Financial Operations
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.
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- Our proposed 2022-2023 Public Utilities annual budget can be found here:
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.
- Other financial information central to Salt Lake City Public Utilities: