The State of Utah’s Division of Finance recently completed its Comprehensive Annual Financial Report for fiscal year 2016.
The Office of the State Auditor (Office) audited the CAFR and issued its audit opinion which is contained within the CAFR. The Office compliments the Division of Finance on its hard work and professionalism in completing the CAFR. The CAFR can be found here http://finance.utah.gov/reporting/documents/16UTCAFR.pdf .
In addition, the Office released its annual Statement of Long-Term Liabilities and Commitments for the State of Utah. The State’s constitutional debt limit as of June 30, 2016 was $4.85 billion. During the ordinary course of operation, the State and its various component units incur an array of debt and other long-term commitments. This report provides a simplified summary of that debt and those commitments. As of June 30, 2016, long-term liabilities for the State’s governmental activities was $4.27 billion or approximately 88% of the constitutional debt limit. The State’s business-type activities incurred $2.32 billion in long-term liabilities while the State’s component units had $2.07 billion in long-term liabilities.
State Auditor John Dougall commented, “The prudent use of debt is critical for good governance. The public and policymakers should regularly review the State’s long-term obligations.”
A copy of this statement can be viewed on our website at auditor.utah.gov, on the Data and Statistics page at https://auditor.utah.gov/
