets and LiabilitiesAgency FundsYear Ended December 31, 2008

Balance at Balance atJanuary 1, December 31,

2008 Additions Deletions 2008CRIMINAL JUSTICE AGENCY FUND

Assets - pooled cash and investments 636,236$ 3,752,652$ 3,504,878$ 884,010$

Liabilities - funds held in trust 636,236$ 3,752,652$ 3,504,878$ 884,010$

TREASURER'S TAX COLLECTION AGENCY FUND

Assets - pooled cash and investments 24,363,419$ 817,213,853$ 825,016,275$ 16,560,997$

Liabilities - funds held in trust 24,363,419$ 817,213,853$ 825,016,275$ 16,560,997$

SPECIAL DEPOSITS AGENCY FUND

Assets - pooled cash and investments 3,404,646$ 656,109$ 1,040,087$ 3,020,668$

Liabilities - funds held in trust 3 404 646$ 656 109$ 1 040 087$ 3 020 668$Liabilities - funds held in trust 3,404,646$ 656,109$ 1,040,087$ 3,020,668$

TOTALS - ALL AGENCY FUNDS

Assets - pooled cash and investments 28,404,301$ 821,622,614$ 829,561,240$ 20,465,675$

Liabilities - funds held in trust 28,404,301$ 821,622,614$ 829,561,240$ 20,465,675$

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SALT LAKE COUNTY Schedule of Taxes Charged, Collected, and Disbursed—2008

This schedule is presented to comply with property tax reporting requirements of the State. The “taxes collected” column represents collection of current year ad valorem taxes, which excludes collection of prior year taxes, miscellaneous taxes, and accrued taxes. These amounts, therefore, differ from tax revenues shown in the basic financial statements. The amounts shown as Municipal Services (unincorporated) and Salt Lake County Library should be added to Total County Funds to arrive at amounts listed on the Property Tax Levies and Collections schedule in the Statistical Section.


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SALT LAKE COUNTY

Schedule of Taxes Charged, Collected, and DisbursedDecember 31, 2008

Year-end Redevelopment Adjusted TaxesTaxing Entities Taxable Value Agency Value Value Tax Rate Charged

County Funds: General Fund 83,180,313,684$ 4,569,282,066$ 78,611,031,618$ 0.001219 95,826,848$ Capital Improvement 83,180,313,684 4,569,282,066 78,611,031,618 0.000012 943,332 Debt Service 83,180,313,684 4,569,282,066 78,611,031,618 0.000242 19,023,870 Flood Control 83,180,313,684 4,569,282,066 78,611,031,618 0.000061 4,795,273 Government Immunity 83,180,313,684 4,569,282,066 78,611,031,618 - - Health Services 83,180,313,684 4,569,282,066 78,611,031,618 0.000136 10,691,100 Clark Planetarium 83,180,313,684 4,569,282,066 78,611,031,618 0.000040 3,144,441 Multi County Assessing & Collecting 83,180,313,684 4,569,282,066 78,611,031,618 0.000121 9,511,935 County Assessing & Collecting 83,180,313,684 4,569,282,066 78,611,031,618 0.000085 6,681,938

Total County Funds 0.001916 150,618,737

School Districts: Salt Lake City 20,820,199,675 2,060,232,231 18,759,967,444 0.003660 68,661,481 Salt Lake City Basic 20,820,199,675 2,060,232,231 18,759,967,444 0.001250 23,449,959 Granite 24,968,371,408 654,679,239 24,313,692,169 0.003984 96,865,750 Granite Basic 24,968,371,408 654,679,239 24,313,692,169 0.001250 30,392,115 Murray City 3,445,458,408 89,073,725 3,356,384,683 0.003544 11,895,027 Murray City Basic 3,445,458,408 89,073,725 3,356,384,683 0.001250 4,195,481 Jordan 33,946,284,193 1,765,296,871 32,180,987,322 0.004900 157,686,838 Jordan Basic 33,946,284,193 1,765,296,871 32,180,987,322 0.001250 40,226,234

Total School Districts 433,372,885

Cities & Towns: Alta 291,592,887 - 291,592,887 0.000930 271,181 Bluffdale 790,332,409 68,134,666 722,197,743 0.001010 729,420 Cottonwood Heights 3,127,008,827 - 3,127,008,827 0.002098 6,560,465 Draper 4,139,523,511 270,089,019 3,869,434,492 0.001528 5,912,496 Herriman 1,286,293,304 - 1,286,293,304 0.000296 380,743 Holladay 3,119,367,328 82,009,446 3,037,357,882 0.001312 3,985,014 Midvale 1,761,975,122 - 1,761,975,122 0.001938 3,414,708 Murray 4,294,378,983 89,073,725 4,205,305,258 0.001422 5,979,944 Riverton 2,365,625,033 77,005,991 2,288,619,042 0.000691 1,581,436 Salt Lake 20,821,557,165 2,060,232,231 18,761,324,934 0.003299 61,893,611 Sandy 7,335,149,182 553,479,044 6,781,670,138 0.001175 7,968,462 South Jordan 4,279,905,514 554,475,456 3,725,430,058 0.001699 6,329,506 South Salt Lake 2,056,082,690 88,367,240 1,967,715,450 0.002352 4,628,067 Taylorsville 2,827,466,108 - 2,827,466,108 0.001514 4,280,784 West Jordan 5,645,472,123 242,112,695 5,403,359,428 0.001810 9,780,081 West Valley 6,806,777,042 480,956,500 6,325,820,542 0.003171 20,059,177 Salt Lake County Municipal Type

Services Unincorporated 12,231,806,456 3,346,053 12,228,460,403 0.000656 8,021,870

Total Cities & Towns 83,180,313,684$ 4,569,282,066$ 78,611,031,618$ 151,776,963$

(Continued)

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SALT LAKE COUNTY

Schedule of Taxes Charged, Collected, and Disbursed (Continued)December 31, 2008

Taxing Entities Unpaid Taxes Abatements Other Total

County Funds: General Fund 4,075,733$ 479,766$ (192,093)$ 4,363,406$ Capital Improvement 40,122 4,723 (1,891) 42,954 Debt Service 809,128 95,245 (38,135) 866,238 Flood Control 203,954 24,008 (9,612) 218,349 Government Immunity - - - - Health Services 454,717 53,526 (21,431) 486,811 Clark Planetarium 133,740 15,743 (6,303) 143,180 Multi County Assessing & Collecting 404,564 47,622 (19,067) 433,119 County Assessing & Collecting 284,198 33,454 (13,394) 304,257

Total County Funds 6,406,156 754,087 (301,927) 6,858,315

School Districts: Salt Lake City 2,261,722 244,266 (183,735) 2,322,253 Salt Lake City Basic 772,446 83,424 (62,751) 793,119 Granite 3,400,305 664,847 (13,514) 4,051,637 Granite Basic 1,066,863 208,599 (4,240) 1,271,222 Murray City 308,439 57,270 (48,841) 316,868 Murray City Basic 108,789 20,200 (17,227) 111,762 Jordan 8,746,631 704,596 (442,019) 9,009,209 Jordan Basic 2,231,283 179,744 (112,760) 2,298,268

Total School Districts 18,896,478 2,162,945 (885,086) 20,174,337

Cities & Towns: Alta 10,446 - (1,199) 9,247 Bluffdale 95,994 1,944 (1,239) 96,699 Cottonwood Heights 264,353 33,287 (9,905) 287,735 Draper 439,705 12,438 (11,159) 440,984 Herriman 44,178 936 33 45,148 Holladay 154,559 24,575 24,687 203,821 Midvale 207,213 24,065 (4,088) 227,190 Murray 161,500 35,444 (20,135) 176,809 Riverton 92,252 8,765 394 101,410 Salt Lake 2,038,639 220,173 (165,612) 2,093,200 Sandy 324,335 42,486 (22,631) 344,190 South Jordan 482,639 25,424 (13,688) 494,375 South Salt Lake 206,887 13,982 (17,173) 203,697 Taylorsville 90,286 31,779 (7,377) 114,688 West Jordan 443,225 53,038 (86,785) 409,478 West Valley 900,314 139,520 (23,502) 1,016,331 Salt Lake County Municipal Type

Services Unincorporated 228,259 50,921 (801) 278,379

Total Cities & Towns 6,184,785$ 718,777$ (360,179)$ 6,543,382$

(Continued)

Auditor's and Treasurer's Relief

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SALT LAKE COUNTY


Taxes Collection Fee in Lieu andTaxing Entities Collected Percentage Age-Based Miscellaneous

County Funds: General Fund 91,463,442$ 0.954466 7,935,872$ (100,524)$ Capital Improvement 900,378 0.954466 78,122 (1,435) Debt Service 18,157,632 0.954466 1,575,457 (24,882) Flood Control 4,576,924 0.954466 397,119 (4,508) Government Immunity - - 4 288 Health Services 10,204,289 0.954466 885,381 (11,755) Clark Planetarium 3,001,261 0.954466 260,406 (4,712) Multi County Assessing & Collecting 9,078,816 0.954466 787,728 (11,594) County Assessing & Collecting 6,377,680 0.954466 553,363 (7,731)

Total County Funds 143,760,422 0.954466 12,473,452 (166,855)

School Districts: Salt Lake City 66,339,228 0.966178 4,548,494 160,496 Salt Lake City Basic 22,656,840 0.966178 1,553,447 58,609 Granite 92,814,112 0.958173 8,408,755 (1,483,299) Granite Basic 29,120,894 0.958173 2,638,289 (462,108) Murray City 11,578,160 0.973361 1,229,210 18,752 Murray City Basic 4,083,719 0.973361 433,553 6,867 Jordan 148,677,629 0.942866 13,768,612 1,108,841 Jordan Basic 37,927,967 0.942866 3,512,401 281,015

Total School Districts 413,198,548 0.953448 36,092,761 (310,827)

Cities & Towns: Alta 261,934 0.965901 1,518 (4,088) Bluffdale 632,721 0.867430 70,755 8,375 Cottonwood Heights 6,272,729 0.956141 480,683 8,696 Draper 5,471,512 0.925415 440,007 70,951 Herriman 335,595 0.881422 34,774 8,242 Holladay 3,781,192 0.948853 268,627 15,289 Midvale 3,187,518 0.933467 426,335 (1,838) Murray 5,803,135 0.970433 614,686 10,025 Riverton 1,480,026 0.935875 160,585 (1,941) Salt Lake 59,800,411 0.966181 4,100,402 150,354 Sandy 7,624,273 0.956806 741,797 23,167 South Jordan 5,835,131 0.921894 555,195 149,734 South Salt Lake 4,424,370 0.955987 358,290 6,129 Taylorsville 4,166,095 0.973209 546,601 7,341 West Jordan 9,370,603 0.958131 1,099,405 62,132 West Valley 19,042,846 0.949333 1,933,599 (953,956) Salt Lake County Municipal Type

Services Unincorporated 7,743,491 0.965297 513,614 (53,619)

Total Cities & Towns 145,233,580$ 0.956888 12,346,872$ (495,007)$

(Continued)

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SALT LAKE COUNTY


Prior Years DelinquentTaxing Entities Semi-Conductor Taxes Interest/Penalties RDA Money

County Funds: General Fund 22,479$ 3,139,945$ 2,581,711$ 5,569,955$ Capital Improvement 221 20,194 34 54,831 Debt Service 4,463 565,052 682 1,105,766 Flood Control 1,125 170,067 172 278,726 Government Immunity - 4,438 - - Health Services 2,508 357,681 383 621,422 Clark Planetarium 738 89,226 113 182,771 Multi County Assessing & Collecting 2,231 298,623 17,627 552,883 County Assessing & Collecting 1,567 216,819 12,588 388,389

Total County Funds 35,332 4,862,045 2,613,310 8,754,744

School Districts: Salt Lake City 233 2,885,913 214,828 7,540,450 Salt Lake City Basic 79 1,076,849 83,836 2,575,290 Granite 250 2,601,274 122,005 2,608,242 Granite Basic 79 862,435 40,590 818,349 Murray City - 202,077 11,528 315,677 Murray City Basic - 70,663 4,081 111,342 Jordan 89,738 4,650,441 215,504 8,649,955 Jordan Basic 22,892 1,158,742 54,430 2,206,621

Total School Districts 113,271 13,508,393 746,802 24,825,927

Cities & Towns: Alta - 8,093 247$ - Bluffdale - 58,737 3,522 68,816 Cottonwood Heights - 122,200 5,138 - Draper - 254,351 10,691 412,696 Herriman - 26,333 1,357 - Holladay - 117,240 6,396 107,596 Midvale - 80,522 4,911 - Murray - 96,926 5,289 126,663 Riverton - 21,359 1,345 53,211 Salt Lake 210 2,787,988 216,568 6,796,706 Sandy - 194,700 10,469 650,338 South Jordan 2,673 170,364 6,942 942,054 South Salt Lake - 126,693 6,349 207,840 Taylorsville - 81,144 3,901 - West Jordan 30,301 234,071 9,931 438,224 West Valley 194 609,752 28,922 1,525,113 Salt Lake County Municipal Type

Services Unincorporated 1 292,423 11,562 2,195

Total Cities & Towns 33,379$ 5,282,894$ 333,539$ 11,331,452$

(Continued)

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SALT LAKE COUNTY


Year-end Adjusted 2008 TaxesTaxable Value RDA Value Value Tax Rate Charges

Other Taxing Entities: Murray City Library 4,294,378,983$ 89,073,725$ 4,205,305,258$ 0.000345 1,450,830$ Salt Lake City Libraries 20,821,557,165 2,060,232,231 18,761,324,934 0.000618 11,594,499 Salt Lake County Library 58,064,377,536 2,419,976,110 55,644,401,426 0.000492 27,377,046 Central Utah Water Conservancy 83,180,313,684 4,569,282,066 78,611,031,618 0.000286 22,482,755 Jordan Valley Water Conservancy 35,049,256,090 1,791,320,032 33,257,936,058 0.000384 12,771,047 Metropolitan Water District Of Salt Lake And Sandy - Slc 20,821,557,165 2,060,232,231 18,761,324,934 0.00035 6,566,464 Metropolitan Water District Of Salt Lake And Sandy - Sandy 6,886,550,059 553,479,044 6,333,071,015 0.00035 2,216,575 Magna Mosquito Abatement 7,054,584,400 229,217,436 6,825,366,964 0.000044 300,316 Salt Lake City Mosquito Abatement 18,558,416,446 2,060,232,231 16,498,184,215 0.000097 1,600,324 South Salt Lake Valley Mosquito Abatement 56,617,091,860 2,279,832,399 54,337,259,461 0.000022 1,195,420 Copperton Improvement 64,594,443 - 64,594,443 0.000705 45,539 Cottonwood Improvement 7,268,607,067 - 7,268,607,067 0.000193 1,402,841 Emigration Improvement 260,765,326 - 260,765,326 0.0008 208,612 Granger Hunter Improvement 5,978,725,066 255,085,117 5,723,639,949 0.000585 3,348,329 Kearns Improvement 2,072,818,073 221,567,531 1,851,250,542 0.000625 1,157,032 Magna Water (An Improvement Dist) 998,191,604 7,649,905 990,541,699 0.002275 2,253,482 Salt Lake City Suburban Sanitary #1 9,033,420,008 102,165,673 8,931,254,335 0.000161 1,437,932 Midvalley Improvement 1,470,336,092 - 1,470,336,092 0.000796 1,170,388 South Valley Sewer 15,270,408,794 1,345,760,280 13,924,648,514 0.000321 4,469,812 Sandy Sub Sanitary Improvement 3,356,529,735 177,423,896 3,179,105,839 0.000807 2,565,538 Taylorsville Bennion Improvement 2,991,854,456 - 2,991,854,456 0.000142 424,843 Oquirrh Recreation & Parks 2,667,546,052 221,567,531 2,445,978,521 0.001011 2,472,884 Cottonwood Heights Service Area 2,196,831,216 - 2,196,831,216 0.000901 1,979,345 Salt Lake County Svce Area #3 - Snowbird 296,088,816 - 296,088,816 0.000101 29,905 Crescent Cemetery Maintenance 2,138,954,985 714,149,380 1,424,805,605 0.000036 51,293 Alta Canyon Recreation Special Service 1,841,704,592 - 1,841,704,592 0.000197 362,816 Glenmoor Special District (Dissolved) - - - - - West Jordan Fairway Estates Spcl Svce Rec 6,163,327 - 6,163,327 0.001656 10,206 Traverse Ridge Special Service 179,869,786 - 179,869,786 0.002073 372,870 Salt Lake Valley Fire Service Area 15,883,724,793 80,352,044 15,803,372,749 0.001566 24,748,082

Total Other Taxing Districts 136,067,026

Total All Taxing Entities 871,835,610$

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SALT LAKE COUNTY


Taxing Entities Unpaid Taxes Abatements Other Total

Other Taxing Entities: Murray City Library 39,182$ 8,599$ (4,885)$ 42,897$ Salt Lake City Libraries 381,897 41,245 (31,024) 392,118 Salt Lake County Library 1,285,092 148,539 (45,865) 1,387,766 Central Utah Water Conservancy 956,243 112,562 (45,069) 1,023,736 Jordan Valley Water Conservancy 671,262 74,509 (33,262) 712,508 Metropolitan Water District Of Salt Lake And Sandy - Slc 216,285 23,359 (17,570) 222,073 Metropolitan Water District Of Salt Lake And Sandy - Sandy 93,614 11,870 (6,499) 98,985 Magna Mosquito Abatement 9,857 1,525 (393) 10,988 Salt Lake City Mosquito Abatement 55,305 6,414 (3,930) 57,790 South Salt Lake Valley Mosquito Abatement 55,625 6,415 (2,320) 59,720 Copperton Improvement 809 395 (147) 1,057 Cottonwood Improvement 50,446 8,367 (1,682) 57,130 Emigration Improvement 8,285 612 13 8,910 Granger Hunter Improvement 138,695 24,873 (3,485) 160,083 Kearns Improvement 54,084 11,854 (1,159) 64,779 Magna Water (An Improvement Dist) 136,512 23,828 2,439 162,778 Salt Lake City Suburban Sanitary #1 51,104 9,508 2,322 62,934 Midvalley Improvement 34,858 9,521 (1,009) 43,370 South Valley Sewer 332,486 15,892 (5,904) 342,474 Sandy Sub Sanitary Improvement 120,360 12,954 (11,931) 121,383 Taylorsville Bennion Improvement 9,253 3,276 (700) 11,829 Oquirrh Recreation & Parks 98,783 21,548 (2,847) 117,484 Cottonwood Heights Service Area 77,865 11,962 (1,186) 88,640 Salt Lake County Svce Area #3 - Snowbird 534 - (77) 457 Crescent Cemetery Maintenance 3,722 221 (220) 3,723 Alta Canyon Recreation Special Service 8,011 2,495 (234) 10,271 Glenmoor Special District (Dissolved) - - - - West Jordan Fairway Estates Spcl Svce Rec 231 67 (1) 297 Traverse Ridge Special Service 76,214 1,643 13 77,869 Salt Lake Valley Fire Service Area 987,695 146,376 (845) 1,133,226

Total Other Taxing Districts 5,954,310 740,426 (217,457) 6,477,278

Total All Taxing Entities 37,441,728$ 4,376,234$ (1,764,650)$ 40,053,312$

Auditor's and Treasurer's Relief

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SALT LAKE COUNTY


Taxes Collection Fee in Lieu &Taxing Entities Collected Percentage Age-Based Miscellaneous

Other Taxing Entities: Murray City Library 1,407,934$ 0.970433 149,133$ 2,535$ Salt Lake City Libraries 11,202,381 0.966181 768,126 28,662 Salt Lake County Library 25,989,279 0.949309 2,378,801 (72,243) Central Utah Water Conservancy 21,459,019 0.954466 1,861,903 (26,963) Jordan Valley Water Conservancy 12,058,539 0.944209 1,269,338 (71,285) Metropolitan Water District Of Salt Lake And Sandy - Slc 6,344,390 0.966181 435,023 13,957 Metropolitan Water District Of Salt Lake And Sandy - Sandy 2,117,590 0.955343 205,193 7,770 Magna Mosquito Abatement 289,328 0.963410 22,279 (16,494) Salt Lake City Mosquito Abatement 1,542,534 0.963889 107,922 1,200 South Salt Lake Valley Mosquito Abatement 1,135,700 0.950043 105,826 4,765 Copperton Improvement 44,482 0.976794 4,266 202 Cottonwood Improvement 1,345,711 0.959275 119,186 1,215 Emigration Improvement 199,702 0.957289 9,118 507 Granger Hunter Improvement 3,188,246 0.952190 340,972 (27,627) Kearns Improvement 1,092,252 0.944013 128,924 (65,311) Magna Water (An Improvement Dist) 2,090,704 0.927766 256,878 (10,649) Salt Lake City Suburban Sanitary #1 1,374,998 0.956233 107,826 4,039 Midvalley Improvement 1,127,018 0.962944 165,914 119 South Valley Sewer 4,127,338 0.923381 388,597 56,813 Sandy Sub Sanitary Improvement 2,444,155 0.952687 202,757 16,104 Taylorsville Bennion Improvement 413,014 0.972156 54,951 958 Oquirrh Recreation & Parks 2,355,401 0.952491 253,011 (102,519) Cottonwood Heights Service Area 1,890,705 0.955218 166,384 3,231 Salt Lake County Svce Area #3 - Snowbird 29,448 0.984725 165 (215) Crescent Cemetery Maintenance 47,570 0.927417 4,101 1,561 Alta Canyon Recreation Special Service 352,545 0.971690 41,696 (595) Glenmoor Special District (Dissolved) - - - 26 West Jordan Fairway Estates Spcl Svce Rec 9,909 0.970878 1,675 51 Traverse Ridge Special Service 295,001 0.791163 26,010 (445) Salt Lake Valley Fire Service Area 23,614,855 0.954210 1,774,001 (117,582)

Total Other Taxing Districts 129,589,748 0.952396 11,349,974 (368,216)

Total All Taxing Entities 831,782,298$ 0.954059 72,263,059$ (1,340,905)$

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SALT LAKE COUNTY


Prior Years DelinquentSemi-Conductor Taxes Interest/Penalties RDA Money

Other Taxing Entities: Murray City Library -$ 24,348$ 1,367$ 30,730$ Salt Lake City Libraries 39 536,429 40,344 1,273,224 Salt Lake County Library 9,041 796,567 37,553 1,190,628 Central Utah Water Conservancy 5,274 723,970 41,091 1,306,815 Jordan Valley Water Conservancy 7,056 375,317 16,869 687,867 Metropolitan Water District Of Salt Lake And Sandy - Slc 22 223,447 15,520 721,081 Metropolitan Water District Of Salt Lake And Sandy - Sandy - 46,852 2,309 193,718 Magna Mosquito Abatement - 10,159 301 10,086 Salt Lake City Mosquito Abatement 6 74,930 5,478 199,843 South Salt Lake Valley Mosquito Abatement 404 31,982 1,607 50,156 Copperton Improvement - 429 50 - Cottonwood Improvement 0 29,296 1,530 - Emigration Improvement - 5,966 321 - Granger Hunter Improvement 36 106,194 5,728 149,225 Kearns Improvement - 27,476 1,000 138,480 Magna Water (An Improvement Dist) - 79,261 3,308 17,404 Salt Lake City Suburban Sanitary #1 - 35,712 1,994 16,449 Midvalley Improvement - 25,747 1,060 - South Valley Sewer 505 168,801 7,742 431,989 Sandy Sub Sanitary Improvement - 63,716 3,539 143,181 Taylorsville Bennion Improvement - 8,763 422 - Oquirrh Recreation & Parks - 61,935 2,278 224,005 Cottonwood Heights Service Area - 43,915 1,940 - Salt Lake County Svce Area #3 - Snowbird - 185 18 - Crescent Cemetery Maintenance - 1,742 92 25,709 Alta Canyon Recreation Special Service - 6,799 352 - Glenmoor Special District (Dissolved) - - - - West Jordan Fairway Estates Special Service Rec - - 3 - Traverse Ridge Special Service - 61,399 2,010 - Salt Lake Valley Fire Service Area 2 480,590 21,967 125,831

Total Other Taxing Districts 22,387 4,051,926 217,792 6,936,419

Total All Taxing Entities 204,368$ 27,705,259$ 3,911,442$ 51,848,542$

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SALT LAKE COUNTY Impact Fee Schedules

These schedules are presented to comply with impact fee reporting requirements of the State. State law requires that each annual report shall identify impact fee funds by the year in which they were received, the project from which the funds were collected, the capital projects for which the funds are budgeted, and the projected schedule for expenditure.

SALT LAKE COUNTY

Drainage Impact FeesYear Ended December 31, 2008 (including 2006 and 2007 updates)

2006 2007 2008

Beginning Balance 637,261$ 1,076,621$ 1,067,684$

Collections 691,605 267,054 190,491

Disbursements (298,066) (334,933) (318,150)

Interest 45,821 58,942 31,846

Ending Balance 1,076,621$ 1,067,684$ 971,871$

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SALT LAKE COUNTY

Park Impact Fees December 31, 2008

Impact Fees ProjectCollected Expenditures

Interest Ending1998 2008 Allocation Balance

Community Council:Little Cottonwood Canyon 400$ (440)$ 40$ -$

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SALT LAKE COUNTY Statistical Section

This part of Salt Lake County’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the government’s overall financial health.

Contents Page

• Financial Trends—these schedules contain trend information to help the reader understand how the government’s financial performance and well-being have changed over time.

• Net Assets by Component—Last Seven Years 152 • Changes in Net Assets—Last Seven Years 154 • Fund Balances, Governmental Funds—Last Ten Years 156 • Changes in Fund Balances, Governmental Funds—Last Ten Years 158

• Revenue Capacity—these schedules contain information to help the reader assess the government’s most significant local revenue source, the property tax.

• Assessed Value and Actual Value of Taxable Property—Last Ten Years 161

• Property Tax Rates—Direct and Overlapping Governments—Last Ten Years 162

• Principal Property Taxpayers—Current Year and Nine Years Ago 164

• Property Tax Levies and Collections—Last Six Years 167

• Debt Capacity—these schedules present information to help the reader assess the affordability of the government’s current levels of outstanding debt and the government’s ability to issue additional debt in the future.

• Ratio of Outstanding Debt by Type—Last Seven Years 168

• Ratio of General Bonded Debt Outstanding—Last Ten Years 170

• Computation of Direct and Overlapping Debt 171

• Legal Debt Margin Information—Last Ten Years 172

• Pledge-Revenue Coverage—Last Ten Years 174

• Debt Service Schedule of Outstanding Bonds (By Year) 176

• Demographic and Economic Information—these schedules offer demographic and economic indicators to help the reader understand the environment within which the government’s financial activities take place.

• Demographic and Economic Statistics—Last Ten Years 178

• Principal Employers—Current Year and Four Years Ago 180

• Operating Information—these schedules contain service and infrastructure data to help the reader understand how the information in the government’s financial report relates to the services the government provides and the activities it performs.

• Full-Time Equivalent County Government Employees by Function—Last Ten Years 182

• Operating Indicators by Organization—Last Four Years 184

• Capital Asset Statistics—Last Ten Years 186


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SALT LAKE COUNTY

Net Assets By ComponentLast Seven Years(accrual basis of accounting)

2002 2003 2004 2005Governmental activities:

Invested in capital assets, net of related debt 636,229,993$ 655,165,468$ 657,029,840$ 614,171,450$ Restricted 14,925,916 14,423,623 10,678,891 10,627,721 Unrestricted 198,315,385 189,575,137 202,358,306 205,619,694

Total governmental activities net assets 849,471,294$ 859,164,228$ 870,067,037$ 830,418,865$

Business-type activities:Invested in capital assets, net of related debt 14,420,734$ 18,055,738$ 19,404,767$ 19,011,181$ Restricted - - - - Unrestricted 48,683,609 49,132,028 46,490,994 45,748,023

Total business-type activities net assets 63,104,343$ 67,187,766$ 65,895,761$ 64,759,204$

Total County:Invested in capital assets, net of related debt 650,650,727$ 673,221,206$ 676,434,607$ 633,182,631$ Restricted 14,925,916 14,423,623 10,678,891 10,627,721 Unrestricted 246,998,994 238,707,165 248,849,300 251,367,717

Total County net assets 912,575,637$ 926,351,994$ 935,962,798$ 895,178,069$

Source: Salt Lake County statements of net assets at December 31, 2002 through 2008

Notes: Accrual-basis financial information for the County as a whole is available back to 2002 only, theyear GASB Statement 34 was implemented.

In 2007 and 2008, the County held unspent bond proceeds restricted for capital projects of $82million and $62 million at December 31, 2007 and 2008, respectively.

Beginning 2007, net assets are calculated to classify fund balances of special revenue, debt service,and capital projects funds as restricted unless no external constraint exists.

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2006 2007 2008

626,912,289$ 652,901,219$ 665,413,951$ 10,523,761 163,921,485 142,314,016

238,872,162 83,879,465 56,346,427

876,308,212$ 900,702,169$ 864,074,394$

20,674,381$ 22,510,313$ 26,025,023$ - 2,943,401 2,353,812

40,076,035 34,380,788 32,305,980

60,750,416$ 59,834,502$ 60,684,815$

647,586,670$ 675,411,532$ 691,438,974$ 10,523,761 166,864,886 144,667,828

278,948,197 118,260,253 88,652,407

937,058,628$ 960,536,671$ 924,759,209$

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SALT LAKE COUNTY

Changes in Net AssetsLast Seven Years(accrual basis of accounting)

2002 2003 2004 2005 2006 2007 2008Expenses:Governmental activities:

General government 57,380,526$ 29,664,052$ 33,386,562$ 112,339,790$ 37,084,845$ 34,300,409$ 38,624,659$ Public safety and criminal justice 145,745,925 157,355,309 159,108,254 154,624,561 162,154,442 186,085,441 186,469,710 Social Services 61,519,103 64,283,446 67,328,341 69,144,294 70,245,558 70,616,390 77,749,467 Education, recreation, and cultural 100,507,231 106,328,541 111,576,715 116,761,388 123,328,483 126,243,730 137,808,842 Health and regulatory 31,005,157 32,091,272 32,699,341 33,679,227 34,711,425 37,712,090 40,947,470 Public works 28,154,279 28,794,077 28,216,814 29,276,948 29,136,368 33,613,610 36,641,931 Tax administrations 18,049,669 18,318,565 18,987,108 20,554,383 19,990,088 21,018,893 23,074,992 Interest on long-term debt 17,560,922 16,137,215 13,199,085 16,077,583 16,494,525 16,421,678 17,200,554

Total governmental activities 459,922,812 452,972,477 464,502,220 552,458,174 493,145,734 526,012,241 558,517,625 Business-type activities:

Golf 7,309,489 7,311,704 7,453,430 7,464,005 7,578,868 8,235,485 8,090,001 Millcreek Canyon 217,169 108,555 208,558 293,794 - - - Sanitation 7,906,641 10,714,763 10,206,331 10,058,043 11,062,307 14,273,233 12,723,568 Solid waste management - - - 4,604,341 (993,186) - -

Total business-type activities 15,433,299 18,135,022 17,868,319 22,420,183 17,647,989 22,508,718 20,813,569 Total County expenses 475,356,111$ 471,107,499$ 482,370,539$ 574,878,357$ 510,793,723$ 548,520,959$ 579,331,194$

Program revenues:Governmental activities:Charges for services:

General government 36,710,529 25,748,293 25,712,010 25,518,520 24,339,713 22,382,841 24,263,127 Public safety and criminal justice 24,555,560 23,795,167 21,627,629 21,264,778 22,186,331 26,518,398 24,169,660 Social services 4,695,994 2,201,417 2,314,248 2,591,652 2,337,353 2,364,203 2,559,261 Education, recreation, and cultural 32,500,144 32,389,034 32,039,901 32,885,035 35,112,701 32,524,408 38,830,107 Health and regulatory 15,033,914 14,980,520 16,094,259 15,055,222 16,278,441 17,928,418 15,808,661 Public works 12,419,233 11,959,862 12,510,585 12,517,721 17,730,078 14,470,063 15,015,287 Tax administration 3,903,475 5,802,107 4,449,414 4,697,602 4,751,479 5,683,949 3,639,981 Interest on long-term debt - - - - - - -

Operating grants and contributions 63,069,118 64,628,125 63,102,282 67,137,915 65,374,731 62,732,009 68,192,517 Capital grants and contributions - 8,619,984 4,494,020 28,137,589 9,389,343 10,212,437 6,300,479

Total governmental activities 192,887,967 190,124,509 182,344,348 209,806,034 197,500,170 194,816,726 198,779,080 Business-type activities:Charges for services:

Golf 7,016,201 6,698,784 6,895,805 6,971,585 7,311,405 7,447,525 7,162,627 Sanitation 10,765,425 11,231,097 6,112,030 11,540,850 10,832,626 13,719,103 13,852,594 Solid waste management 225,718 240,353 1,201,265 217,180 - 454,502 1,481,379

Capital grants and contributions 9,267 - - - - - -

Total business-type activities 18,016,611 18,170,234 14,209,100 18,729,615 18,144,031 21,621,130 22,496,600 Total County program revenues 210,904,578$ 208,294,743$ 196,553,448$ 228,535,649$ 215,644,201$ 216,437,856$ 221,275,680$

-154-

2002 2003 2004 2005 2006 2007 2008Net (expense) revenue:Governmental activities (267,034,845)$ (262,847,968)$ (282,157,872)$ (342,652,140)$ (295,645,564)$ (331,195,515)$ (359,738,545)$ Business-type activities 2,583,312 35,212 (3,659,219) (3,690,568) 496,042 (887,588) 1,683,031

Total County net (expense) revenue (264,451,533)$ (262,812,756)$ (285,817,091)$ (346,342,708)$ (295,149,522)$ (332,083,103)$ (358,055,514)$

General Revenues and Other Changes in Net Assets:Governmental activities:

Taxes:Property taxes 183,103,483$ 179,134,986$ 183,041,505$ 184,317,291$ 192,980,259$ 200,497,516$ 187,875,783$ Sales taxes 95,150,558 90,291,143 95,951,882 101,286,276 117,663,274 121,742,806 109,901,439 Transient room taxes 10,460,838 8,689,116 8,910,397 9,873,342 12,419,989 15,615,048 14,372,704 Other taxes 3,398,458 3,197,497 3,025,662 2,079,689 1,110,290 996,670 1,133,366

Investment earnings 4,811,777 4,046,451 4,146,841 7,402,762 12,122,676 14,606,137 8,566,831 Miscellaneous 32,465 - - - - - - Transfers (100,000) (2,255,008) (2,015,606) (1,955,392) 5,238,423 (998,890) 1,260,647

Total governmental activities 296,857,579 283,104,185 293,060,681 303,003,968 341,534,911 352,459,287 323,110,770 Business-type activities:

Investment earnings 455,154 366,260 351,608 598,619 733,593 908,775 427,928 Miscellaneous (981,773) 1,426,943 - - - - - Transfers 100,000 2,255,008 2,015,606 1,955,392 (5,238,423) 998,890 (1,260,647)

Total business-type activities (426,619) 4,048,211 2,367,214 2,554,011 (4,504,830) 1,907,665 (832,719)

Total County general revenuesand other changes in net assets 296,430,960$ 287,152,396$ 295,427,895$ 305,557,979$ 337,030,081$ 354,366,952$ 322,278,051$

Change in Net Assets:Governmental activities 29,822,734$ 20,256,217$ 10,902,809$ (39,648,172)$ 45,889,347$ 21,263,772$ (36,627,775)$ Business-type activities 2,156,693 4,083,423 (1,292,005) (1,136,557) (4,008,788) 1,020,077 850,312

Total County change in net assets 31,979,427$ 24,339,640$ 9,610,804$ (40,784,729)$ 41,880,559$ 22,283,849$ (35,777,463)$

Source: Salt Lake County statements of activities for years ended December 31, 2002 through 2008.

Note: Accrual-basis financial information for the County as a whole is only available back to 2002, the year GASB Statement 34 was implemented.

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SALT LAKE COUNTY

Fund Balances, Governmental FundsLast Ten Years(modified accrual basis of accounting)

1999 2000 2001 2002General fund:

Reserved 5,194,072$ 3,564,806$ 3,790,119$ 3,961,579$ Unreserved 27,641,509 16,465,398 27,889,062 34,493,261

Total general fund 32,835,581$ 20,030,204$ 31,679,181$ 38,454,840$

All other governmental funds:Reserved 49,700,419$ 22,077,797$ 14,134,287$ 20,814,235$ Unreserved, reported in:

Special revenue funds 32,701,922 39,941,038 56,225,774 81,245,805 Capital project funds 8,530,010 13,405,193 27,265,510 9,440,167 Debt service funds 4,166,695 4,503,432 5,637,373 9,055,736

Total all other governmental funds 95,099,046$ 79,927,460$ 103,262,944$ 120,555,943$

Source: Salt Lake County balance sheets - governmental funds at December 31, 1999 through 2008.

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2003 2004 2005 2006 2007 2008

3,996,924$ 2,346,323$ 3,582,587$ 3,733,281$ 3,420,422$ 4,317,229$ 37,880,234 44,414,616 43,984,172 47,250,953 32,379,189 23,217,028 41,877,158$ 46,760,939$ 47,566,759$ 50,984,234$ 35,799,611$ 27,534,257$

15,922,027$ 29,792,239$ 47,852,094$ 23,381,433$ 46,362,007$ 45,356,399$

72,131,955 79,202,540 84,073,627 92,914,173 93,309,616 71,264,283 22,938,407 22,377,210 43,530,151 42,762,238 96,590,927 77,692,356 6,287,196 4,460,068 3,326,752 5,838,715 21,418,143 20,023,016

117,279,585$ 135,832,057$ 178,782,624$ 164,896,559$ 257,680,693$ 214,336,054$

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SALT LAKE COUNTY

Changes in Fund Balances, Governmental FundsLast Ten Years(modified accrual basis of accounting)

1999 2000 2001 2002 2003

Revenues:Taxes 243,659,127$ 260,092,561$ 285,480,290$ 291,280,228$ 281,969,556$ Licenses and permits 26,431,931 26,683,625 27,848,808 28,818,850 27,983,352 Fines and forfeitures 3,561,989 3,699,598 4,235,642 3,801,340 3,316,535 Intergovernmental and grant revenue 71,944,734 78,616,624 81,920,374 87,894,112 82,718,550 Charges for services 21,431,884 21,916,883 24,550,684 26,680,305 30,806,441 Special assessments - - - - - Interest, rents, and concessions 6,161,046 13,094,062 17,158,528 17,967,784 15,446,393 Interfund charges 18,503,695 17,667,853 20,564,084 23,348,890 23,611,791 Other revenues (1) 8,400,570 8,821,302 6,196,316 5,238,116 3,244,717

Total revenues 400,094,976 430,592,508 467,954,726 485,029,625 469,097,335

Expenditures:General government 34,897,137 35,507,622 34,564,819 37,115,153 33,138,389 Public Safety and criminal justice 132,386,530 144,318,507 140,554,076 143,040,696 147,195,292 Social Services 57,413,273 55,446,966 59,815,214 61,708,656 64,406,966 Education, recreation, and cultural 57,838,825 85,339,609 90,818,758 105,949,351 112,367,955 Health and regulatory 29,971,027 31,203,438 29,830,212 30,888,802 31,942,255 Public works 33,221,757 33,075,406 35,387,264 30,201,694 32,118,868 Tax Administration 15,664,392 17,637,550 18,127,117 18,084,481 18,470,090 Capital Outlay 69,178,927 42,017,169 16,954,679 22,202,372 10,072,262 Debt Service:

Principal retirement 10,205,000 11,207,350 12,189,450 13,137,350 11,736,450 Interest and fiscal charges 8,500,154 8,057,579 7,253,043 7,238,058 6,247,114

Elimination of intrafund transactions (2) (8,452,890) - - - -

Total expenditures 440,824,132 463,811,196 445,494,632 469,566,613 467,695,641

Excess of revenues over (under)expenditures (40,729,156) (33,218,688) 22,460,094 15,463,012 1,401,694

Other financing sources (uses):Proceeds from sale of property (1) - - - 1,019,744 811,225 General obligation bonds issued - - 73,810,000 - - Sales tax revenue bonds issued - - 16,055,000 - - Special assessment bonds issued - - - - - Premium (discount) on bonds issued - - 3,514,247 - - Proceeds from note issuance - - - - - Payment to refund bond escrow agent - - (76,957,794) - - Transfers in 22,168,204 28,306,812 42,202,396 42,321,725 48,373,798 Transfers out (20,113,300) (29,949,809) (46,099,482) (37,872,183) (51,915,806)

Total other financing sources (uses) 2,054,904 (1,642,997) 12,524,367 5,469,286 (2,730,783) Net change in fund balances (38,674,252)$ (34,861,685)$ 34,984,461$ 20,932,298$ (1,329,089)$

Debt service as a percentage of noncapitalexpenditures 5.0% 4.6% 4.5% 4.6% 4.0%

Source: Salt Lake County statements of revenues, expenditures, and changes in fund balances - governmental funds for years ending December 31, 1999 through 2008.

Notes: (1) Proceeds from sale of property was previously recorded as other revenues prior to the year ended December 31, 2002.(2) The County began allocating indirect costs to its organizations in 1981. These figures represent the elimination of charges

between departments within the same fund. Starting in 2000, the County changed reporting for intrafund transactions by allocating the financial effect to specific categories rather than reporting a lump-sum, as was done in prior years.

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2004 2005 2006 2007 2008

293,205,327$ 297,593,724$ 324,981,426$ 337,531,639$ 311,677,752$ 28,242,012 26,980,818 28,117,389 30,631,013 27,223,829

4,271,124 5,545,950 5,832,570 5,983,564 5,427,943 74,496,830 75,570,155 74,920,244 87,117,918 90,470,768 29,833,894 30,004,296 32,518,146 35,043,020 33,009,786

- - 5,615,398 1,100,928 819,615 14,928,895 18,358,443 22,726,331 26,555,699 23,452,463 24,353,901 24,254,128 26,014,941 24,620,894 27,805,004

2,356,101 17,903,900 5,013,125 4,283,508 7,295,843

471,688,084 496,211,414 525,739,570 552,868,183 527,183,003

34,688,461 37,550,683 42,476,974 34,861,843 38,512,850 146,995,649 142,046,470 147,754,598 180,432,713 174,790,417

66,843,040 68,959,670 70,003,585 70,385,602 76,320,884 108,041,876 116,367,811 123,021,360 126,798,526 127,441,160

32,189,260 33,647,235 34,425,102 36,607,265 39,199,684 30,508,435 30,705,177 30,189,546 34,994,354 36,521,494 18,842,362 20,607,305 20,550,880 20,718,142 22,377,082 19,870,169 47,059,328 58,616,785 29,414,456 46,744,280

14,918,800 15,875,650 16,186,800 24,270,704 29,793,273 6,823,518 6,846,607 9,463,514 16,532,415 18,668,836

- - - - -

479,721,570 519,665,936 552,689,144 575,016,020 610,369,960

(8,033,486) (23,454,522) (26,949,574) (22,147,837) (83,186,957)

1,403,018 463,269 1,379,069 245,230 234,958 15,000,000 - - 65,000,000 24,000,000 14,700,000 57,095,000 - - -

- - 6,845,000 - - 760,190 5,031,212 (13,508) 1,303,676 153,139

- - - - - - - - - -

59,833,218 55,857,083 67,186,184 123,666,429 124,160,175 (60,226,687) (51,235,655) (58,915,761) (120,331,393) (116,971,308)

31,469,739 67,210,909 16,480,984 69,883,942 31,576,964 23,436,253$ 43,756,387$ (10,468,590)$ 47,736,105$ (51,609,993)$

4.8% 4.8% 5.2% 7.7% 8.7%

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-160-

SALT LAKE COUNTY

Assessed Value And Actual Value of Taxable PropertyLast Ten Years

Less: Total TaxableYear Primary Secondary or Tax-Exempt Total Taxable Effective Estimated Assessed ValueEnded Residential Non-Residential Real Assessed Tax Actual as a PercentageDec. 31, Property Property Property (1) Value Rate (3) Value (2) of Actual Value

1999 38,559,981,200$ 20,320,583,474$ 17,351,991,294$ 41,528,573,380$ 0.003962 58,880,564,674$ 70.53%

2000 40,953,042,690 21,808,816,282 18,428,869,167 44,332,989,805 0.003562 62,761,858,972 70.64%

2001 42,622,640,100 23,225,479,821 19,180,188,006 46,667,931,915 0.003927 65,848,119,921 70.87%

2002 44,935,381,250 23,367,729,357 20,220,921,527 48,082,189,080 0.003791 68,303,110,607 70.40%

2003 46,104,642,150 22,977,466,234 20,747,088,924 48,335,019,460 0.003867 69,082,108,384 69.97%

2004 48,855,638,780 23,731,123,111 21,985,037,420 50,601,724,471 0.003803 72,586,761,891 69.71%

2005 53,302,440,440 24,645,533,114 23,986,098,134 53,961,875,420 0.003279 77,947,973,554 69.23%

2006 62,189,899,160 28,523,999,081 27,985,454,565 62,728,443,676 0.002909 90,713,898,241 69.15%

2007 77,840,584,750 33,704,683,322 35,028,263,070 76,517,005,002 0.002468 111,545,268,072 68.60%

2008 82,304,587,300 37,920,038,973 32,486,264,278 87,738,361,995 0.002259 120,224,626,273 72.98%

Source: Tax division--Salt Lake County Auditor's Office.

Notes: (1) Statute 59-2-103 states 45% of the value of primary residential property is specifically exempt under the Constitution of Utah.(2) Estimated actual value of real property is a net market value--property value subject to tax after reductions made for greenbelt,

full or part exemptions.(3) The effective tax rate is the accumulated weighted average of all individual rates applied by the County.

Real Property (2)

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SALT LAKE COUNTY

Property Tax Rates - Direct and Overlapping GovernmentsLast Ten Years (Per $1 of Assessed/Taxable Value)

1999 2000 2001 2002County-wide rates (3):

General fund 0.002137 0.001832 0.001863 0.001826County-wide judgment levy N/A N/A N/A N/ABond debt service fund 0.000375 0.000353 0.000433 0.000422State tax administration fund 0.000356 0.000338 0.000320 0.000304State tax administration judgment levy N/A N/A N/A N/AHealth fund 0.000241 0.000227 0.000240 0.000234Flood control fund 0.000135 0.000127 0.000102 0.000099Hansen/Clark Planetarium fund 0.000000 0.000000 0.000040 0.000040Capital improvement fund 0.000000 0.000025 0.000025 0.000012Governmental immunity fund 0.000002 0.000002 0.000002 0.000002

0.003246 0.002904 0.003025 0.002939

Other County rates:Salt Lake County Municipal - unincorporated rate (1):

Municipal Services fund 0.001942 0.002028 0.002883 0.002878Municipal Services judgment levy N/A N/A N/A N/A

Salt Lake County Library rate:Library fund 0.000610 0.000583 0.000764 0.000744Library judgment levy N/A N/A N/A N/A

Salt Lake Valley Fire Service area rate (1) N/A N/A N/A N/A

Effective County tax rate (4) 0.003962 0.003562 0.003927 0.003791

School district rates:Granite School District 0.006960 0.006678 0.006487 0.006460Jordan School District 0.007582 0.008845 0.008424 0.008344Murray City School District 0.005178 0.005128 0.005882 0.006473Salt Lake City School District 0.005859 0.005702 0.005563 0.005528

City and town rates:Alta 0.001200 0.001263 0.001399 0.001182Bluffdale 0.000884 0.001134 0.001098 0.001287Cottonwood Heights N/A N/A N/A N/ADraper 0.000923 0.001122 0.001365 0.001337Herriman N/A 0.002115 0.002318 0.002294Holladay N/A 0.002117 0.002236 0.002171Midvale 0.001329 0.002161 0.002302 0.002253Murray 0.001217 0.001364 0.001543 0.001490Riverton 0.001167 0.001372 0.001571 0.001525Salt Lake City 0.004126 0.004091 0.004296 0.004457Sandy 0.001607 0.001788 0.001960 0.001895South Jordan 0.001696 0.001863 0.002004 0.001950South Salt Lake 0.001067 0.001206 0.001411 0.001386Taylorsville 0.001645 0.001762 0.001936 0.001895West Jordan 0.002198 0.002296 0.002483 0.002419West Valley 0.002459 0.002490 0.002666 0.002654

Other taxing district rates 0.000013-.001749 0.000034-0.001611 0.000014-0.002918 0.000017-0.003038

Source: Utah State Tax Commission

Notes: (1) Salt Lake County Municipal - Unincorporated rate reduced substantially in 2005, due to the Salt Lake Valley Fire Service Area separating from Salt Lake County as of July 1, 2004. Effective January 1, 2008, Salt Lake Valley Fire Service Area

became an independent entiy from the County and is included with other taxing district rates.(2) N/A = Not available or applicable.(3) Public hearings are required before a the direct rates can be adjusted by the Salt Lake County council.(4) The effective tax rate is the accumulated weighted average of all individual rates applied by the County.

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2003 2004 2005 2006 2007 2008

0.001850 0.001831 0.001741 0.001535 0.001283 0.001219N/A N/A N/A 0.000022 0.000000 0.000018

0.000332 0.000326 0.000310 0.000273 0.000232 0.0002420.000309 0.000305 0.000292 0.000244 0.000210 0.000206

N/A N/A N/A 0.000003 0.000000 0.0000000.000235 0.000214 0.000204 0.000170 0.000144 0.0001360.000100 0.000098 0.000093 0.000082 0.000070 0.0000610.000040 0.000040 0.000040 0.000040 0.000040 0.0000400.000000 0.000000 0.000000 0.000000 0.000013 0.0000120.000002 0.000002 0.000002 0.000002 0.000002 0.0000000.002868 0.002816 0.002682 0.002371 0.001994 0.001934

0.002912 0.002740 0.000878 0.000794 0.000695 0.000656N/A N/A N/A 0.000007 0.000000 0.000006

0.000747 0.000733 0.000696 0.000614 0.000517 0.000492N/A N/A N/A 0.000003 0.000000 0.000005

N/A N/A 0.001746 0.001616 0.001377 N/A

0.003867 0.003803 0.003279 0.002909 0.002468 0.002259

0.006740 0.006746 0.006604 0.005827 0.005411 0.0053160.008366 0.008856 0.008655 0.007347 0.006617 0.0061500.006514 0.006644 0.006527 0.006012 0.005089 0.0047940.005968 0.005992 0.006080 0.006002 0.005084 0.004937

0.001298 0.001350 0.001185 0.001280 0.000885 0.0009300.001260 0.001184 0.001131 0.001400 0.001160 0.001010

N/A N/A N/A 0.002624 0.002220 0.0020980.001354 0.001327 0.001469 0.001274 0.001616 0.0015280.002234 0.002268 0.002117 0.001882 0.000302 0.0002960.002162 0.002043 0.001983 0.001659 0.001436 0.0013120.002252 0.002579 0.002443 0.002118 0.001757 0.0019380.001507 0.001495 0.001941 0.002203 0.001886 0.0017670.001525 0.001502 0.001415 0.000300 0.000237 0.0006910.004609 0.004580 0.005368 0.004720 0.004040 0.0039170.001890 0.001844 0.001757 0.001514 0.001252 0.0011750.001933 0.001874 0.002211 0.001874 0.001708 0.0016990.001403 0.001417 0.001396 0.002857 0.002465 0.0023520.001932 0.001881 0.001801 0.001858 0.001554 0.0015140.002466 0.002695 0.002572 0.002259 0.001856 0.0018100.002703 0.002694 0.002527 0.003700 0.003194 0.003171

0.000030-0.003120 0.000033-0.003507 0.000031-0.003181 0.000027-0.002389 0.000023-0.002025 0.000022-0.002309

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SALT LAKE COUNTY

Principal Property TaxpayersCurrent Year and Nine Years Ago

Percentage ofTaxable Total Taxable

Taxpayers Type of Business Value Rank Values (4)

Rio Tinto/Kennecott Utah Copper/Explorations/Minerals Mining 3,123,506,540$ 1 3.6%MidAmerican Energy Holdings (1) Electric Utility 959,351,244 2 1.1%Boyer Companies Real-estate Development 649,385,687 3 0.7%Corporation of the Presiding Bishop of the Religious 616,758,238 4 0.7%

Church of Jesus Christ of Latter-Day Saints (2)Qwest/U.S. West Communications Communications 430,842,413 5 0.5%Delta Airlines & Northwest Airlines Transportation 414,991,730 6 0.5%Intermountain Health Care (IHC) Health Care 352,267,255 7 0.4%Larry H. Miller Group/Miller Family Real Estate (3) Real Estate/Delta Center 334,168,900 8 0.4%Walmart/Sam's Club/Sam's Real Estate Retail/Real Estate 287,489,096 9 0.3%Questar Corporation Natural Gas Utility 256,221,859 10 0.3%Sinclair/Grand America & Little America Hotels Hotels/EnergyAlliant Techsystems ManufacturingPrice Companies Real-estate Development

Totals 7,424,982,962$ 8.5%

Source: Salt Lake County Auditor's Office, Tax Division

Notes:(1) Pacificorp, Rocky Mountain Power, and Kern River Transmission.(2) Includes the following: Beneficial Development, Corporation of the President of the Church of Jesus Christ of Latter-Day Saints,

Corporation of Presiding Bishop of Church of Jesus Christ of Latter-Day Saints, Deseret Management, Deseret Title Holding, Property Reserve, and Zion's Securities.

(3) Car dealerships, sports teams, Delta/Energy Solutions Center, KJZZ, Fanzz Stores, and Prestige Financial.(4) Percentage of total taxable values equals the taxable value divided by the total taxable value of $87,738,361,995.(5) Percentage of total taxable values equals the taxable value divided by the total taxable value of $41,528,573,380.

2008

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Percentage ofTaxable Total TaxableValue Rank Values (5)

1,578,128,706$ 1 3.8%590,257,248 2 1.4%198,508,025 8 0.5%309,389,416 5 0.7%

535,855,168 3 1.3%359,444,580 4 0.9%

212,189,448 7 0.5%152,542,504 10 0.4%209,919,610 6 0.5%155,638,624 9 0.4%

4,301,873,329$ 10.4%

1999

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-166-

SALT LAKE COUNTY

Property Tax Levies and CollectionsLast Six Years

Year % of Total Tax ReceivableEnded Total Collections in Collections to as of Jan. 31 ofDec. 31 Taxes Subsequent Adjustments Date Based on Following Year

(1) Levied Amount % Years Amount % (2) Adjusted Levy (3)

2003 186,924,697$ 179,378,675$ 96.0% 6,347,602$ 185,726,277$ 99.4% 703,278$ 99.0% 495,142$

2004 192,450,085 185,275,010 96.3% 5,805,270 191,080,280 99.3% 943,994 98.8% 425,811

2005 176,916,318 170,164,543 96.2% 5,468,694 175,633,237 99.3% 969,015 98.7% 314,066

2006 182,500,139 176,533,216 96.7% 4,430,459 180,963,675 99.2% 877,148 98.7% 659,316

2007 188,809,778 181,514,308 96.1% 3,786,744 185,301,052 98.1% 1,437,525 97.4% 2,071,201

2008 198,164,096 189,220,637 95.5% 189,220,637 95.5% 1,196,215 94.9% 7,747,244

to DateWithin the YearTaxes Collected Total Collections

Source: County Treasurer

Notes: (1) Due to system reporting limitations, only six years of collections are able to be accurately extracted for reporting purposes.(2) Adjustments or settlements ordered by the Board of Equalization, the County Council, and the State Tax Commission.(3) The 2003 tax receivable amount includes the amount carried in the County's records as a receivable for the 2003 tax year and all prior years.(4) The information in this schedule relates to the county's own property tax levies, and does not include those it collects on behalf of other governments.

-167-

SALT LAKE COUNTY

Ratios of Outstanding Debt by TypeLast Seven Years

General Sales Tax Lease Capital SpecialObligation Revenue Revenue Leases Assessment

Year Bonds Bonds Bonds Obligations Debt

2002 118,505,000$ 16,055,000$ 191,020,286$ 4,039,287$ -$

2003 107,140,000 15,260,000 180,230,873 3,634,700 -

2004 207,177,199 29,581,379 70,809,677 3,250,900 -

2005 190,975,000 85,255,000 64,447,000 2,845,250 -

2006 178,050,000 82,665,000 52,363,000 2,423,450 6,845,000

2007 224,792,069 79,700,000 38,141,755 1,981,700 5,145,000

2008 236,256,196 76,605,000 25,601,755 1,514,300 4,335,000

Source: For outstanding debt details, see the notes to the basic financial statements.

Notes: Required financial statement data for this schedule is available back to 2002 only, the year GASBStatement 34 was implemented.

GO bonds moved from governmental activities to business activities.

(1) See the Schedule of Demographic and Economic Statistics for personal income and population data.

Governmental Activities

Also, for 2007 and 2008, the South Mountain portion of the MBA lease revenue bonds and

-168-

General Lease PercentageObligation Revenue Total of Personal Per

Bonds Bonds County Income (1) Capita (1)

-$ 16,449,753$ 346,069,326$ 1.29% 373$

- 15,628,366 321,893,939 1.17% 342

617,726 14,039,376 325,476,257 1.11% 341

595,000 13,475,000 357,592,250 1.14% 366

595,000 12,315,000 335,256,450 0.98% 336

11,412,931 13,294,245 374,467,700 1.00% 368

11,393,804 11,269,245 366,975,300 N/A 356

Business-Type Activities

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SALT LAKE COUNTY

Ratios of General Bonded Debt OutstandingLast Ten Years

Percentage ofGeneral Estimated Estimated

Obligation Actual Value Actual Value Per Year Bonds of Property of Property Population Capita

1999 154,245,000$ 58,880,564,674$ 0.26% 885,216 174$

2000 143,335,000 62,761,858,972 0.23% 902,777 159

2001 131,345,000 65,848,119,921 0.20% 918,279 143

2002 118,505,000 68,303,110,607 0.17% 927,564 128

2003 107,140,000 69,082,108,384 0.16% 940,465 114

2004 207,177,199 72,586,761,891 0.29% 955,166 217

2005 190,975,000 77,947,973,554 0.25% 978,285 195

2006 178,645,000 90,713,898,241 0.20% 996,374 179

2007 236,205,000 111,545,268,072 0.21% 1,018,904 232

2008 247,650,000 120,224,626,273 0.21% 1,030,519 240

Source: For outstanding debt details, see notes to the basic financial statements and statistical section,Debt Service Schedule of Outstanding Bonds.

-170-

SALT LAKE COUNTY

Computation of Direct And Overlapping DebtDecember 31, 2008

Entity's2008 County's General County's

Taxable Portion of County's Obligation Portion ofEntity Value (1) Taxable Value Percentage Debt G.O. Debt

State of Utah 213,234,293,543$ 83,214,737,191$ 39.0% 993,810,000$ 387,585,900$ CUWCD (2) 142,144,984,761 83,214,737,191 58.5% 151,863,213 88,839,980

Total overlapping 476,425,880 School districts:

Jordan 34,113,670,781 34,113,670,781 100.0% 322,695,000 322,695,000 Murray 3,433,603,703 3,433,603,703 100.0% 22,460,000 22,460,000 Salt Lake City 20,763,691,334 20,763,691,334 100.0% 143,594,722 143,594,722

Cities and towns:Draper 4,385,880,849 4,172,521,340 95.1% 6,180,000 5,877,180 Midvale 1,772,173,547 1,772,173,547 100.0% 3,515,000 3,515,000 Salt Lake City 20,763,691,334 20,763,691,334 100.0% 72,890,000 72,890,000 Sandy 7,343,442,754 7,343,442,754 100.0% 1,770,000 1,770,000

Special districts:Cottonwood Heights Parks and Recreation Service Area (5) 2,204,422,577 2,204,422,577 100.0% 4,635,000 4,635,000 Oquirrh Recreation and Parks (6) 2,644,998,990 2,644,998,990 100.0% 1,425,000 1,425,000 Sandy Suburban Improvement District 3,353,574,526 3,353,574,526 100.0% 13,070,000 13,070,000 South Valley Sewer District 15,379,103,248 15,379,103,248 100.0% 210,000 210,000 White City Water Improvement District (3) 688,818,872 688,818,872 100.0% 6,755,000 -

Total underlying 592,141,902

Total overlapping and underlying general obligation debt 1,068,567,782$

Total overlapping general obligation debt (excluding State of Utah) (4) 88,839,980$ Total direct general obligation bond indebtedness of Salt Lake County (7) 247,650,000

Total direct and overlapping general obligation debt (excluding the State) 336,489,980$

Source: Zion's Bank Public Finance

Notes: (1) Taxable value used in this table excludes the taxable value used to determine uniform fees on tangible personal property.(2) Central Utah Water Conservancy District (CUWCD) outstanding general obligation bonds are limited ad valorem tax bonds. These bonds

are the only limited ad valorem tax bonds in the State issued under the Water Conservancy Act. By law CUWCD may levy a tax rate ofup to .000400 to pay for operation and maintenance expenses and any outstanding limited ad valorem tax bonds.

(3) The County's portion of overlapping general obligation debt does not include "user fee revenue" supported general obligation debt.

(4) The State's general obligation debt is not included in overlapping debt because the State currently levies no property tax for payment of its general obligation bonds.

(5) Cottonwood Heights Parks and Recreation Service Area was formerly known as SL County Service Area #2.(6) Oquirrh Recreation and Parks was formerly known as SL County Regional Service Area.(7) Does not include general obligation debt of the County expected to be paid from other revenue sources.

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SALT LAKE COUNTY

Legal Debt Margin Information Last Ten Years

Year 1999 2000 2001 2002

Debt limit (2%) 1,177,611,293$ 1,255,237,179$ 1,316,962,398$ 1,366,062,212$ Total general obligation debt

applicable to the limit 154,245,000 143,335,000 131,345,000 118,505,000

Legal debt margin 1,023,366,293$ 1,111,902,179$ 1,185,617,398$ 1,247,557,212$

Total debt applicable to the limitas a percentage of debt limit 13.10% 11.42% 9.97% 8.67%

Source: Salt Lake County Auditor's Office

Notes: (1) The general obligation indebtedness of the County is limited by Utah law to two percent of the "reasonable

fair cash value" of taxable property in the County.(2) Statute 59-2-103 states 45% of the value of primary residential property is specifically exempt under the

Constitution of Utah.(3) Legal debt margin calculation for 2008:

Adjusted FairTaxable Value (2) Market Value (1)

Residential values 45,267,523,015$ 82,304,587,300$ Non-residential values 37,920,038,973 37,920,038,973

Totals 83,187,561,988$ 120,224,626,273$

Debt limit (adjusted fair market value x 0.02) 2,404,492,525$ Debt applicable to limit:

General obligation bonds 247,650,000Legal debt margin 2,156,842,525$

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2003 2004 2005 2006 2007 2008 (3)

1,381,642,168$ 1,451,735,238$ 1,558,959,471$ 1,814,277,965$ 2,230,905,361$ 2,404,492,525$

107,140,000 210,300,000 191,570,000 178,645,000 236,205,000 247,650,000

1,274,502,168$ 1,241,435,238$ 1,367,389,471$ 1,635,632,965$ 1,994,700,361$ 2,156,842,525$

7.75% 14.49% 12.29% 9.85% 10.59% 10.30%

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SALT LAKE COUNTY

Pledged-Revenue CoverageLast Ten Years

Sales Tax CDBG Year Revenues Principal Interest Coverage Revenues Principal Interest Coverage

1999 -$ -$ -$ - 2,788,073$ 365,000$ 244,710$ 4.6

2000 - - - - 1,423,689 365,000 221,892 2.4

2001 - - - - 1,303,065 365,000 198,405 2.3

2002 35,243,097 - 516,347 68.3 1,242,451 365,000 106,355 2.6

2003 34,897,033 795,000 713,194 23.1 721,745 365,000 150,373 1.4

2004 37,565,445 820,000 686,950 24.9 927,555 365,000 125,848 1.9

2005 40,857,601 980,000 1,079,571 19.8 755,660 365,000 101,063 1.6

2006 48,123,004 2,590,000 4,285,795 7.0 697,441 365,000 76,005 1.6

2007 49,321,159 2,965,000 3,896,150 7.2 649,169 370,000 50,663 1.5

2008 46,532,140 3,095,000 3,782,075 6.8 323,719 345,000 24,637 0.9

Source: For outstanding debt details, see the notes to the basic financial statements.

Note: (1) The County began issuing Sales Tax Bonds in November 2001.

Sales Tax Revenue Bonds (1) HUD Contract PayableDebt Service Debt Service

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SALT LAKE COUNTY

Debt Service Schedule of Outstanding Bonds (By Year)December 31, 2008

2009 2010 2011 2012 2013 2014 2015 2016 2017

General Obligations Bonds

Series 2001 Principal 6,755,000$ 7,200,000$ 7,620,000$ 8,130,000$ 8,650,000$ 9,165,000$ 9,750,000$ -$ -$ 73,810,000$ Interest 2,794,300 2,456,550 2,141,550 1,741,500 1,335,000 945,750 487,500 - -

Series 2004A Principal 4,610,000 9,100,000 9,555,000 10,060,000 10,570,000 11,120,000 5,580,000 5,840,000 6,075,000 102,795,000$ Interest 4,439,013 4,096,262 3,629,888 3,139,512 2,623,763 2,081,512 1,664,013 1,407,712 1,169,413

Series 2004B Principal 885,000 925,000 965,000 1,000,000 1,045,000 1,085,000 1,130,000 1,185,000 1,245,000 15,000,000$ Interest 488,300 444,050 407,050 368,450 328,450 286,650 243,250 186,750 127,500

Series 2007 Principal 4,725,000 5,150,000 5,625,000 6,100,000 6,625,000 7,175,000 7,750,000 8,400,000 9,125,000 65,000,000$ Interest 2,524,312 2,326,813 2,111,312 1,876,813 1,614,031 1,329,750 1,031,250 666,250 228,125

Series 2008 Principal 875,000 900,000 950,000 975,000 1,000,000 1,025,000 1,050,000 1,100,000 1,125,000 24,000,000$ Interest 855,486 827,050 797,800 769,300 740,050 710,050 679,300 645,174 608,050

Total principal 17,850,000 23,275,000 24,715,000 26,265,000 27,890,000 29,570,000 25,260,000 16,525,000 17,570,000 Total interest 11,101,411 10,150,725 9,087,600 7,895,575 6,641,294 5,353,712 4,105,313 2,905,886 2,133,088

Total 28,951,411$ 33,425,725$ 33,802,600$ 34,160,575$ 34,531,294$ 34,923,712$ 29,365,313$ 19,430,886$ 19,703,088$

Special Assessment Bonds

Series 2006 Principal 475,000$ 490,000$ 505,000$ 530,000$ 550,000$ 570,000$ 595,000$ 620,000$ -$ 6,845,000$ Interest 160,774 143,100 124,440 104,510 83,175 60,775 37,475 12,788 -

Total 635,774$ 633,100$ 629,440$ 634,510$ 633,175$ 630,775$ 632,475$ 632,788$ -$

Sales Tax Revenue Bonds

Series 2001 Principal 990,000$ 1,030,000$ 1,075,000$ 1,130,000$ 1,190,000$ 1,255,000$ 1,320,000$ 1,390,000$ 1,470,000$ 16,055,000$ Interest 517,637 474,712 429,981 377,475 316,575 252,394 184,800 113,663 38,588

Series 2004 Principal 590,000 610,000 630,000 655,000 675,000 700,000 730,000 760,000 795,000 14,700,000$ Interest 551,000 531,475 509,775 487,288 464,012 439,950 411,275 377,750 342,763

Series 2005 Principal 1,625,000 1,675,000 2,375,000 2,475,000 2,550,000 2,650,000 2,775,000 2,925,000 3,050,000 57,095,000$ Interest 2,593,000 2,536,125 2,477,500 2,358,750 2,235,000 2,107,500 1,975,000 1,836,250 1,690,000

Total principal 3,205,000 3,315,000 4,080,000 4,260,000 4,415,000 4,605,000 4,825,000 5,075,000 5,315,000 Total interest 3,661,637 3,542,312 3,417,256 3,223,513 3,015,587 2,799,844 2,571,075 2,327,663 2,071,351

Total 6,866,637$ 6,857,312$ 7,497,256$ 7,483,513$ 7,430,587$ 7,404,844$ 7,396,075$ 7,402,663$ 7,386,351$

Lease Revenue Bonds

Series 1997 Principal 605,000$ 635,000$ 665,000$ 700,000$ -$ -$ -$ -$ -$ 7,835,000$ Interest 126,803 98,065 67,585 35,000 - - - - -

Series 1999 Principal 3,945,000 - - - - - - - - 91,970,000$ Interest 216,975 - - - - - - - -

Series 2001A Principal 5,985,000 6,475,000 795,000 835,000 870,000 905,000 945,000 990,000 1,035,000 34,240,000$ Interest 902,724 618,474 307,224 271,448 232,830 191,940 148,500 101,250 51,750

Series 2002A Principal 379,000 399,000 421,000 444,000 467,000 492,000 518,000 545,000 575,000 13,390,000$ Interest 599,245 579,047 557,770 535,337 511,693 486,787 460,566 432,977 403,915

Total principal 10,914,000 7,509,000 1,881,000 1,979,000 1,337,000 1,397,000 1,463,000 1,535,000 1,610,000 Total interest 1,845,747 1,295,586 932,579 841,785 744,523 678,727 609,066 534,227 455,665

Total 12,759,747$ 8,804,586$ 2,813,579$ 2,820,785$ 2,081,523$ 2,075,727$ 2,072,066$ 2,069,227$ 2,065,665$

Total All Bonds

Total principal 32,444,000$ 34,589,000$ 31,181,000$ 33,034,000$ 34,192,000$ 36,142,000$ 32,143,000$ 23,755,000$ 24,495,000$ Total interest 16,769,569 15,131,723 13,561,875 12,065,383 10,484,579 8,893,058 7,322,929 5,780,564 4,660,104

Total all bonds 49,213,569$ 49,720,723$ 44,742,875$ 45,099,383$ 44,676,579$ 45,035,058$ 39,465,929$ 29,535,564$ 29,155,104$

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2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 57,270,000$ - - - - - - - - - - 11,902,150

6,345,000 6,630,000 5,480,000 4,970,000 - - - - - - 95,935,000 905,150 613,212 340,738 108,718 - - - - - - 26,218,906

1,305,000 - - - - - - - - - 10,770,000 65,250 - - - - - - - - - 2,945,700

- - - - - - - - - - 60,675,000 - - - - - - - - - - 13,708,656

1,175,000 1,200,000 1,250,000 1,300,000 1,375,000 1,425,000 1,475,000 1,525,000 1,600,000 1,675,000 23,000,000 568,676 526,082 478,080 428,082 376,080 321,082 264,080 203,238 139,186 71,188 10,008,034

8,825,000 7,830,000 6,730,000 6,270,000 1,375,000 1,425,000 1,475,000 1,525,000 1,600,000 1,675,000 247,650,000 1,539,076 1,139,294 818,818 536,800 376,080 321,082 264,080 203,238 139,186 71,188 64,783,446

10,364,076$ 8,969,294$ 7,548,818$ 6,806,800$ 1,751,080$ 1,746,082$ 1,739,080$ 1,728,238$ 1,739,186$ 1,746,188$ 312,433,446$

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 4,335,000$ - - - - - - - - - - 727,037

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 5,062,037$

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 10,850,000$ - - - - - - - - - - 2,705,825

835,000 875,000 915,000 955,000 1,005,000 1,060,000 1,115,000 - - - 12,905,000 306,087 267,613 227,337 182,875 133,875 82,250 27,875 - - - 5,343,200

3,225,000 3,375,000 3,550,000 3,725,000 3,900,000 4,100,000 4,325,000 4,550,000 - - 52,850,000 1,537,500 1,376,250 1,207,500 1,030,000 843,750 648,750 443,750 227,500 - - 27,124,125

4,060,000 4,250,000 4,465,000 4,680,000 4,905,000 5,160,000 5,440,000 4,550,000 - - 76,605,000 1,843,587 1,643,863 1,434,837 1,212,875 977,625 731,000 471,625 227,500 - - 35,173,150

5,903,587$ 5,893,863$ 5,899,837$ 5,892,875$ 5,882,625$ 5,891,000$ 5,911,625$ 4,777,500$ -$ -$ 111,778,150$

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 2,605,000$ - - - - - - - - - - 327,453

- - - - - - - - - - 3,945,000 - - - - - - - - - - 216,975

- - - - - - - - - - 18,835,000 - - - - - - - - - 2,826,140

606,000 638,000 672,000 707,000 745,000 785,000 827,000 871,000 918,000 477,000 11,486,000 373,276 340,980 306,974 271,179 233,491 193,805 151,961 107,883 61,463 12,545 6,620,894

606,000 638,000 672,000 707,000 745,000 785,000 827,000 871,000 918,000 477,000 36,871,000 373,276 340,980 306,974 271,179 233,491 193,805 151,961 107,883 61,463 12,545 9,991,462

979,276$ 978,980$ 978,974$ 978,179$ 978,491$ 978,805$ 978,961$ 978,883$ 979,463$ 489,545$ 46,862,462$

13,491,000$ 12,718,000$ 11,867,000$ 11,657,000$ 7,025,000$ 7,370,000$ 7,742,000$ 6,946,000$ 2,518,000$ 2,152,000$ 365,461,000$ 3,755,939 3,124,137 2,560,629 2,020,854 1,587,196 1,245,887 887,666 538,621 200,649 83,733 110,675,095

17,246,939$ 15,842,137$ 14,427,629$ 13,677,854$ 8,612,196$ 8,615,887$ 8,629,666$ 7,484,621$ 2,718,649$ 2,235,733$ 476,136,095$

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SALT LAKE COUNTY

Demographic and Economic StatisticsLast Ten Years

PersonalIncome Per Capita

(amounts in Personal School Unemployment Year Population (3) thousands) (1) Income (1) Enrollment (4) % Rate (2)

1999 843,271 22,826,820$ 25,616$ 176,200 3.3

2000 902,777 24,924,212 27,674 175,283 3.2

2001 918,279 26,313,888 28,915 175,259 4.4

2002 927,564 26,929,652 29,349 174,126 6.0

2003 940,465 27,597,092 29,838 174,281 5.9

2004 955,166 29,320,878 31,365 174,371 5.2

2005 978,285 31,273,300 32,983 176,614 4.4

2006 996,374 34,184,000 34,928 177,934 3.3

2007 1,018,904 37,308,800 35,692 178,097 2.6

2008 1,030,519 N/A N/A 179,556 3.3

Sources:(1) 2004-2007 data was updated using the Utah Governor's Office of Planning and Budget website

the statistical information provided on the 2008 Economic Report to the Governo2008 statistics were not available for per capita income and personal income

(2) Data 1999-2003 are revised based on statistical information provided by the Utah Governor'Office of Planning and Budget--www.governor.utah.gov/dea/HistoricalData.html

(3) Utah Population Estimates Committee, Utah Governor's Office of Planning and Budget website

(4) Utah State Office of Education--Superintendent's Annual Report (note: School statisticrepresent a composite figure of four school districts with Salt Lake County--Salt LakeCity, Murray, Granite, and Jordan). Charter schools are not included becausethe statistics are not available by each district, they are only available statewide

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SALT LAKE COUNTY

Principal EmployersCurrent Year and Four Years Ago

2008Percentage ofTotal County

Employer Industry Employees Rank Employment

Intermountain Health Care Health Care 15,000 - 19,999 1 2.66% - 3.54%University of Utah Higher Education 15,000 - 19,999 2 2.66% - 3.54%State of Utah State Government 10,000 - 14,999 3 1.77% - 2.66%Granite School District Public Education 7,000 - 9,999 4 1.24% - 1.77%Jordan School District Public Education 7,000 - 9,999 5 1.24% - 1.77%Salt Lake County Local Government 5,000 - 6,999 6 .89% - 1.24%Wal-Mart Discount Department Store 4,000 - 4,999 7 .70% - .89%U.S. Post Office Federal Government 3,000 - 3,999 8 .53% - .71%Delta Airlines Air Transportation 3,000 - 3,999 9 .53% - .71%Salt Lake City School District Public Education 3,000 - 3,999 10 .53% - .71%Zions Bank Management Services Banking 3,000 - 3,999 11 .53% - .71%Salt Lake City Corp. Local Government 3,000 - 3,999 12 .53% - .71%Discover Financial Services Inc/Novus Credit Services 2,000 - 2,999 13 .35% - .53%

Total 80,000 - 109,987 14.16% - 19.49%

Source: Utah Department of Workforce Services.

Note: Workforce Services compiled the numbers for 2008. Workforce Services could only provide data for the past 5 years. Total labor force for the County in 2008 is 564,234 and in2004 was 477,601.

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2004Percentage ofTotal County

Employees Rank Employment

10,000 - 14,999 2 2.09% - 3.14%15,000 - 19,999 1 3.14% - 4.19%10,000 - 14,999 3 2.09% - 3.14%7,000 - 9,999 4 1.46% - 2.09%7,000 - 9,999 5 1.46% - 2.09%5,000 - 6,999 6 1.05% - 1.46%3,000 - 3,999 10 .63% - .84%2,000 - 2,999 12 .42% - .63%3,000 - 3,999 8 .63% - .84%3,000 - 3,999 9 .63% - .84%2,000 - 2,999 15 .42% - .63%3,000 - 3,999 11 .63% - .84%4,000 - 4,999 7 .84% - 1.05%

74,000 - 103,987 15.49% - 21.78%

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SALT LAKE COUNTY

Full-Time Equivalent County Government Employees By Function Last Ten Years

FUNCTION 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

General government 259.8 264.9 261.3 272.8 296.2 313.6 299.6 318.5 306.3 328.6

Public safety/criminal justice 1,961.0 2,247.5 2,229.4 2,196.8 2,147.9 1,907.9 1,631.3 1,603.9 1,632.3 1,727.9

Social services 413.8 439.1 415.5 439.2 415.5 399.3 402.1 411.2 436.6 439.2

Education, recreation and cultural 823.8 861.3 969.9 1,001.6 1,026.9 1,034.5 1,002.7 1,030.6 1,038.3 1,061.4

Health and regulatory 456.9 451.4 419.4 426.2 439.3 435.9 430.9 423.1 418.5 432.4

Public works 201.6 196.9 189.2 189.7 179.4 173.2 165.1 168.6 171.7 189.5

Tax administration 181.7 189.4 201.3 200.2 197.1 196.3 202.1 189.8 193.7 194.3

Golf and sanitation enterprise 120.1 128.1 132.8 123.6 140.0 139.1 142.5 140.0 148.9 151.5

Internal service 141.6 131.0 124.4 129.3 134.3 135.1 128.5 125.4 124.9 130.2

Total 4,560.3 4,909.6 4,943.2 4,979.4 4,976.6 4,734.9 4,404.8 4,411.0 4,471.2 4,654.9

Source: Full-time Equivalent report, Management & Budget Division, Salt Lake County Auditor's Office.

Note: Total work hours by employees are divided by 2,080 to obtain full-time equivalent employment.

Full-Time Equivalent Employees as of December 31,

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SALT LAKE COUNTY

Operating Indicators By OrganizationLast Four Years (1)

2005 2006 2007 2008ORGANIZATIONAging Services:

Meals on Wheels served to homebound elderly 275,154 325,193 322,463 334,269Meals on Wheels delivered by volunteers 44.1% 47.2% 47.9% 44.8%Congregate meals served in Senior Centers 183,517 176,200 188,560 183,123Frail adults able to stay home rather than being admitted to a nursing home 558 594 579 481Volunteer hours reported 462,375 462,758 462,375 456,952

Auditor:General obligation bond rating AAA AAA AAA AAACash audits, performance audits, and special studies 22 8 16 15Journal vouchers reviewed and processed 3,771 3,267 3,805 3,952Report packets provided to County fiscal managers and admin 376 370 314 356Payroll direct deposit issued 79,789 84,807 89,366 97,797Payroll warrants issued 64,816 60,457 56,625 56,292General warrants issued 34,943 40,751 36,622 40,620W-2s issued annually 8,918 9,012 9,141 9,805

Community Resources and Development:Low-income housing units completed 73 68 262 81Improvements completed to low-income housing units 195 256 146 255Citizens receiving benefits from SSBG 61,381 76,762 31,154 31,176

Criminal Justice:Day reporting center clients served N/A N/A N/A 1,339Drug court clients (misdemeanor and felony) served 520 569 539 1,136Jail Unit:

Screenings conducted N/A N/A N/A 33,681Releases by screeners N/A N/A N/A 8,516

Mental health court/SPMI clients served N/A N/A N/A 223Probation clients served: 4,478 5,112 4,480 4,381

Pre-sentence reports (PSR) 1,743 1,232 1,075 1,179Probation cases supervised 2,735 2,269 2,117 4,912

Pre-trial clients served (2) 13,726 27,824 27,261 N/APre-trial jail client screening (2) 11,416 21,221 20,397 25,896Pre-trial Supervision clients (3) 2,310 1,768 1,488 5,706

Treatment client contact hours:Therapy groups N/A N/A N/A 29,375Psycho-ed classes N/A N/A N/A 12,731Individual therapy/assessments N/A N/A N/A 2,198

Flood Control:Debris basins cleaned 21 14 15 15Stream channels cleared (miles) 100 97 201 201

Health:Food inspections completed 4,824 5,276 4,587 6,356Permit suspensions due to health hazards 0.8% 0.01% 0.98% 0.81%Tobacco sale compliance checks where tobacco sold to minors 6.5% 7.3% 9.3% 8.3%Immunization rate 86.85% 87.50% 86.00% 82.20%

Sources: Various County government organizations.

Notes: (1) Statistics relating to operating indicators were not available until 2005.(2) Criminal Justice statistics relating to these line items were underreported in 2005.(3) Criminal Justice statistics relating to these line items were underreported in 2005, 2006 and 2007.

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2005 2006 2007 2008ORGANIZATION (CONTINUED)Health (continued):

WIC food vouchers redeemed 13,410,200$ 12,982,400$ 13,149,249$ 14,690,475$ Average WIC clients served (monthly):

Women 6,662 6,481 6,481 7,112Children 12,321 11,715 10,869 12,595Infants 6,877 6,730 6,606 7,194Total 25,860 24,926 23,956 26,901

Library:Library materials circulated 12,749,312 13,737,225 13,585,286 14,244,531Visitors N/A 4,519,010 4,243,610 4,484,694Library program attendance N/A 90,691 186,427 224,704Public meeting room use N/A 5,049 10,368 8,257Computer sessions N/A 1,079,951 1,018,620 1,308,188Active library patrons 510,170 535,927 573,685 620,321New library patrons 55,181 48,973 44,133 46,636

Mental Health:Clients served 18,153 19,906 14,755 14,715Severe and persistently mentally ill adults (SPMI) served 7,919 9,413 7,855 7,300Severely emotionally disturbed youth (SED) served 4,309 4,930 3,572 3,589Average cost per SPMI/SED client $4,918 $4,224 $7,546 $4,500

Public Works Engineering:Safer sidewalks constructed (feet) 3,260 3,294 6,863 2,950Driver feedback signs installed 10 16 0 3

Public Works Operations:Roads resurfaced (miles) 46 67 49 131ADA ramps installed 102 68 201 95

Substance Abuse Services:Clients served (unduplicated) 9,919 11,011 9,096 6947Type of treatment (unduplicated):

Residential 5% 5% 11% 11Intensive outpatient 7% 7% 12% 21Outpatient 63% 63% 31% 30Day treatment 7% 7% 7% With IntensiveDetoxification 18% 18% 39% 38

Youth Services:Youth served by:

Crisis Intake and Counseling 7,391 6,580 7,071 7,993Hours of direct service counseling provided N/A 29,384 21,400 20,387

Emergency Residential Group Homes 326 468 625 783Children's Justice Center 1,657 1,452 1,598 1,508Substance Abuse Prevention N/A 5339 6,396 6,141Substance Abuse Treatment N/A 143 188 277

Utah Pollutant Discharge Elimination System:Storms sampled 5 5 5 3Stations monitored 6 6 6 6PIE events staffed 7 7 7 7

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SALT LAKE COUNTY

Capital Asset StatisticsLast Ten Years

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Highways and streets:Traffic signals N/A N/A N/A N/A N/A N/A 26 27 28 27 Street lights (1) 5,978 5,978 N/A N/A N/A N/A 3,755 3,491 3,561 3,661 Miles of road (2) 667 667 665 669 568 578 463 468 469 470

Recreation:Neighbor Parks (3) 37 39 39 39 38 38 38 38 32 31 Community Parks 14 20 19 19 20 35 35 36 35 35 Regional Parks 10 10 10 10 10 14 14 14 15 15 Golf Courses 6 6 6 6 6 6 6 6 6 6 Aquatic Centers 9 13 13 13 14 14 14 17 18 18 Recreation Centers 9 12 12 13 13 13 13 12 16 18 Ice Centers 2 2 2 2 2 2 2 3 3 3

Public Libraries 17 17 18 19 18 18 18 18 18 18

Reading Centers - - - - - 1 1 1 1 1

Convention Centers 1 2 2 2 2 2 2 2 2 2

Fine Arts Facilities 4 4 4 4 4 4 4 4 4 4

Planetarium 1 1 1 1 1 1 1 1 1 1

Source: Salt Lake County Website and Salt Lake County Departments

Note: Some general government capital asset indicators were not available until 2005.(1) Numbers have decreased since 2005 due to annexation with unincorporated areas within Salt Lake County.(2) Numbers have decreased since 2002 due to annexation with unincorporated areas within Salt Lake County.(3) Since 2004, neighbor parks and community parks are recorded differently within Salt Lake County.

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2008 comprehensive annual financial report...

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