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Finance staff: Provo’s debt is well below statutory limits; property‑tax rules changed to require clearer disclosures
Summary
Administrative services director Dan Flet reviewed the city’s debt schedule and strong credit ratings, while Justin Harrison explained property‑tax mechanics and new truth‑in‑taxation rules requiring impact schedules and public transparency for proposed rate changes.
Dan Flet, interim administrative services director, walked the council through a detailed debt schedule (as of June 30, 2025) that includes general obligation bonds, revenue bonds for utilities and the airport, equipment leases, and notes. Flet noted Provo’s conservative debt posture, very low use of statutory debt capacity (roughly 10% of what the state allows), and generally strong ratings on publicly traded issues; he said those ratings reflect…
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