Auditing Kamas: what the city's audit and budget say

This series follows the money in Kamas, a Summit County city, using the city's own audited financial statements, budget reports and council records. This first piece sets out the baseline. ^[1][9]

Kamas publishes basic financial statements rather than an annual comprehensive financial report. The most recent audited statements cover the fiscal year ended June 30, 2025. ^[1]

The audit opinion

Child Richards CPAs & Advisors of Ogden wrote that the statements present fairly, in all material respects, the city's financial position as of June 30, 2025. The report is dated Dec. 5, 2025. ^[1]

In their report on internal control, the auditors wrote that they did not identify any deficiencies they consider to be material weaknesses. They also reported no instances of noncompliance required to be reported under Government Auditing Standards. ^[6]

A separate report on state compliance found that Kamas complied in all material respects with the requirements tested, including budgetary compliance, fund balance and the fraud risk assessment. It describes one instance of noncompliance, finding 2025-01 on impact fees, which is the subject of a separate story in this series. ^[7]

Net position and reserves

The city's assets exceeded its liabilities by $21,785,617 at June 30, 2025, an increase of $437,214 from the prior year. Of that, $3,585,385 was unrestricted. Most of the rest, $16,679,601, was net investment in capital assets. ^[2][3]

The two governmental funds ended the year with a combined fund balance of $2,059,632. The general fund held $815,813 unassigned and $736,182 restricted, and the capital projects fund held $495,067 assigned to future capital projects. ^[2]

The fiscal 2024 comparison figures were restated for a new accounting standard on compensated absences, lowering beginning net position by $110,938 for governmental activities and $36,822 for business-type activities. ^[13]

Debt

The city issued $1,529,000 in water revenue bonds in 2020 to refund 2006 water bonds, at 1.75% interest. At June 30, 2025, $1,071,000 was outstanding, with $138,000 due in the following year. The bonds fully mature on Jan. 1, 2032. ^[4][5]

Management's discussion also reports $199,340 owed in compensated absences. ^[4]

The statements name one component unit, the Kamas City Municipal Building Authority, a nonprofit corporation created under the Utah Municipal Building Authority Act. The statements say it had no activity in fiscal 2025. ^[10]

The 2025 budget against results

On the general fund's budget-to-actual schedule, fiscal 2025 revenues were $2,575,457 against a final budget of $2,762,643, and expenditures were $2,379,738 against $3,208,783. The general fund balance rose by $304,424, to $1,564,565. ^[11]

The 2026-27 budget

On June 9, 2026, after a public hearing with no public comments, the council voted unanimously for Resolution 2026-04, which amended the 2025-26 budget and adopted the budget for the fiscal year that began July 1, 2026. The same night, it unanimously approved Resolution 2026-03, the certified property tax rate for tax year 2026. ^[8]

Mayor Matt McCormick noted that the budget does not include a tax increase from the city, according to the minutes. The council's changes included raising the 2026-27 sewer revenue account 52-30-100 to $571,000 from $535,520. ^[8]

The budget report Kamas filed with the State Auditor, printed Oct. 14, 2026, lists that $571,000 sewer-fee figure. Its 2026-27 column shows $3,160,565 in general fund revenues and expenditures, $705,973 in water fund expenditures and $959,012 in sewer fund expenditures. Each fund is budgeted separately. ^[9]

In this series

Other stories examine the impact-fee finding, the Fiesta Days accounts and the council's Sept. 22, 2026 decision to have its audit committee review the city's fraud prevention policy. ^[7][11][12]