Auditing Salt Lake City
The Ledger's review of Salt Lake City's budgets, audits, debt, redevelopment money and officials' disclosures. Every story in the series, sorted by subject, with the figures the records show and links to the official documents.
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Auditing Salt Lake City: what the records show about the capital's finances
A records-only review of Salt Lake City's budgets, audits, debt and redevelopment agency, drawn from the city's annual financial reports, its independent auditor, a state legislative audit and Salt Lake County.
Read the explainer →Key figures
- $498.2 millionFY2026-27 general fund adopted by the councilAuditing Salt Lake City: what the records show about the capital's finances →
- $202.6 millionGeneral fund balance in FY2023, when auditors found it over the 35% capAuditors found Salt Lake City's FY2023 reserve broke the state's 35% cap; it has fallen nearly $60 million since →
- $600 millionUtility debt the state audit says was taken on with no feasible repayment planState audit: Salt Lake City Public Utilities took on more than $600 million in debt with 'no feasible plan' to repay it →
- 110.8%Rise in average sewer bills for schools, charities and churchesState audit: Salt Lake City Public Utilities took on more than $600 million in debt with 'no feasible plan' to repay it →
- $4.33 billionBonds outstanding June 30, 2025Salt Lake City reported $4.33 billion in bonds at mid-2025, most of it for the airport →
- $55.85 millionTax-year 2025 increment due to the CRA, per the countySalt Lake City's redevelopment agency is due $55.9 million in 2025 tax increment, county says, above its own $47.9 million estimate →
Debt and bonds
Salt Lake City reported $4.33 billion in bonds at mid-2025, most of it for the airport
The city's total debt about doubled from fiscal 2020 to fiscal 2025, to $5.19 billion. General obligation bonds, the kind backed by property taxes, were $125.1 million.
Redevelopment money
Salt Lake City's redevelopment agency is due $55.9 million in 2025 tax increment, county says, above its own $47.9 million estimate
Salt Lake County's tax-year 2025 report lists the downtown project area at $26.2 million. The agency held $337 million in net position at mid-2025 and owes developers under several reimbursement agreements.
Contracts and spending
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Audits and compliance
State audit: Salt Lake City Public Utilities took on more than $600 million in debt with 'no feasible plan' to repay it
The Legislature's auditor general also found a 2025 change in sewer billing raised average bills for schools, charities and churches by about 110.8%. The city agreed with all recommendations.
Auditors flagged weaknesses in Salt Lake City's books for FY2023 through FY2025
Eide Bailly reported a material weakness in each of the last three audits. In fiscal 2024 the city produced no quarterly financial reports and filed an incorrect, late deposit report, auditors found.
Auditors found Salt Lake City's FY2023 reserve broke the state's 35% cap; it has fallen nearly $60 million since
The city's general fund balance peaked at $202.6 million in fiscal 2023, when auditors reported it exceeded the state limit. It ended fiscal 2025 at $142.9 million.