American Fork's 2025 audit corrected $3 million in water grant revenue counted in 2024

American Fork's fiscal 2025 annual financial report says the city found an error in its fiscal 2024 statements: $3,000,000 in grant revenue had been accrued in the Water Fund. ^[1]

According to Note 16, the revenue was recognized "within the availability period for reimbursement of project improvements for a capital project that has since been delayed." The report calls it "a correction of overstated revenues and understated deferred revenue." It does not name the grant or the project. ^[1]

The city corrected the error by restating its starting balances for fiscal 2025. Citywide net position on July 1, 2024 went from $171,904,150 to $168,904,150. The proprietary funds' balance went from $120,967,797 to $117,967,797. ^[1]

The auditor, Larson & Company of Spanish Fork, wrote in its Dec. 16, 2025 report that the statements "present fairly, in all material respects," the city's financial position. ^[1]

Dealership reimbursements

Note 15 of the same report lists the city's tax-increment agreements. National Buick GMC received $210,316 in fiscal 2025 under a Dec. 23, 2019 agreement. That agreement excludes the first $100,000 of increment each year, reimburses a tiered share above it, and caps reimbursements at $1 million. ^[1]

Doug Smith Auto received $226,881 under its Aug. 24, 2021 agreement, which excludes the first $775,000 a year and caps reimbursements at $2 million. AFCC Limited, the Meadows shopping center developer, did not reach the threshold for a share under its 2014 agreement. ^[1]