Auditing Mount Pleasant: what the city's fiscal 2025 audit says about its money

Mount Pleasant, a Sanpete County city, reported $28,700,047 in total net position at the end of fiscal 2025, according to its audited financial statements. ^[2][12]

The Utah Ledger is reviewing Mount Pleasant's public financial records and reporting only what the documents state. Each story in this series links every figure to the record it comes from and names the dates it covers. The city's report is titled an annual financial report; it is the audit copy filed with the Utah State Auditor.

The audit opinion

Larson & Company, a Spanish Fork accounting firm, audited the city's statements for the fiscal year ended June 30, 2025. Its Dec. 3, 2025, report says the statements "present fairly, in all material respects," the financial position of the city's governmental activities, business-type activities and each major fund. ^[1]

The audit's schedule of findings lists two items for fiscal 2025: approved minutes for one meeting were posted late to the state's public notice website, and spending in the redevelopment agency fund exceeded its final budget. It lists no prior-year findings. ^[9]

The auditor's state compliance report says the city complied, in all material respects, with the state requirements it tested. ^[8]

The general fund

The general fund, which pays for services such as public safety, parks and general government, took in $4,437,155 in fiscal 2025 and spent $3,629,519. It transferred $816,098 to other city funds. ^[5][3]

The council's final fiscal 2025 budget had planned $4,416,131 in revenue, $3,965,028 in spending and $1,058,377 in transfers out. Spending in every general fund department came in under budget. ^[5][10]

The fund balance fell $8,462 to $1,014,326, all of it unassigned. ^[3]

Debt

The audit's management discussion reports $12,734,640 in total outstanding debt at June 30, 2025, compared with $7,949,666 a year earlier. ^[4]

Governmental debt totaled $1,736,096. It included $801,000 on 2017 pool facility bonds, $592,000 on 2009 Municipal Building Authority lease revenue bonds, $243,096 on a 2023 pool loan and $100,000 on 2007 sales tax revenue bonds. ^[6]

Debt of the city's utilities totaled $10,998,543. It included two USDA loans from 2024 with ending balances of $4,157,000 and $1,185,543, $2,739,000 on 2023 secondary water bonds, $1,947,000 on 2014 electric system bonds and $970,000 on 2011 water revenue bonds. ^[7]

Utilities and the redevelopment agency

The city runs water, sewer, electric and irrigation utilities as enterprise funds. The electric fund had $4,470,494 in operating revenue in fiscal 2025, the largest of the four. ^[11]

The city's redevelopment agency is reported as part of the city because its governing body is the same as the city's. The agency's fund balance fell from $622,441 to $81,330 during fiscal 2025. ^[12][3]