Utah has reached 74 percent of its debt limit, Division of Finance says

SALT LAKE CITY – The State of Utah’s Division of Finance completed its Comprehensive Annual Financial Report (CAFR) for fiscal year 2017.

In addition to releasing its audit opinion in the CAFR, the division also released its annual Statement of Long-Term Liabilities and Commitments for the State of Utah.

 

According to the statement, the state’s debt limit as of June 30 of this year was $5.22 billion. “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 statement said.

“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,” said State Auditor John Dougall.