Salt Lake City: reserve cap, audit findings and utility debt
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.
Start here
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 →
- $600 millionUtility debt the state audit says was taken on with no feasible repayment planState audit: Salt Lake City utilities took on $600 million in debt with no plan to repay →
- 110.8%Rise in average sewer bills for schools, charities and churchesState audit: Salt Lake City utilities took on $600 million in debt with no plan to repay →
- $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 agency is due $55.9 million in 2025 tax increment, county says →
- 36%Self-reported progress on Public Utilities' new billing system in the city's Sept. 2026 audit responseSalt Lake City's answer to the state utilities audit sets June, July and 2027 targets →
- $5,577Proposed water impact fee for a 3/4-inch meter, up from $1,871Salt Lake City Council approves first update to utility impact fees since 1999 →
- $201.2 millionPaid to Bank of America, N.A., the city's largest payee in FY2026, as reported to the stateTransparent Utah: Salt Lake City highest-paid vendors FY2026 →
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 agency is due $55.9 million in 2025 tax increment, county says
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.
Budgets, reserves and taxes
Salt Lake City Council approves first update to utility impact fees since 1999
The council approved new water, sewer and stormwater impact fees on Oct. 6, 2026. The city's proposal roughly tripled the water fee for the smallest meter, to $5,577 from $1,871.
Contracts and spending
No story in the series on this yet.
Audits and compliance
Salt Lake City's answer to the state utilities audit sets June, July and 2027 targets
In its response to the Legislature's audit, the city said it would finish rate studies and financial plans by June 2027, complete and implement a sewer rate study by July 2027, and have a new billing system in place by summer 2027. It said the billing project was 36% complete.
State audit: Salt Lake City utilities took on $600 million in debt with no plan to repay
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
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.