State Auditor completes audit of Utah’s 2018 Comprehensive Annual Financial Report
By Nicole Toomey Davis
The State of Utah’s Division of Finance recently completed the Utah’s 2018 Comprehensive Annual Financial Report for fiscal year 2018, which ended June 30. The Office of the State Auditor audited the CAFR and issued its audit opinion, which is contained within the CAFR, which may be found online.
In addition, the Office of the State Auditor 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 was $5.66 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, long-term liabilities for the state’s governmental activities was $3.89 billion or approximately 69 percent of the constitutional debt limit. The state’s business-type activities reported $1.63 billion in long-term liabilities while the state’s component units had $2.23 billion in long-term liabilities.
“Using debt wisely is a crucial element of good governance,” said State Auditor John Dougall. “I encourage policymakers to pay close attention to debt loads as state government works to finance new infrastructure projects. I compliment legislators on their recent use of cash rather than additional borrowing.”
A copy of this statement can be viewed online.
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