Auditing Spanish Fork: what the city's own records show about its money
A records-only look at Spanish Fork's budget, general fund reserves, debt, audit and planned borrowing, drawn from the city's audited fiscal 2025 statements, its fiscal 2027 budget records, council minutes and bond notices.
Continuing story: Auditing Spanish Fork
The Utah Ledger's Auditing Spanish Fork series reports what Spanish Fork's own financial records say, drawing on the city's audited financial statements, its budget documents, council minutes and public notices. [1][2][3][4]
This first look summarizes the city's finances; later stories in the series cover the Fire Station 61 construction contract, the bonds authorized for that station and a public works building, transfers from city utility funds and a Utah County pool reimbursement agreement.
Budget and taxes
On June 16, 2026, the City Council approved the fiscal 2027 budget and adopted a certified tax rate by a 4-0 roll-call vote, with Councilman Shane Marshall absent. [2]
At that meeting, staff said the total city budget exceeds $231 million, and that the average annual city property tax on a residential property would fall from about $270 to about $264. [2]
The fiscal 2027 tentative budget, released May 5, 2026, said no property tax increase was being proposed and projected a general fund ending balance of $13.1 million for fiscal 2027. [3]
The general fund in fiscal 2025
The general fund, which pays for most day-to-day city services, reported $39,481,097 in revenue and $43,495,689 in expenditures in fiscal 2025, which ended June 30, 2025. [1]
Other financing sources closed that gap. The fund recorded $6,196,519 in indirect services, $1,523,906 in impact fees and $2,368,025 in transfers in, and $5,666,633 in transfers out. Its fund balance rose by $407,225, to $14,081,745, of which $13,959,844 was unassigned. [1]
Taxes were the fund's largest revenue source, at $23,813,384. Public safety was its largest expenditure, at $17,597,852. [1]
Debt and planned borrowing
Spanish Fork reported $209,669,000 in bonds outstanding on June 30, 2025, of which $60,750,000 was secured by tax sources, including sales tax and redevelopment agency tax increment. [1] The audit reports that the city's total long-term debt decreased by $7,182,242 during fiscal 2025. [1]
On June 2, 2026, the city's Local Building Authority adopted a resolution authorizing up to $83,000,000 of lease revenue and refunding bonds to build a fire station and a public works building and to refund certain authority bonds. [4] The records reviewed do not show whether the bonds have been sold.
Audit
Larson & Company of Spanish Fork audited the fiscal 2025 statements. Its Dec. 9, 2025 report states that the financial statements "present fairly, in all material respects," the city's financial position. [1]
The city's total net position rose $56,151,409 during fiscal 2025, to $628,632,246, according to the audit. [1]
On Oct. 7, 2025, the City Council adopted Ordinance 12-2025, amending city code regarding treasurer bonds and crime insurance, according to the city's notice of adoption. [5]
Fiscal 2025 figures are audited results. Fiscal 2027 figures are budget statements and projections, not actual results. The $83 million is a maximum authorized by resolution, not a record of bonds sold.
Sources
- Spanish Fork City · FY2025 audited financial statements (Larson & Company, Dec. 9, 2025)
- Spanish Fork City Council · June 16, 2026 adopted minutes
- Spanish Fork City · FY2027 tentative budget (May 5, 2026)
- Local Building Authority of Spanish Fork City · Notice of public hearing and bonds to be issued, Series 2026
- Spanish Fork City · Notice of ordinance adoption, Oct. 7, 2025
Background explainer by The Utah Ledger. AI-assisted reporting, checked against the sources above.