The State of Utah’s (State) Division of Finance completed the State’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended on June 30, 2022. The Office of the State Auditor (Office) has audited the ACFR and issued its audit opinion which is contained within the ACFR. The Office appreciates the Division of Finance’s professionalism and hard work in completing the ACFR and facilitating the Office’s audit work.
Each year, the Office releases its annual Statement of Long-Term Liabilities and Commitments for the State of Utah. The State’s constitutional debt limit as of June 30, 2022 was $ 8.395 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, 2022, long-term liabilities for the State’s governmental activities was $2.98 billion. The State’s business-type activities reported $396 million in long-term liabilities, while the State’s component units had $5.92 billion in long-term liabilities.