American Fork's debt is set to pass $110 million, about double 2022
A $40 million bond for a new public works complex and $30 million in redevelopment bonds push the city's long-term debt to a projected $112.5 million by mid-2027.
Continuing story: Auditing American Fork
American Fork expects to owe $112.5 million in long-term debt on June 30, 2027, according to its adopted budget for this fiscal year. Its fiscal 2022 annual report put the city's total debt at about $55 million. [1][2]
Most of the increase comes from two issues. The city sold $40 million in lease revenue bonds in 2026 to build a new public works facility, payable through 2056. Its redevelopment agency borrowed $30 million in 2022 for 200 South near the FrontRunner station. [1]
What the city owes
Projected balances at June 30, 2027: $39.79 million on the 2026 public works bonds; $26.1 million on the 2022 redevelopment bonds; $19.08 million on 2020 water revenue bonds; $16.84 million and $3.6 million on 2016 and 2015 general obligation bonds for pressurized irrigation; $5.53 million on 2020 general obligation bonds for Fire Station 52; and $455,000 on 2018 sales tax bonds for Art Dye Park, which are paid off in 2028. Fire truck leases make up the rest. [1]
In Utah, general obligation bonds need voter approval and are backed by property taxes. Lease revenue bonds don't go to voters. [1]
The fiscal 2024 audit put the city at about 17% of its legal debt limit, and the city has kept reserves at the state maximum. [3] Higher debt service will claim more of future budgets, especially for the redevelopment bonds, whose tax increment hasn't yet covered the payments. [1]
Sources
- American Fork City · FY2027 adopted budget
- American Fork City · FY2022 annual financial report (debt statistics)
- American Fork Citizen · Financial audit: American Fork achieves maximum reserves while cutting debt (Mar. 19, 2025)
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.