Auditing Springville: what the city's own records show about its money

The Utah Ledger's Auditing Springville series reports what Springville's own financial records say, drawing on the city's audited financial statements, its budget and council minutes. ^[1][2][3]

This first look summarizes the city's finances. Later stories in the series cover the proposed transportation utility fee, the proposed Wood Springs Cottages land sale and the fiscal 2027 tax and utility rate decisions.

Budget and taxes

On Aug. 18, 2026, the City Council voted 5-0 to adopt Resolution 2026-27, a fiscal 2027 budget of $126,996,387 in expenditures and transfers for the year that runs July 1, 2026, to June 30, 2027. Council members Karen Ellingson, Logan Millsap, Jake Smith, Mike Snelson and Mindi Wright voted yes. ^[2]

At the same meeting, after a Truth in Taxation public hearing, the council voted 5-0 to adopt Resolution 2026-26, setting a property tax rate of 0.001021, which the minutes call the certified tax rate. It consists of 0.000733 for general operations and 0.000288 for bond payments. The agenda description said the property tax increase would generate $97,000. ^[2]

The budget's all-funds summary lists $114,209,281 in expenditures and $12,787,106 in transfers out, against $106,106,233 in revenue and $14,540,086 in transfers in. It plans to draw $6,350,069 from fund balances across all city funds, taking their combined balance from $105,366,287 to $99,016,218. ^[3]

The general fund in fiscal 2025

The general fund, which pays for most day-to-day city services, reported $31,459,061 in revenue and $28,926,719 in expenditures in fiscal 2025, which ended June 30, 2025. It recorded $4,452,654 in transfers in, $5,982,989 in transfers out and $16,100 from the sale of capital assets. ^[1]

The fund's balance rose $1,018,107, to $12,578,037. Of that, $7,464,572 was unassigned and $5,082,951 was restricted for road projects. The audit's management discussion says the unassigned portion decreased $1,035,535 and attributes the decrease to the budgeted use of fund balance. ^[1]

All of the city's governmental funds together held $34,230,101 at the end of fiscal 2025. ^[1]

At the Aug. 18 budget hearing, a resident said the city's reserves stood at 32.2% against the state's 5% to 35% range. Finance Director Bruce Riddle said the city aims to keep reserves near the upper end to maintain its credit rating and financial flexibility, according to the minutes. ^[2]

Debt

The audit reports $19,640,000 in bonded debt on June 30, 2025, excluding $1,530,228 in bond premiums: $10,235,000 in general obligation bonds, $2,395,000 in Municipal Building Authority lease revenue bonds and $7,010,000 in water and sewer revenue bonds. ^[1]

The fiscal 2027 budget's statement of indebtedness lists $17,120,000 in principal in a column headed June 30, 2026, and $3,153,749 in principal and interest payments for fiscal 2027. The budget says about 27% of Springville's property tax revenue goes to payments on general obligation bonds. ^[4][5]

Audit

HBME, LLC, of Bountiful audited the fiscal 2025 statements. Its Dec. 5, 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 $21,774,815 during fiscal 2025, to $363,618,099, according to the audit. ^[1]

Redevelopment

The fiscal 2027 budget attributes part of its projected property tax change to the ending of a project area in the Springville Redevelopment Agency, with tax increment from growth in that area "flowing instead to the underlying taxing entities, including the City." ^[5]