Parowan
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Parowan Reservoir Company owes the city's electric fund $1.22 million
Parowan's fiscal 2025 audit reports a $1,221,423 long-term receivable from the Parowan Reservoir Company, which agreed to pay the city $79,000 a year for 20 years toward its share of debt payments. The company also owes $352,423 for other costs that the audit says are not expected to be paid until after the debt period.
Parowan's fiscal 2025 audit reports a late fraud risk assessment
The city's auditors reported that Parowan did not complete and approve its fiscal 2025 fraud risk assessment within the fiscal year, as state rules require. The city said 75% of its front-office staff turned over in two months.
Parowan's water bonds: a $12 million ceiling, $9.675 million expected
The council authorized up to $12 million in water revenue bonds in June 2026 for a spring treatment plant and new water lines. The city's notice says it expects to borrow no more than $9,675,000 over 30 years, with $1,075,000 in principal forgiveness that does not have to be repaid.
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