Brigham City's debt more than doubled in fiscal 2025, mostly in utility revenue bonds
Brigham City's audited report shows $43.3 million in debt at June 30, 2025, up from $20.3 million. Revenue bonds owed by its business-type activities rose to $34.6 million from $12.7 million, and those activities transferred $4,257,174 to governmental activities during the year.
Continuing story: Auditing Brigham City
Brigham City had $43.3 million in debt outstanding at the end of fiscal 2025, compared with $20.3 million a year earlier, according to the management discussion in its audited annual financial report. [1]
Nearly all of the increase was in its business-type activities, which include the city's utilities. Their debt rose to $37,162,000 from $13,561,000, according to the report's table, which is in thousands of dollars. [1]
What the debt is
Business-type revenue bonds payable rose to $34,619,000 from $12,718,000, and their notes payable to $2,543,000 from $843,000. Governmental activities' revenue bonds fell to $6,078,000 from $6,596,000. [1]
The report's debt section lists the Water, Sewer, and Electric Revenue Bonds, Series 2024, rated AA- by Fitch. The section reviewed does not give the issuance amount. [1]
Utility transfers
In the government-wide statement of activities, business-type activities transferred $4,257,174 to governmental activities in fiscal 2025. [2]
The report says these transfers are made to help finance governmental programs, and that transfers to the General Fund represent "a return of utility-generated resources." [3]
The business-type activities' net position increased by about $14.2 million during the year, the report says. [3]
These are audited figures as of June 30, 2025, rounded to thousands in the report's debt table. Debt outstanding is a balance; transfers are a one-year flow; the two are not added together. The transfer figure is the net amount between business-type and governmental activities in the government-wide statements.
Sources
- Brigham City · FY2025 ACFR, MD&A long-term debt
- Brigham City · FY2025 ACFR, statement of activities
- Brigham City · FY2025 ACFR, MD&A business-type activities
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.