St. George cut its bonded debt to $102.8 million in 2025 as one electric bond issue was downgraded

St. George's outstanding bonded debt fell by $7,148,000 during fiscal 2025, to $102,835,000 at June 30, 2025, according to the city's annual comprehensive financial report. ^[1]

Of that total, $13,025,000 was general obligation debt. The other $89,810,000, the report says, "is debt which is secured solely by specific revenue sources." ^[1]

By type

The report's table of outstanding bonded debt at June 30, 2025, lists $13,025,000 in general obligation bonds, $2,780,000 in franchise tax revenue bonds, $5,185,000 in excise tax bonds, $9,850,000 in sales tax bonds and $71,995,000 in revenue bonds of the city's business-type activities. ^[1]

The report also says the city's bond and other debt obligations decreased by $7,075,993, and total outstanding long-term liabilities decreased by $683,395. It reports that the compensated absence liability increased by $2,846,402. ^[1]

The report puts the city's total debt limit at $2,394,429,280 and its remaining debt margin at $2,309,419,844. ^[1]

The electric bond rating

"During the fiscal year, the 2016 Electric Revenue bonds were reviewed by the rating agency S&P," the report says. "The rating was downgraded from A to A- and the outlook changed to negative." ^[1]

The same table lists an AA+ rating for the city's 2024 general obligation bonds and AAA for its 2023 sales tax bonds. Those are separate issues backed by different revenue. ^[1]

The parks bond

In November 2023, voters approved a $29 million Trails, Parks and Recreation general obligation bond to fund 33 projects, according to the fiscal 2027 budget. The budget lists a fiscal 2027 debt payment of $1,841,000, which it says is "paid by a dedicated portion of the property tax as approved by the voters." ^[2]

The authorized amount is not the amount borrowed. The pages of the financial report and budget The Ledger could retrieve do not state how much of the $29 million has been issued. ^[1][2]