Auditing Clearfield: what the city's audit and budget show

Clearfield's fiscal 2025 financial report describes the city as the fourth largest in Davis County, with a population of 35,152. ^[1]

The Utah Ledger is reviewing the city's public financial records: budgets, independent audits, debt disclosures, redevelopment agency documents and council minutes. This series reports what those records show, and each statement links to the record it comes from. Clearfield's fiscal year runs July 1 to June 30.

The budget

The City Council adopted the fiscal 2027 final budget, Ordinance 2026-11, by a 4–0 vote on Aug. 11, 2026. Councilmember Nike Peterson was absent. ^[5]

The budget's summary of governmental funds shows the general fund with $27,138,715 in revenues and transfers in and $29,336,003 in total expenditures, a $2,197,288 reduction in available cash. Across all governmental funds it shows $33,820,419 in revenues and transfers in and $40,929,648 in expenditures. ^[2]

The enterprise, or utility, funds are summarized separately: $18,498,583 in revenues and transfers in and $31,646,357 in expenditures, including $17,463,624 in capital. The document does not state a single all-funds total. ^[2]

The budget forecasts the general fund's unrestricted balance at $4,418,637 at the end of fiscal 2027, $172,968 above a benchmark of two months of operating expenses. A separate story in this series covers that forecast. ^[2]

It also includes a property tax increase the council approved the same night. A separate story covers the increase and officials' account of why a previous increase was rejected. ^[2][5]

What the audit says

The city's independent auditor, HBME, LLC of Bountiful, wrote that the fiscal 2025 financial statements "present fairly, in all material respects" the city's financial position. Its report is dated Dec. 22, 2025, and says the firm issued another report under Government Auditing Standards dated the same day. ^[3]

In fiscal 2025, general fund revenues were $23,645,111 and expenditures were $24,141,237. The fund balance decreased by $1,395,922 to $7,144,030; the report says "the decrease is a result of planned use of reserves for capital projects." ^[4][6]

Of that balance, $5,557,543 was unassigned. The rest was $300,645 nonspendable, $1,098,902 restricted and $186,940 assigned. ^[6]

The report puts the city's total net position at $148,736,574 on June 30, 2025: $86,871,508 in governmental activities and $61,865,066 in business-type activities. ^[1]

A financial audit checks whether money was recorded and reported correctly. It is not a review of whether each project or program delivered what it promised.

Debt

The report lists $25,083,000 in revenue bonds outstanding at June 30, 2025, down from $25,992,000 a year earlier, and a purchase agreement of $910,044, down from $1,112,532. Both are governmental debt. The report says the city had no general obligation debt. ^[4]

Its debt table also lists a $9,500,000 loan payable in the business-type, or utility, activities, with no balance the year before. Total outstanding debt in the table is $35,493,044. ^[4]

The general fund's fiscal 2027 budget includes a $1,174,812 transfer from the redevelopment agency and a $157,800 transfer from the enterprise funds toward sales tax bond payments. ^[2]

Redevelopment

Clearfield's Community Development and Renewal Agency fund had a balance of $13,079,700 at June 30, 2025: $12,370,195 restricted for redevelopment capital improvements and $709,505 in land held for resale. These are agency-wide figures covering all of its project areas. ^[6]

In fiscal 2025 the fund took in $3,466,815, spent $527,413 and transferred out $1,811,106; its balance rose $1,128,296. ^[6]

One of the agency's oldest project areas, RDA 8, stopped collecting tax increment in December 2025 and was dissolved in June. A separate story covers it. ^[7]