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Eagle Mountain has several different revenue streams that feed into its General Fund. One of the biggest sources of revenue for the General Fund would be that of taxes. Taxes account for a larger portion of the general funds revenue than any other source, including fees collected from business licenses, building permits, and the like. 2007 was the only year in the last 9 years where fees bypassed taxes as the largest revenue stream. Eagle Mountain since 2006 has received revenue into the general fund from $8.3 million to $10.4 million per year.
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Taxes are the biggest revenue stream for the General Fund of Eagle Mountain.
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Taxes are broken down into several different types of taxes. Those include Sales/Use Tax, Property Taxes, Motor Vehicle Taxes, Telecom Taxes, and other taxes. Fees and Fines also generate revenue for the city.
Sales/Use Tax
Sales and Use tax makes up the biggest Tax revenue stream to the General Fund. Sales taxes in Eagle Mountain are added to sales made in Eagle Mountain. The current tax rate is 6.75%. Not all of that tax collected goes to the city. Percentages of that tax to the State, County, Transit, the City, and then a City Statewide pool. [visualizer id=”2259″] Eagle Mountain receives .50% of the sales tax collected in the City. Then .50% is collected statewide, and then Eagle Mountain gets a percentage of that based on the population of Eagle Mountain.Property Taxes
All private property in Eagle Mountain pays property taxes. A small percentage of property taxes are paid to the cities General Fund. The majority of property taxes collected in Eagle Mountain go towards schools. [visualizer id=”2262″] Eagle Mountain also receives revenue from Vehicle Taxes and Telecom Taxes. These taxes are collected as part of your vehicle registration, and telephone bills. Telecom taxes are collected from several sources, including land lines, mobile phones, and internet providers. You may also notice that Eagle Mountain receives revenue from Late Fees & Penalties. These late fees are “for utility related services. The City collects it in this account and then does a true-up journal entry at the end of the year to allocate it to the different funds (Enterprise & General Fund) based on the Administrative Overhead Allocation percentages and revenue percentages in the related funds.” This fund has fluctuated between $207K and $411K over the last 9 years.Additional Resources
Eagle Mountain Budget Documents
Mike Kieffer is an IT geek by hobby and trade, with a BS in Information Systems & Technology. He is a proud father of 10, a grandpa, an author, a journalist, and internet publisher. His motto is to “Elevate, Inspire and Inform”, and he is politically conservative and a Christian. Mike has a passion for technology, writing, and helping others. With a wealth of experience, he is committed to sharing his knowledge with others to help them reach their full potential. He is known for his jackassery or his form of self-expression that encourages boldness, creativity, and risk-taking. It can be a way to push the boundaries and challenge traditional norms, leading to creative solutions and positive change.