Auditing West Point: what the city's audit and budget show

The Utah Ledger is reviewing West Point's public financial records: independent audits, budgets, agreements and City Council minutes. This series reports what those records show, and each statement links to the record it comes from. West Point's fiscal year runs July 1 to June 30.

West Point is in Davis County. Its council has five members, and Mayor Brian Vincent presides at meetings. ^[6]

What the audit says

Ulrich & Associates audited the city's fiscal 2025 statements, according to a staff memo to the council. The auditor's report, dated Jan. 6, 2026, says the statements "present fairly, in all material respects" the city's financial position. ^[7][1]

General fund revenues were $5,700,153 and expenditures were $3,911,786. After $1,871,796 in transfers out and $306,400 from the sale of capital assets, the fund balance rose by $222,971 to $1,986,149. ^[1]

The report says there were no expenditures that exceeded appropriations during the year. ^[1]

Across the city, net position, the difference between assets and liabilities, was $106,005,666 at June 30, 2025: $63,790,664 in governmental activities and $42,215,002 in business-type activities such as utilities. ^[1]

A financial audit checks whether money was recorded and reported correctly. It is not a review of whether each project delivered what it promised.

Debt

The audit lists $5,620,000 in revenue bonds outstanding at June 30, 2025: $5,488,000 from a $6,055,000 issue in fiscal 2023 through the city's community development and renewal agency, and $132,000 from a $1,136,000 issue in 2016. The balance fell by $419,000 during the year, and no new bonds were added. ^[1]

In April 2025 the city gave notice that the council had adopted a resolution authorizing up to $10,000,000 in Sales and Franchise Tax Revenue Bonds, Series 2025, to finance a recreation center. A city FAQ says its share of the expanded Horizon Junior High gym was financed through a $9 million bond. A separate story covers that project. ^[4][5]

The audit also says the city has pledged energy tax revenues to guarantee payment of bonds of the Utah Infrastructure Agency, which built fiber-optic lines in the city. If the agency's net revenues do not cover debt service, the city must reimburse its debt service fund, and that payment is a loan the agency must repay. ^[1]

The sewer project

The audit describes two agreements with Davis County: $2 million for design and management of a sewer expansion project and $24 million for construction. The city pays upfront and then requests reimbursement from the county. ^[1]

The fiscal 2027 final budget carries $25,000,000 for the Davis County sewer project as both revenue and expense in the waste fund. The waste fund's fiscal 2025 actual county revenue was $10,660,926. ^[2]

Redevelopment

The city's community development and renewal agency fund took in $222,145 in tax revenue in fiscal 2025 and received a $576,000 transfer from the general fund. It paid $419,000 of bond principal and $294,952 of interest and fiscal charges. Its fund balance ended the year at $213,929. A separate story covers the general fund's support. ^[1]

The budget

The council adopted the fiscal 2027 final budget on Aug. 18, 2026, after a truth-in-taxation hearing. Draft minutes record Councilmembers Trent Yarbrough, Annette Judd, Jerry Chatterton, Michele Swenson and Jeremy Strong voting yes. The minutes had not been approved when The Ledger reviewed them. ^[3]

The state-filed final budget lists $6,485,581 in general fund revenue, including $936,581 in property taxes, $2,700,000 in general sales and use taxes and $800,000 of beginning balance. ^[2]

It budgets $900,000 for police services, up from $755,248 in the fiscal 2026 amended budget, and a $577,000 transfer to the redevelopment agency. ^[2]