Auditing Bountiful: what the city's own records show about its money

The Utah Ledger is starting a records-only review of Bountiful's public finances, beginning with the city's annual comprehensive financial report for the fiscal year that ended June 30, 2025, and its adopted budget for fiscal 2027. ^[1][2]

Bountiful's fiscal year runs from July 1 to June 30. The fiscal 2025 report estimates the city's 2025 population at 45,024. ^[1]

The audit

K&C, CPAs audited the fiscal 2025 financial statements and issued an unmodified opinion in a report dated Nov. 7, 2025, saying the statements present fairly, in all material respects, the city's financial position. ^[1]

The auditor's report refers to a separate report, also dated Nov. 7, 2025, on internal control and compliance. The Ledger has not reviewed that separate report. ^[4]

Net position and reserves

The city's total net position was $321,766,925 on June 30, 2025, up $13,241,125 from a year earlier. Governmental activities accounted for $175,536,352 and business-type activities, such as the power and water utilities, for $146,230,573. ^[1]

The General Fund's balance rose $1,628,986 during fiscal 2025, to $7,639,558. Of that, $7,203,000 was committed under a City Council reserve policy for unanticipated, non-recurring needs, and $427,279 was unassigned. ^[1]

The report says state law caps the General Fund balance at 35% of the fund's revenues, and that the city routes sales tax to its Capital Projects Fund to stay under the cap. That fund held $52,707,333 at June 30, 2025, all assigned to projects in the city's 10-year capital improvements plan. ^[1]

Debt

Bountiful reported $53,756,048 in outstanding bonded debt at June 30, 2025, including unamortized premiums. ^[1]

The largest piece is the Series 2023 sales tax revenue bonds, issued to build the city's fiber-optic network, with $44,835,000 of principal outstanding out of $45,525,000 issued. The other is the Series 2022 general obligation bonds, with $6,735,000 of principal outstanding. ^[1]

The report lists the city's bond rating as Aa1/AA+ as of the most recent issuer comment report, dated Jan. 24, 2025. ^[1]

The fiscal 2027 budget

The City Council adopted the fiscal 2027 budget on June 9, 2026, voting 5-0 on Ordinance 2026-06. ^[3]

The adopted budget totals $104,479,091 in spending, or $99,006,418 after removing $5,472,673 in transfers between city funds. It uses $6,741,647 of fund balance or net position to balance. ^[2]

The General Fund budget is $27,801,789, and the city manager's budget letter says the budget contains no increase in general property tax. ^[2]

Redevelopment

The redevelopment agency's fund balance fell $2,866,531 in fiscal 2025, to $2,924,220, after the agency bought a Main Street property for $2,411,492 and made two small-business loans totaling $1,340,000. ^[1]

In this series

The series covers the fiber network's audited deficit and connection goals, the August 2026 wildfire on the Echo hydro transmission line, the power utility's transfer to the General Fund and the 4% rate increase, and the redevelopment agency's Main Street property and restaurant lease. ^[1][3]