Parowan: water bonds, audit finding and reservoir company debt
The Ledger's review of Parowan's budgets, audits, debt and redevelopment money. 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 Parowan: what the city's audit and budget say about its money
A facts-only guide to Parowan's finances: the fiscal 2025 audit, the city's debt and reserves, the proposed fiscal 2027 budget and the water-system borrowing the council authorized in June 2026.
Read the explainer →Key figures
- $31.4 millionParowan's total net position at June 30, 2025Auditing Parowan: what the city's audit and budget say about its money →
- $578,228Unassigned general fund balance at June 30, 2025Auditing Parowan: what the city's audit and budget say about its money →
- $12 millionMaximum water revenue bonds authorized June 11, 2026Parowan's water bonds: a $12 million ceiling, $9.675 million expected →
- $9.675 millionExpected maximum water bond issue, per the city's noticeParowan's water bonds: a $12 million ceiling, $9.675 million expected →
- 75%Front-office staff turnover the city cited in its audit responseParowan's fiscal 2025 audit reports a late fraud risk assessment →
- $1.22 millionReservoir company receivable in the electric fund at June 30, 2025Parowan Reservoir Company owes the city's electric fund $1.22 million →
Debt and bonds
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.
Contracts and spending
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 $79,000 a year for 20 years toward its share of debt payments. It also owes $352,423 in other costs not expected to be paid until after the debt period.
Audits and compliance
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.