Helper retired a 2015 water loan and drew $2.4 million on a new one running to 2064
Helper's fiscal 2025 audit reports that the city paid off a $1,794,000 water revenue loan and had drawn $2,412,000 on a new 1.5% water loan that matures in 2064. The water system also spent $1.16 million in federal pandemic recovery money.
Continuing story: Auditing Helper
Helper retired one water loan and replaced it with another in the fiscal year ended June 30, 2025, according to the city's audited statements. The management discussion says the 2015 taxable water revenue loan "was retired in full at $1,794,000 and replaced with a new 2025 taxable water revenue loan maturing in 2064, on which $2,412,000 had been drawn at year end." [1]
The loans
The debt note lists the 2015 loan at 0% interest with a beginning balance of $1,794,000 and a 2031 maturity. The new 2025 loan carries 1.50% interest and matures April 1, 2064. [2]
The same table lists the 2025 loan's original principal as $2,124,000 and its year-end balance as $2,412,000. [2]
With the change, business-type debt rose from $13,859,796 to $13,994,796. The other water and sewer loans date from 2012, 2013 and 2015 and mature between 2032 and 2045. [2]
Scheduled payments on business-type debt total $13,994,796 in principal and $2,445,925 in interest, or $16,440,721, through 2064. The fiscal 2026 payment is $719,150. [2]
Federal money in the water system
The water fund reported $1,219,351 in capital grants in fiscal 2025, and its net capital assets rose by $1,182,834. [3][6]
The federal awards schedule lists $1,164,449 in Coronavirus State and Local Fiscal Recovery Funds and $54,902 from the Drinking Water State Revolving Fund, both passed through the Utah Division of Drinking Water. The recovery funds were audited as a major program, with no findings. [4][7]
Figures come from Helper City's audited financial statements for the fiscal year ended June 30, 2025, as filed with the Utah State Auditor. Debt balances below are outstanding principal at June 30, 2025; the scheduled payment total is a separate figure and is not added to them.
Sources
- Helper City · FY2025 financial statements, management's discussion: long-term debt
- Helper City · FY2025 financial statements, Note 4, business-type debt
- Helper City · FY2025 financial statements, statement of activities
- Helper City · FY2025 financial statements, schedule of expenditures of federal awards
- Helper City · FY2025 financial statements, Note 5, restricted cash
- Helper City · FY2025 financial statements, proprietary funds comparison
- Helper City · FY2025 financial statements, schedule of single audit results
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.