Eagle Mountain posts a $730,000 surplus

EAGLE MOUNTAIN — The closing financial statements for fiscal 2003 showed a $730,000 surplus in Eagle Mountain's general fund balance. In addition, the city's credit rating on its gas and electric bonds improved, saving $350,000 annually in fees. Special improvement district bonds were restructured, which allowed for a $4 million payoff on outstanding debt.

City officials say a tight control on spending, a conservative approach to budgeting and a strong determination to reduce debt have dramatically improved the financial situation for the young west desert community.

In 2002, the city recorded a $480,000 deficit.