Auditing Price: what the city's budget and audit records say about its money

The Utah Ledger is reviewing Price'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.

This series begins with three records: the city's planned transfer from its electric utility, the grant-funded storm water projects in the fiscal 2027 budget, and the state-financed replacement of a spring water transmission line. ^[3][5][4]

The fiscal 2027 budget

On June 24, 2026, the City Council approved Resolution 2026-15 adopting the budget for fiscal 2026-27 on a motion by Councilmember Russell Seeley, seconded by Councilmember Layne Miller, according to the minutes. The motion carried; Councilmembers Richard Root and Tina Urbanik were excused. The same night the council adopted the 2026 certified tax rate and a revised fiscal 2025-26 budget. ^[8]

The budget report filed for the year shows general fund revenues and expenditures of $14,418,574 each. The fiscal 2026 estimate was $13,102,369. The prior-year column shows fiscal 2025 actual general fund revenues of $11,791,273 and expenditures of $11,746,334. ^[1]

General sales taxes are budgeted at $3,242,000. The transfer from the electric fund is budgeted at $3,300,000, the same as the fiscal 2026 estimate and up from $2,700,000 in fiscal 2025. The general fund budget also draws on several fund balances, including $772,538 of general fund surplus. ^[2]

Utility and project funds

The electric fund budget is $12,308,500. ^[3]

The water/sewer fund budget is $23,967,030. It includes $15,282,000 for a water transmission line and $3,250,000 for water treatment plant improvements, and lists $15,197,000 of federal Drinking Water Board grant and loan revenue and a $3,000,000 Division of Drinking Water grant. ^[4][12]

The storm water fund budget is $7,134,922, including $5,577,129 for a Meads Wash BRIC grant project and $1,374,793 for an EWP flash flooding project. ^[5]

Debt and redevelopment

The debt service fund budgets $28,000 of principal on cemetery bonds and $48,000 of principal on baseball field bonds for fiscal 2027. Its revenue includes a $60,390 contribution from the Carbon County School District. ^[6]

The water/sewer fund budgets $572,000 for debt retirement principal. These are annual payments, not balances owed. ^[4]

The city's Community Development and Urban Renewal Agency fund budgets $162,589 for East Price projects, funded from fund balance. ^[7]

The fiscal 2025 audit

Jon Haderlie of Larson and Company reported on the fiscal 2025 audit at the Feb. 25, 2026 council meeting. The minutes say the audit found "no internal control or state compliance findings." Councilmember Miller moved to accept the report, Councilmember Tanner Richardson seconded, and the motion carried. ^[9]

The document on the city's website labeled as the audit is a one-page notice saying the report is complete and can be reviewed at the finance director's office. The city's finance page lists budgets and enterprise fund accounting data but no audit. ^[10][11]