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The Finance Department manages the City’s financial resources and assets by providing budget, purchasing, accounting, and funding direction for the City. As part of the Finance Department, the Treasury and Utility Billing Division has custody of Lehi City’s cash and investments. The Treasurer oversees the billing process and reports the cash position to the Mayor and City Council.
The Finance Department assists the Mayor and Administration with the preparation and presentation of the annual budget. The budget is presented to the City Council in May and the final budget is adopted in June. The City operates on a fiscal year from July 1-June 30.
The Citizen’s Budget is a summary of the Annual Budget. The information is presented in an easy to understand format to help residents digest the financial documents of the City.
According to state law, Lehi City publishes a complete set of financial statements presented in conformity with generally accepted accounting principles and audited by a licensed certified public accountant. The Comprehensive Annual Financial Report (CAFR) is published within six months of the end of the fiscal year.
The Popular Annual Financial Report (PAFR) is a summary of the CAFR. The PAFR is prepared as a more resident-friendly version of the audited report with the intent to present the information in a easy to understand format.