Auditing Syracuse: what the city's audit, budget and redevelopment records show

This series follows Syracuse's public money through the city's own records: its audited annual financial report, its budget actions and the meeting records of the City Council, the Redevelopment Agency and the Municipal Building Authority. Each story links the documents it relies on. ^[1][3]

The city's transmittal letter says the council also serves as the board of the Redevelopment Agency and of the Municipal Building Authority. Both are separate legal entities, and both are reported within the city's financial statements. ^[1]

The audit

Gilbert & Stewart, CPA, PC, of Provo audited the city's fiscal 2025 financial statements. Its report, dated Nov. 18, 2025, says the statements "present fairly, in all material respects" the city's financial position, an unmodified opinion. The report notes the city adopted a new accounting standard for compensated absences that year and says the opinion was not modified for that matter. ^[1]

Audit partner Ron Stewart presented the audit to the council on Dec. 9, 2025. According to the approved minutes, he reported one state compliance finding: the Culinary Water Fund was over budget by $300,000 and did not align with approved budgetary limits. The auditors reminded the city to regularly review and amend budget forecasts to match spending. The minutes say federal compliance testing found no issues. ^[2]

Net position, reserves and debt

The report's management discussion says the city's assets and deferred outflows exceeded its liabilities and deferred inflows by $276,672,242 at June 30, 2025, of which $20,187,141 was unrestricted. Total net position rose $23,819,816 during the year. The discussion attributes most of the gain to infrastructure contributed by subdivision developers, along with higher grants, taxes, impact fees and interest. That figure includes roads, pipes and other capital assets, so it is not cash. ^[1]

The General Fund's unrestricted fund balance was $8,725,736, or 29.9% of General Fund revenues. The discussion says the decline from the prior year was mainly due to spending down road maintenance funds. Combined governmental fund balances were $29,471,895. ^[1]

The city reported that its total debt fell $2,609,976 in fiscal 2025, through $2,532,000 in bond principal payments and $77,976 in amortized bond premium. The transmittal letter lists bonds of $6,047,000 for a culinary water tank, $8,060,000 for a secondary water reservoir and pumphouse, $11,612,000 issued in November 2023 for a second fire station, and $4,182,000 issued in April 2024 for secondary water meters. ^[1]

The fiscal 2027 budget

The council adopted the fiscal 2027 budget on June 9, 2026, on a motion by Councilmember Paul Watson seconded by Councilmember Julie Robertson. All voted in favor; Councilmember Brett Cragun was excused. The council accepted Davis County's certified tax rate, with no property tax increase. ^[3]

The minutes say staff temporarily increased bond payments from the impact fee fund by $500,000 to reduce the General Fund's share and temporarily froze two police positions for $240,000 in savings. That left a $330,000 deficit, to be covered from the rainy day fund balance reserve. Monthly utility charges rose a combined $7.89, including $3.09 for a new emergency dispatch fee and $2.01 for culinary water. ^[3]

Redevelopment and the Gateway district

On April 8, 2025, the Redevelopment Agency board voted 4-1, with Boardmember Jennifer Carver opposed, to authorize an interlocal tax-sharing agreement with Gateway Public Infrastructure District No. 1. According to the minutes, Mayor Dave Maughan said the agreement had to be approved before the district's bond could go to market. ^[4]

Underwriter Piper Sandler lists itself as sole manager of an $8.6 million Series 2025 tax increment revenue bond issue for the district, dated August 2025. The Ledger has not reviewed the bonds' closing documents. ^[5]