Sandy's long-term debt stood at $118.7 million at June 30, 2024, up 20.8%

Sandy City reported total long-term obligations of $118,707,701 at June 30, 2024, in its audited financial report for the fiscal year (FY2024). Total long-term debt rose by $20,452,067, or 20.8 percent, during the year. ^[1]

The report attributes the increase to $19,300,000 in general obligation bonds for Fire Station #31 and $8,645,000 in proceeds from a Monroe Street expansion bond, less $8,555,472 in scheduled debt service. ^[1]

What the total includes

Bonded debt (revenue bonds) was $84,945,000. Loans, lease liabilities, contracts payable and compensated absences were $33,762,701. ^[1]

The report gives Sandy's sales tax revenue bonds and transient room tax refunding bonds a rating of AAA from Standard and Poor's, and its water refunding bonds AA+. The Series 2017 water revenue bonds were privately placed and are unrated. ^[1]

Fire Station 31 bond

The city council's Feb. 13, 2024 agenda listed a resolution authorizing not more than $21,000,000 in general obligation bonds. ^[2] KJZZ reported that 67 percent of voters approved the $21 million bond. ^[3] The audited report shows $19,300,000 issued in April 2024. ^[1]

Council records show the bond began as a December 2022 resolution declaring intent to issue a general obligation bond in FY2023-24 to rebuild the station. ^[4]

Legal debt limit

The report states Utah law caps general obligation debt at 8 percent of the reasonable fair cash value of property, with up to 4 percent for general purposes. It lists a current debt limitation of $1,831,461,633 and general obligation debt of $19,300,000. ^[1]

Not retrieved

The report's issue-by-issue debt schedule (its note 11) was outside the portion the Ledger could retrieve, so balances by individual issue are not reported here.