Salt Lake City reported $4.33 billion in bonds at mid-2025, most of it for the airport

Salt Lake City owed $4.33 billion in bonds on June 30, 2025, according to its fiscal 2025 annual financial report. ^[1]

Of that, $125.1 million was general obligation debt backed by the city's full faith and credit. The rest was revenue bonds repaid from specific sources such as airport, utility or sales tax revenue. ^[1]

Counting loans, leases and bond premiums, the city's total debt was $5.19 billion, or $24,116.66 per resident. In fiscal 2020 the same table showed $2.51 billion, or $12,494.84 per resident. ^[1]

What the city owes

Airport revenue bonds made up the largest share: $818.6 million on 2018 bonds, $801.9 million and $168.6 million on two 2017 issues, $766.1 million and $126.1 million on two 2021 issues, and $600 million on 2023 bonds. ^[1]

The airport also reported a $200 million line of credit balance, added in fiscal 2025 and all due within one year. ^[1]

Utility debt included $323.2 million on 2022 sewer and storm water bonds, $184.5 million on 2025 utilities revenue bonds, $154.2 million on 2020 water bonds and a federal utilities loan of $128.0 million. ^[1]

On the governmental side, the city owed $152.9 million in sales tax revenue bonds and $10.9 million in lease revenue bonds. The largest general obligation issue was $34.7 million left on 2010 bonds for the Public Safety Building. ^[1]

The Community Reinvestment Agency owed $38.2 million on 2015 and 2019 bonds. ^[1]

The legal limit

Utah limits a city's general obligation debt to 8% of the fair cash value of its taxable property, with 4% available for general purposes. ^[1]

The report's statistical table puts the city's net general obligation debt at 5.04% of the fiscal 2025 general-purpose limit of about $2.99 billion. ^[1]

The report's narrative section gives the fiscal 2025 debt limit as $2,287,534,579, which is the figure its statistical table lists for 2016. The table lists the fiscal 2025 limit at 8% as $5.98 billion. ^[1]