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2021 Audited Financials
View the complete Report of the MSD 2021 Audited Financials (PDF).
The Greater Salt Lake Municipal Service District ("District") is a unique governmental organization created by the Utah State Legislature to provide municipal type services, such as capital improvements, road maintenance, planning and development services, permitting and licensing and administrative services, to metro townships, towns and unincorporated Salt Lake County who are unable to effectively provide these services to their respective communities. The District is funded by sales tax, class B and C road funds, Senate Bill (SB) 136 sales tax, and service fees that are paid to the respective members of the District to cover the cost of the municipal type services. The legislative body of each member is responsible for their respective administrative budgets. The District then funds the approved budgets of each member. Each Member's fund balance grows when they underspend their administrative budget. They may use these funds for special purposes. The Board of Trustees of the District decides on the capital projects and large road maintenance projects to be funded each year by the District.
Financial Highlights
Total assets and deferred outflows of resources of the District exceeded liabilities and deferred inflows of resources by $36.5 million. Of this amount, $36.5 million (unrestricted net position) may be used to meet the government wide ongoing obligations. The General Fund's total fund balance increased $5.8 million or 26%.
Revenues
- The District and the members are dependent on Sales Tax, SB 136 Sales Tax and Class B and C road funds. Total revenue from all sources was $33.1 million, an increase of $0.8 million over the prior year.
- For the year, expenses were $26.4 million, an increase of $0.8 million over the prior year.
- Sales Tax receipts for 2021 increased by 15.9% over 2020 receipts. Ten of the twelve (12) months outperformed the corresponding months of the prior year. By comparison, Fiscal Year 2020 receipts increased 4.8% over Fiscal Year 2019 receipts.
- County Highway and Public Transit - Local Portion receipts increased for 2021 by 17.6% over 2020 receipts. All twelve (12) months outperformed the corresponding months of the prior year. This was the first full year comparison since these revenues began in the second half of 2019.
- Class B and C Road Funds receipts for 2021 decreased by 2.1% compared to 2020 receipts. By comparison,2020 receipts decreased by 1.6% compared to 2019 receipts. The 2020 decrease was attributable to the COVID pandemic, while the FY2021 decrease was attributable to the impact of Senate Bill (SB) 150 from the 2020 legislative session. The Class B allocation to the Unincorporated County was expected to be reduced by about 50% starting July 1, 2021 by way of a formula change that reduced population component in the calculation from 14% to 7%. Through June 30 of 2021, the District experienced a 20% increase in Class B&C road fund receipts compared to the first six months of 2020.
- When comparing 2022 over 2021, the first half of 2021 still included the pre-SB150 14% formula component.