Sandy's long-term debt stood at $118.7 million at June 30, 2024, up 20.8%
Sandy's audited report counts $118,707,701 in long-term obligations for FY2024, after a $19.3 million fire station bond and an $8.645 million Monroe Street bond.
Correction, Oct. 16, 2026: what we corrected ↓
Continuing story: Auditing Sandy
Sandy City reported total long-term obligations of $118,707,701 at June 30, 2024, in its audited financial report for the fiscal year (FY2024). Total long-term debt rose by $20,452,067, or 20.8 percent, during the year. [1]
The report attributes the increase to $19,300,000 in general obligation bonds for Fire Station #31 and $8,645,000 in proceeds from a Monroe Street expansion bond, less $8,555,472 in scheduled debt service. [1]
What the total includes
Bond principal totaled $84,945,000: $19,300,000 in general obligation bonds and $65,645,000 in revenue bonds. The report's narrative describes the full $84,945,000 as revenue bonds, but its long-term debt note lists the fire station bond as a general obligation bond. Loans, lease liabilities, contracts payable and compensated absences were $33,762,701. [1]
The report gives Sandy's sales tax revenue bonds and transient room tax refunding bonds a rating of AAA from Standard and Poor's, and its water refunding bonds AA+. The Series 2017 water revenue bonds were privately placed and are unrated. [1]
Fire Station 31 bond
The city council's Feb. 13, 2024 agenda listed a resolution authorizing not more than $21,000,000 in general obligation bonds. [2] KJZZ reported that 67 percent of voters approved the $21 million bond. [3] The audited report shows $19,300,000 issued in April 2024. [1]
Council records show the bond began as a December 2022 resolution declaring intent to issue a general obligation bond in FY2023-24 to rebuild the station. [4]
Legal debt limit
The report states Utah law caps general obligation debt at 8 percent of the reasonable fair cash value of property, with up to 4 percent for general purposes. Its narrative calls $1,831,461,633 the current debt limitation, but the report's unaudited legal debt margin schedule lists an overall 8 percent limit of $1,850,761,633 and a remaining margin of $1,831,461,633 after $19,300,000 of general obligation debt. The overall limit combines general and water and sewer purposes, so not all of it is available for general purposes. [1]
Not retrieved
The report's issue-by-issue debt schedule is in its note 11. This story reports totals by type, not balances by individual issue.
Correction, Oct. 16, 2026: An earlier version said all $84,945,000 in bonded debt was revenue bonds and called $1,831,461,633 the city's debt limitation. The $84,945,000 in bond principal includes $19,300,000 in general obligation bonds and $65,645,000 in revenue bonds, and $1,831,461,633 is the remaining legal debt margin under an overall limit of $1,850,761,633, according to the report's debt note and its unaudited debt margin schedule.
Sources
- Sandy City · FY2024 Annual Comprehensive Financial Report
- Sandy City Council · Feb. 13, 2024 agenda item 24-059, GO Bond Resolution
- KJZZ · Sandy City one step closer to starting construction of new fire station (Feb. 13, 2024)
- Sandy City Council · Dec. 6, 2022 minutes (Legistar)
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.