Provo's debt tables list about $278 million owed, mostly in water and sewer revenue bonds

Provo's fiscal 2027 budget lists bonds, leases and notes with principal balances that add up to about $278.5 million as of June 30, 2026, by The Ledger's tally of the budget's debt tables. ^[1]

Revenue bonds listed under the city's enterprise funds, which include water, wastewater, energy and the airport, account for $193.99 million of that. Water and wastewater revenue bonds alone come to $160.47 million, by The Ledger's tally. ^[1]

The largest issues

The biggest single balance is $75.7 million on 2020 wastewater revenue bonds, which mature in 2043. The city also owes $35.79 million on 2023 water revenue bonds, $28.29 million on 2025 wastewater bonds and $9.95 million on 2022 wastewater bonds. ^[1]

The fiscal 2023 annual report says the 2020 wastewater bonds, up to $75.8 million, were arranged with the Utah Division of Water Quality to fund improvements at the wastewater treatment plant, and the 2023 water bonds, up to $36.75 million, fund a water treatment plant and related infrastructure. ^[2]

The airport has $20 million in 2026 sales tax revenue bonds maturing in 2041, $3.07 million left on 2017 airport sales tax bonds, and a $14.5 million note from 2025 that matures in July 2028. ^[1]

Older 2015 revenue bonds for the energy, water and wastewater systems have $10.45 million, $5.87 million and $4.89 million outstanding. ^[1]

General obligation bonds

General obligation bonds, which are repaid from property taxes, total $63.62 million: $48.65 million on 2019 bonds for the city center and fire station, and $14.98 million on 2017 bonds that refinanced the recreation center debt. ^[1]

The budget sets aside $7.7 million for general obligation debt service in fiscal 2027. ^[1]

Provo's legal limit for general obligation debt is $711.6 million, and it had $74.4 million outstanding on June 30, 2025, including unamortized costs. ^[1] At a December 2025 council meeting, the finance director said the city was using about 10% of that limit. ^[3]

In fiscal 2023, general obligation debt was $84.7 million, or 15.87% of that year's $533.5 million limit. ^[2]

Leases and notes

Leases for fire trucks and golf equipment total $3.3 million. ^[1]

The airport's three notes total $16.43 million, though the subtotal line printed under them in the budget reads $1,927,728, which matches only the two smaller notes. ^[1]