Auditing Richmond: What the Cache County city's audit and budget records show
The Utah Ledger begins a series on Richmond's public finances. The city's audited statements for fiscal 2025 received an unmodified opinion, report $2.87 million in utility revenue bonds, and show a General Fund balance of $838,622. The council adopted the fiscal 2027 budget on June 16, 2026.
Continuing story: Auditing Richmond
This story begins The Utah Ledger's Auditing Richmond series, which reads the Cache County city's public financial records and council minutes. Each figure below comes from a linked public record. [1][2]
Richmond's most recent audited statements cover the fiscal year ended June 30, 2025. The independent auditor, Richey, May & Co. of North Logan, wrote that the statements "present fairly, in all material respects" the city's financial position, an unmodified opinion. The report is dated Oct. 8, 2025. [1]
Fiscal 2025 results
The General Fund, which pays for most day-to-day city services, reported $3,431,725 in revenue and $2,868,751 in expenditures in fiscal 2025. After other financing items, its fund balance rose by $54,694, from $783,928 to $838,622. Of that ending balance, $490,839 was unassigned. [1]
All governmental funds together ended the year with $3,448,572 in fund balance. [1]
The water utility fund reported $923,439 in operating revenue and the sewer utility fund $983,509. On a full-accrual basis, the city's total net position was $21,888,076: $9,296,204 for governmental activities and $12,591,872 for business-type activities. [1]
Debt
The statements list two bonds, both repaid from utility revenue and both direct placements. Water revenue bonds held by the Utah State Division of Finance, Drinking Water, originally $5,145,000 at 3.75%, had a $2,094,179 balance and mature July 1, 2042. Sewer revenue bonds held by the Utah Department of Environmental Quality, originally $3,316,000 at 0%, had a $776,000 balance and mature June 1, 2029. Together, bonds payable were $2,870,179 at June 30, 2025. [1]
In July 2026, staff told the council the city had made an annual bond payment of $188,000 for the MBR plant in May and an annual payment of $232,531 for the water tank and infrastructure project in June. [4]
The fiscal 2027 budget
The council held a public hearing on Resolution 2026-06, adopting the budget for July 1, 2026 through June 30, 2027, on June 16, 2026. [3]
The minutes state General Fund revenue of $2,223,671, Capital Project Funds revenue of $176,268 and Solid Waste Enterprise Fund revenue and expense of $338,524. Property taxes of $423,131 were listed, with no proposed change to the property tax rate. The council adopted the budget 4-0, with Councilmember Wood absent. [2]
The same night, the council amended the fiscal 2026 budget 4-0. The minutes describe General Fund changes totaling $301,722, including a $236,250 transfer from the General Fund to the Capital Projects Fund. [2]
The council approved the June 16 minutes 5-0 on July 21, 2026. [4]
The fiscal 2026 audit
In July 2026, staff said the fiscal 2026 year-end report and audit would come before the council in the fall. [4]
Fiscal 2025 figures are audited actuals as of June 30, 2025. Fiscal 2027 figures are adopted budget amounts as stated in council minutes, not actual results. The two are on different bases and are not compared here.
Sources
- Richmond City · Financial Statements for the Year Ended June 30, 2025 (Richey, May & Co.)
- Richmond City Council · June 16, 2026 minutes
- Utah Public Notice Website · Richmond City Council, June 16, 2026 public hearing notice, Resolution 2026-06
- Richmond City Council · July 21, 2026 minutes
Background explainer by The Utah Ledger. AI-assisted reporting, checked against the sources above.