Our Finance and Accounting Team is responsible for all financial functions for Public Utilities’ four enterprise funds: Water, Wastewater, Stormwater and Street Lights. Each fund reports its own complete set of financial statements. We are committed to financial accuracy, transparency and the highest professional accounting standards.
Financial statements for each fund include cash and tangible assets, as each fund pays for all of their direct and indirect costs. The section also includes payroll, budget, accounts payable and receivable functions. Additionally, the section is responsible for obtaining financing through local and national bond markets to assist the various enterprise funds in financing projects.
Financial accounting is on an accrual basis following Governmental Accounting Standards Board accounting standards (GASB).
The Salt Lake City fiscal year begins on July 1 ends on June 30. Annual certified financial reports are completed every year as of June 30 by an outside, independent CPA firm. This report includes financial statements, budgets, bonded debt, number of employees, sales, and other cost or benchmarking information. We also use a variety or performance standards to measure the health and strength of the Utilities.
Salt Lake City Public Utilities is proposing rate increases for Salt Lake City and Salt Lake County customers to fund updates and improvements in critical water, sewer and stormwater infrastructure and to continue providing resilient, reliable utility service 24/7 for all. Please see proposed rate changes, and your opportunity to respond:
2019-2020 Proposed Rate Increase Mailer/Postcard
Our proposed 2020 Public Utilities Annual budget is now under Salt Lake City Council review, and can be found here:
2019-2020 Proposed Public Utilities annual budget
Salt Lake City Public Utilities takes great care to base our utility rates on thorough studies.
In order to provide our customers fair and financially sound rates for the services they receive, Salt Lake City Public Utilities initiates a full rate study every six to eight years and makes recommendations to our Mayor and City Council based on this study. A Rate Advisory Committee, composed of community and business leaders, non-profit representatives, residential and commercial rate payers and other stakeholders, meets regularly for several months in a thorough and robust process guided by an independent firm that relies on best industry practices to inform these studies.
When completed, the rate study goes to our Public Utilities Advisory Board for oversight and approval. The study is then vetted by the Mayor, submitted to the City Council for discussion and approval, and ultimately adopted by our Department.
Below are the most recent rate studies. Note: Water rates are higher for customers in our Salt Lake County service areas. Sewer and storm water rates apply only to customers living within Salt Lake City boundaries.
Water Rate Study 2003
Water Rate Study 2009
Water Rate Study 2018
Current Utility Rate Schedule
Other financial information central to Salt Lake City Public Utilities:
Outstanding Debt/Bond Rating
Public Utilities 2017 Annual Budget
Public Utilities 2018 Annual Budget
Public Utilities 2019 Annual Budget