Park City's long-term debt was $243.9 million at June 30, 2025, down from $281.9 million two years earlier
Annual reports show total long-term debt of $243,859,075 at the end of FY2025, of which $54.0 million is general obligation debt, against a legal debt limit of $894.3 million.
Continuing story: Auditing Park City
Park City reported $243,859,075 in total long-term debt at June 30, 2025, according to the management's discussion and analysis in its FY2025 annual report. The report says that was a decrease of 7.2 percent from FY2024. [1]
The same report puts the debt at $54,024,832 in general obligation bonds, $187,386,370 in revenue bonds and $2,447,873 in a contract payable. Of the revenue bonds, $46,546,682 is in governmental activities and $140,839,688 is in business-type activities. [1]
Total debt by year
June 30, 2019: $202.1 million. [7]
June 30, 2020: $266,546,061. [6]
June 30, 2021: $250,958,188. [5]
June 30, 2023: $281,934,329, of which $210,381,706 is secured solely by specific revenue sources. [3]
June 30, 2024: $262,666,069 ($60,945,501 in general obligation bonds, $199,069,038 in revenue bonds and $2,651,530 in a contract payable or subscription arrangements). [2]
June 30, 2025: $243,859,075. [1]
The FY2022 report gives total long-term liabilities, a different measure, of $284,049,455 and does not break out debt by category in the portion reviewed. [4]
Legal debt limit
Utah sets a general obligation debt limit of 4.0 percent of total assessed value. The FY2025 report gives assessed value of $22,356,857,970, a limit of $894,274,319, debt applicable to the limit of $54,024,832 (0.2 percent) and a margin of $840,249,487. [1]
The FY2024 report gives a limit of $864,272,763 and applicable debt of $60,945,501. The FY2023 report gives a limit of $623,276,859 and applicable debt of $68,581,170. [2][3]
Bond actions in the minutes
On April 16, 2020 the council voted 5-0 for Resolution 06-2020, which set a maximum of $160 million in water revenue bonds, with a $53.5 million Series 2020 issue and the refunding of $13.5 million of 2009C and 2010 bonds. The maximum rate was 5.5 percent and the maximum maturity 20 years. [8]
On September 2, 2021 the council voted 5-0 for Resolution 21-2021, a $7,000,000 water revenue refunding. Staff said the city had issued $75.5 million of the $160 million authorized and that about $65 million more was expected in October. [9]
On August 22, 2023 the council voted 4-1, with Council Member Becca Gerber opposed, to call a special bond election for up to $30,000,000 in general obligation bonds for recreation facilities, according to draft minutes. [10] At the November 21, 2023 canvass the minutes record: "The recreation bond failed." [11]
Sources
- Park City Municipal Corporation · FY25 annual comprehensive financial report
- Park City Municipal Corporation · FY24 annual comprehensive financial report
- Park City Municipal Corporation · FY23 annual comprehensive financial report
- Park City Municipal Corporation · FY22 annual comprehensive financial report
- Park City Municipal Corporation · FY21 annual comprehensive financial report
- Park City Municipal Corporation · FY20 annual comprehensive financial report
- Park City Municipal Corporation · FY19 annual comprehensive financial report
- Park City Council · Minutes, April 16, 2020 (Resolution 06-2020)
- Park City Council · Minutes, September 2, 2021 (Resolution 21-2021)
- Park City Council · Draft minutes, August 22, 2023 (Resolution 15-2023)
- Park City Council · Minutes, December 5, 2023 (canvass, Resolution 23-2023)
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.