The State of Utah’s Division of Finance recently completed its Comprehensive Annual Financial Report (CAFR) for fiscal year 2017.
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 may be found at https://reporting.auditor.
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, 2017 was $5.22 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, 2017, long-term liabilities for the State’s governmental activities was $3.87 billion or approximately 74% of the constitutional debt limit. The State’s business-type activities reported $1.95 billion in long-term liabilities, while the State’s component units had $2.19 billion in long-term liabilities.
State Auditor John Dougall commented, “The prudent use of debt is critical for good governance. I encourage policymakers to remember this as state government incurs higher debt loads to finance new infrastructure projects.”
A copy of this statement can be viewed on our website at auditor.utah.gov, on the Data and Statistics page athttps://auditor.utah.gov/