Popular Annual Financial Report

2019 POPULAR ANNUAL FINANCIAL REPORT

City of Provo, Utah

FISCAL YEAR ENDED June 30, 2019 PROVO CITY, UTAH TABLE OF CONTENTS

INTRODUCTION To the Citizens of Provo City ...... 1 Provo at a Glance ...... 2 Elected Officials ...... 4 Key City Services ...... 5 Significant Events …...... 6 Top Rankings ...... 7

FINANCIAL INFORMATION Statement of Net Position ...... 8 Statement of Activities ...... 9 General Fund Revenues ...... 10 General Fund Expenses ...... 11 General Fund: Fund Balance ...... 12 Library Fund ...... 13 Property Tax Summary ...... 14 Enterprise Funds ...... 15 Debt Summary (Citywide) ...... 16

TO THE CITIZENS OF PROVO

e are proud to present the City of Provo’s Popular Annual Finan- cial Report (PAFR) for the fiscal year ended June 30, 2019. This report gives readers a summary of the City’s financial standing. WThe purpose of the PAFR is to illustrate the City’s financial information in a clear, concise manner giving all readers, both financial and non-financial, the understand- ing of where revenue comes from and where dollars are being spent. Most im- portantly, it is essential that our citizens understand the key services that the City provides to make Provo a safer and more enjoyable place in which to work, live, and play.

The PAFR summarizes the financial activities of the City and is drawn from a more detailed report called the Comprehensive Annual Financial Report (CAFR). The CAFR includes financial statements that were prepared in conformance with Gen- erally Accepted Accounting Principles (GAAP) and audited by HBME, LLC, an inde- pendent auditing firm. The 2019 CAFR has received an unmodified (clean) opinion. The numbers contained within the CAFR were acquired by applying the basis of accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). GFOA Outstanding Achievement Award for the 2018 PAFR

Although the numbers used in the PAFR come from an audited source, we have presented them in a condensed, easy to understand, non-GAAP format. GAAP reports deal with the presentation of segregated funds as well as full disclosure of all material financial and non-financial events in notes to the financial statements, while non-GAAP reports do not contain such notes. Citizens who wish to review audited GAAP basis financial statements can refer to the City of Provo’s CAFR, which is available from the Finance Department or on the City of TO VIEW BOTH THE Provo’s website at https://www.provo.org/departments/finance/financial- CITY’S FULL reports . COMPREHENSIVE As a municipality, we want to continue to be transparent with and accountable for ANNUAL FINANCIAL the City’s financial information. We anticipate that after reading the PAFR, commu- REPORT (CAFR) AND nity members will be reassured that public dollars are being used to build a better, POPULAR ANNUAL safer, and stronger Provo. With the help of all departments, the City, in 2019 has FINANCIAL REPORT, accomplished many goals set within the 2030 vision. All of these positive achieve- ments have helped to increase growth and success in our City. We look forward to PLEASE VISIT: https:// the future of Provo. www.provo.org/departments/ finance/financial-reports We are honored to serve Provo citizens and hope you enjoy reviewing the 2019 PAFR. We welcome any input, questions, and comments you may have regarding this report. You may contact the Finance Division at 801-852-6505.

Sincerely, COVER PHOTO by Richard Daw

1 Provo City Popular Annual Financial Report June 30, 2019

PROVO AT A GLANCE

NUMBER of REGISTERED PARKS VOTERS 54 41,452

ADULTS with a BACHELOR’S POPULATION MILES of DEGREE or PATHS & TRAILS HIGHER 117,335 35.4 42.5%

PUBLIC STUDENTS SCHOOLS at BYU 22 33,511

PROVO PERCENTAGE of MEDIAN AGE AREA HOMEOWNERSHIP 23.7 44.17 40.8% SQ. MILES

2 Provo City Popular Annual Financial Report June 30, 2019

PROVO AT A GLANCE (continued)

The City of Provo was incorporated in 1851 and is located in a metropolitan area in Utah County that has a dynamic and diverse econo- TOP TEN EMPLOYERS my. The City has received numerous awards as one of the finest cities in the United States 1. Brigham Young University in which to live and do business. 2. Utah Valley Regional Medical The City has a diverse manufacturing and in- Center dustrial base. Major industries include retail business, light manufacturing, software devel- 3. Vivint, Inc. opment, and a university community. This di- 4. Arm Security, Inc. versity stabilizes the unemployment rate and offers a broad range of employment opportuni- 5. Central Utah Medical Clinic ties.

Provo’s economy continues to outperform the 6. Chrysalis Utah, Inc. national economy with Provo’s unemployment 7. Qualtrics, LLC rate being 2.8% compared to the United State’s unemployment rate of 3.8% 8. RBD Acquisition Sub, Inc. (jobs.utah.gov). The City closely monitors the current economic environment and plans and 9. Frontier Communications budgets for the future accordingly. You can view the City’s budget at https:// 10.Nu Skin International, Inc. www.provo.org/departments/finance/financial- reports .

3 Provo City Popular Annual Financial Report June 30, 2019

ELECTED OFFICIALS

MAYOR CITY ADMINISTRATION

Chief Administrative Officer ...... Wayne Parker Chief Deputy Mayor’s Office ...... Isaac Paxman Chief Deputy Economic Development ...... Dixon Holmes Administrative Services ...... John Borget City Attorney ...... Robert West Community Development ...... Gary McGinn Customer Service ...... Karen Larsen Energy ...... Travis Ball Fire Chief ...... James Miguel Library Services ...... Gene Nelson Parks and Recreation ...... Scott Henderson Police Chief ...... Rich Ferguson Public Works ...... David Decker Redevelopment ...... David Walter Michelle Kaufusi CITY COUNCIL

Left to right: Dave Sewell, Kay Van Buren (Vice-Chair), George Handley, George Stewart, Dave Knecht, Gary Winterton, and Dave Harding (Chair) 4 Provo City Popular Annual Financial Report June 30, 2019

KEY CITY SERVICES

The following includes brief highlights of major departments and services within Provo City. Please refer to the Provo City website at provo.org for any additional information about departments or services described.

Mayor—The Mayor’s Office enforces laws applicable Fire—The Fire Department is responsible for deliver- to those residing or conducting business in Provo, ing emergency and support services in the following executes policies adopted by the Municipal Council, areas: fire prevention and education, inspection ser- prepares and submits the annual city budget, and rec- vices, fire suppression, emergency medical treatment ommends for adoption such measures as may be and ambulance transport, rescue services, and haz- deemed necessary or proper for the efficient opera- ardous materials response. tion of the City. Library—The Provo City Library provides the commu- Administrative Services—Administrative Services is nity with a center for information, instruction, learning, comprised of the Finance, Human Resources, and leisure, and cultural opportunities. The library has Information Systems divisions within the general fund. over 215 thousand items in adult and children’s circu- Administrative Services is also responsible for the ad- lation, along with access to thousands of online ministration of the Justice Court and for facility eBooks and audiobooks. maintenance throughout the City of Provo. Parks and Recreation—The Parks and Recreation Attorney’s Office—The Attorney’s Office provides department oversees the maintenance of all parks the City with a broad range of legal services, including throughout Provo. The recreation center, the gun criminal prosecution, litigation, claims and risk man- range, Peaks Ice Arena, and the Covey Center are agement, and safety. The Attorney’s Office also initi- also managed by this department, as well as all youth ates and defends civil lawsuits on behalf of Provo and adult recreation programs. City, reviews contracts, participates in negotiations, Police—The Police Department provides response to and provides legal opinions. community-initiated calls for service and enforces all Community Development—Community Develop- laws. The department provides proactive policing and ment is responsible for regulating land development service to the community including animal control, that takes place within the City. Zoning, planning, community-based pollution, and crime prevention. and building work together to provide the City with an Public Works—The Public Works Department is re- aesthetically pleasing, clean, and safe environment. sponsible for maintaining streets in Provo, garbage Customer Service—The Customer Service Depart- collection, water resources and reclamation, storm ment provides residents with a way to report issues drain maintenance, airport administration, and fleet and acquire information from the City. The depart- management. ment also provides other services such as issuing Redevelopment—The Redevelopment Agency un- passports and accepting utility payments. dertakes programs and projects to revitalize Provo’s Economic Development—Economic Development is central business district and the surrounding central- responsible for encouraging economic growth in Pro- city neighborhoods. vo City by bringing new businesses to Provo and encouraging growth in existing businesses. Energy—The Energy Department provides reliable electricity with superior customer service at a compet- itive price to the residents and businesses in Provo. 5 Provo City Popular Annual Financial Report June 30, 2019

SIGNIFICANT EVENTS

Duncan Aviation became opera- tional as of January of 2019, performing maintenance on and overhauling business aircraft. They have been in Provo now for 8 years and employ 225 people.

ROSS Dress for Less recently opened at the East Bay Shopping Center, filling 21,000 feet of previous vacant space.

Two 80K square buildings are under construction at the Mountain Vista Business Center thanks to a re- cent purchase of a 10-acre parcel by a local commercial broker/ developer .

The Shops at Riverwoods and Days Market both completed significant remodels of exteriors fa- cades and interior upgrades.

Wasatch Education acquired 21 acres of Provo’s East Bay Golf Course to build a proposed medical school. The golf course reconstruction is well under- way and expected to be playable in the spring or summer of 2020. 6 Provo City Popular Annual Financial Report June 30, 2019

TOP RANKINGS

#1 METRO IN THE US FOR CHARITABLE GIVING (SmartAsset, December 2019) https://smartasset.com/financial-advisor/places-where- americans-give-the-most-to-charity-2019

#1 BEST PERFORMING CITY (Milken Institute; January 2019) http://www.best-cities.org/2018-best-performing-cities- large-cities-rankings.html

#2 BEST-RUN CITY (July 2019; WalletHub) https://wallethub.com/edu/best-run-cities/22869/

#2 CITY IN THE NATION FOR MUSICIANS (October 2019; CubeSmart) https://www.cubesmart.com/blog/post/top-us-cities-for- musicians/

#7 TOP CITY IN THE US FOR AMERICORPS MEMBERS (NationalService.org, August 2019) https://www.nationalservice.gov/programs/americorps/ ameristates-and-americities

#10 MOST EDUCATED CITY IN AMERICA (WalletHub, July 2019) https://wallethub.com/edu/e/most-and-least-educated- cities/6656/

7 Provo City Popular Annual Financial Report June 30, 2019

STATEMENT OF NET POSITION

The City’s governmental activities’ increased $2.0 million in total net position, which represents a 0.58% increase from the prior year’s net position. The City’s business-type activities’ increased $16.9 million in total net position, which represents a 6% increase from the prior year’s net position.

The City, as a whole, increased total net position by $18.9 million, which is a 3.01% increase from the prior year.

The full Statement of Net Position can be located in our CAFR, located at https://www.provo.org/ departments/finance/financial-reports.

STATEMENT OF NET POSITION

Governmental Activities Business-Type Activities Total

2019 2018 2019 2018 2019 2018 Current assets $ 176,586,310 $ 96,438,104 $ 64,179,233 $ 73,386,718 $ 240,765,543 $ 169,824,822 Capital assets, net 344,441,412 347,665,503 289,801,233 269,246,695 634,242,645 616,912,198 Other non-current assets 21,609,833 22,765,466 9,981,568 9,522,859 31,591,401 32,288,325 Total Assets 542,637,555 466,869,073 363,962,034 352,156,272 906,599,589 819,025,345

Deferred Outflows of Resources 15,520,768 15,523,966 2,705,891 2,673,038 18,226,659 18,197,004

Current liabilities 28,168,432 23,805,787 15,974,879 18,368,956 44,143,311 42,174,743 Non-current liabilities 163,569,740 89,081,144 51,069,599 51,697,726 214,639,339 140,778,870 Total Liabilities 191,738,172 112,886,931 67,044,478 70,066,682 258,782,650 182,953,613

Deferred Inflows of Resources 18,393,275 23,473,456 432,322 2,500,347 18,825,597 25,973,803

Net Position Net investment in capital assets 281,008,409 282,888,781 245,278,480 225,102,007 526,286,889 507,990,788 Restricted 10,949,005 8,044,231 2,001,561 1,173,400 12,950,566 9,217,631 Unrestricted 56,069,462 55,099,640 51,911,084 55,986,874 107,980,546 111,086,514 Total net position $ 348,026,876 $ 346,032,652 $ 299,191,125 $ 282,262,281 $ 647,218,001 $ 628,294,933

Unrestricted net position represents the available funds the City has at a point in time to pay for emergencies, shortfalls, or other unexpected needs in both the Governmental and Business-Type Activities. Unrestricted net position allows management to track the City’s financial position over time. The City’s unrestricted net position increased during fiscal year 2019.

8 Provo City Popular Annual Financial Report June 30, 2019

STATEMENT OF ACTIVITIES

FUNCTIONS OF GOVERNMENTAL ACTIVITIES GOVERNMENTAL ACTIVITIES Revenues and Expenses • General Govern- • Housing Consorti- 140,000,000 ment um • Arts Council • Library 120,000,000 • Community Devel- • Parks & Recreation 100,000,000 opment • Police 80,000,000 • Economic Develop- • Redevelopment ment • Streets 60,000,000 • Engineering • Trust & Agency 40,000,000 • Fire 20,000,000 - 2015 2016 2017 2018 2019

Revenues & Net Transfers In Expenses

FUNCTIONS OF BUSINESS-TYPE ACTIVITIES BUSINESS-TYPE ACTIVITIES Revenues and Expenses • Airport 140,000,000 • Energy 120,000,000 • Golf • Ice Sheet 100,000,000 • Utility Transportation 80,000,000 • Sanitation • Storm Drain 60,000,000 • Water 40,000,000 • Wastewater 20,000,000 - 2015 2016 2017 2018 2019

Revenues Expenses & Net Transfers Out

As shown in the graphs above, both the Governmental and Business-type activities show trends of increas- ing revenues. Expenditures have been consistently lower than revenues for both Governmental and Busi- ness-type activities.

The graph for governmental activities includes net transfers-in with revenues since 10% of certain business- type revenues (i.e., energy, storm drain, water, and wastewater revenues) are transferred to the general fund to support governmental activities. In addition, 1% of these same revenues is transferred out for road maintenance. Consequently, because of the transfers, the graph for business-type activities includes net transfers out with expenses.

The increase in governmental activities expenditures in 2019 was a result of spending more on general government, public safety, and interest on long-term debt. The increase in long-term debt interest is due to the

The full, disclosed Statement of Activities can be located in our CAFR located at https://www.provo.org/departments/finance/financial-reports . 9 Provo City Popular Annual Financial Report June 30, 2019

GENERAL FUND REVENUES The General Fund is the general operating fund of the City. By law, the City may only have one general fund. Below is a five-year comparison of the General Fund total revenues and transfers in. GENERAL FUND: TOTAL REVENUES & TRANSFERS IN 20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 -

2015 2016 2017 2018 2019

As shown above, sales tax continues to increase—a good indicator that Provo’s economy continues to grow.

REVENUES IN FISCAL YEAR 2019 The largest source of revenue for the General Fund was sales tax 4% (28%), followed by transfers from 17% 7% other funds (17%) and charges Sales Tax for services (15%). Franchise Fees Charges for services includes Property Tax fees charged by various City de- Other Taxes 13% 15% partments, such as Parks & Rec- Transfers From Other Funds reation fees. Charges for Services State Road Allocation Intergovernmental revenue Intergovernmental comes from grants obtained 6% Fines & Forfeitures through the County, State, or Licenses & Permits federal government. 3% Other 28% 3% 2% 2% 10 Provo City Popular Annual Financial Report June 30, 2019

GENERAL FUND EXPENSES Below is a five-year comparison of general fund expenditures and transfers out. Expenses decreased or stayed relatively constant in each category, with the exception of Fire, Community & Economic Development, and Transfers to Other Funds. GENERAL FUND: TOTAL EXPENSES & TRANSFERS OUT

20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 -

2015 2016 2017 2018 2019

EXPENSES IN FISCAL YEAR 2019 The general fund’s largest expenses 17% Police continued to come from the Police De- General Government partment (29%), followed by the Gen- eral Government category (18%), which Parks & Recreation 18% 17% is comprised of the Mayor’s Office, City Fire Council, Finance, Human Resources,

Streets & Engineering Justice Court, and Legal functions 6% (17.4%). Parks & Recreation and Fire Community & Economic both accounted for 17% of expenses. 5% Development Capital Outlay 29% 4% In most cases, personnel costs made 4% Transfers to Other Funds up the largest portion of expenses.

# of EMPLOYEES WORKING UNDER THE GENERAL FUND Employees = Full-time Equivalents (FTE’s)

Police……………………….153 General Government……..145 Parks & Rec………………..241 Fire…………………………...83 Streets & Engineering……..34 11 Provo City Popular Annual Financial Report June 30, 2019

GENERAL FUND: FUND BALANCE

GENERAL FUND FUND BALANCE is the differ- FUND BALANCE: ASSIGNED & UNASSIGNED ence between the General 18,000,000 Fund’s assets and liabilities. It is the net worth of the City. 16,000,000 14,000,000 Assigned fund balance shows how much money has been set 12,000,000 aside for specific purposes. 10,000,000 Unassigned fund balance is an 8,000,000 indication of the amount of avail- 6,000,000 able resources the City has at a 4,000,000 point in time to fund emergencies, shortfalls, or other unex- 2,000,000 pected needs. - 2015 2016 2017 2018 2019 Unassigned Fund Balance Assigned Fund Balance The ratio depicted in the bottom left graph is determined by divid- ing the amount of assigned & RATIO of ASSIGNED & UNASSIGNED FUND unassigned fund balance by the BALANCE to REVENUES & TRANSFERS general fund revenue and subsi- 25% dy transfers.

The Municipal Council has es- 20% tablished a goal to have assigned & unassigned general 15% fund balance between 20%-25%.

10% In fiscal year 2019, assigned & unassigned fund balance in- 5% creased by $668,776 or 4.13%, which was caused by revenues exceeding the budget due to a 0% 2015 2016 2017 2018 2019 strong local and national economy, as well as by funds that Unassigned % of Budgeted Revenues Assigned % of Budgeted Revenues were budgeted and not spent.

12 Provo City Popular Annual Financial Report June 30, 2019

LIBRARY FUND

The Provo Library was founded over 100 years ago with the goal of being a community center for information, instruction, leisure, and cultural opportunities. In the past year, the Library checked out over 1.6 million items, which includes newer formats such as downloadable e-books and audiobooks. During fiscal year 2019, 86,000 people attended over 1,500 programs held for children, teens, and adults. The Library Fund is the largest single special revenue fund within Provo City. The Provo City Li- brary is funded primarily by property tax dollars.

Library Revenue Library Fund Revenues & Expenditures Interest $5,000,000 Fees/Charges 2% Miscellaneous 8% 1% $4,500,000 $4,000,000

$3,500,000

$3,000,000

$2,500,000

Property Tax $2,000,000 89% $1,500,000

$1,000,000

$500,000

$0 FY2015 FY2016 FY2017 FY2018 FY2019 Revenue Expenditures 13 Provo City Popular Annual Financial Report June 30, 2019

PROPERTY TAX SUMMARY

The City of Provo receives a portion of the property taxes collected on all real property located within the City. These tax dollars support public safety services such as those provided by police and fire departments, as well as many other critical government functions.

0.89% 5.07% 3.66% Property Tax Burden for $200,000 Market Value Property

6.98% State Charter Schools $ 10.67 Central Utah Water $ 44.00 Provo Library Fund $ 60.94 7.70% Provo General Fund $ 83.93 Utah County $ 92.62 11.37% 64.33% Provo Debt Service Fund $ 136.73 School District $ 773.52 Total Tax Burden for $200,000 Home $ 1,202.41

Between its three funds, Provo City re- The majority of the property taxes paid by Provo City ceived 23.42% of the overall property tax residents are allocated to the Provo School District, burden. which is a separate entity from Provo City.

PROVO CITY’S TOP TEN PROPERTY TAX PAYERS Amounts expressed in thousands

2019 Assessed % Total of Tax Payer Type of Business Valuations Valuation SIR Properties Trust (formerly Novell) Technology $ 111,004 2.56% Nu Skin International Inc Retail 101,014 2.33% B+ F Timpanogas Tech Center LLC Technology 79,570 1.84% IHC Hospitals Inc Health Care 53,128 1.23% Brixton Provo Mall LLC Retail 52,306 1.21% Central Utah Investment Company LLC Investments 47,175 1.09% Union Pacific Railroad Company Transportation 35,506 0.82% Questar Gas Utilities 34,225 0.79% Timp Campus LLC Housing 31,551 0.73% Tigriswoods LLC Retail * 28,058 0.65% Subtotal 573,537 13.25% All Others 3,762,290 86.75% $ 4,335,827 100.00%

Assessed value is the portion of property value that is taxed. Amounts listed are for the collections year ending December 31, 2018. Source: Utah County Auditor 14 Provo City Popular Annual Financial Report June 30, 2019

ENTERPRISE FUNDS

Enterprise funds are ENTERPRISE FUNDS: REVENUES used to account for City 5-Year Comparison operations that are financed and operated in a $90,000,000 manner similar to private $80,000,000 $70,000,000 business. Revenues and $60,000,000 expenses related to utili- $50,000,000 ties including Provo Power $40,000,000 (Energy), water, $30,000,000 wastewater, and sanitation $20,000,000 (garbage, recycling, and $10,000,000 green waste) are account- $- ed for in enterprise funds. Energy Water Wastewater Airport *Total Nonmajor *Readers interested in Proprietary more details should read Funds the Comprehensive Annu- al Financial Report FY2015 FY2016 FY2017 FY2018 FY2019 (CAFR) available at https://www.provo.org/ departments/finance/ ENTERPRISE FUNDS: EXPENSES financial-reports. 5-Year Comparison $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $- Energy Water Wastewater Airport *Total Nonmajor Proprietary Funds FY2015 FY2016 FY2017 FY2018 FY2019

# of EMPLOYEES WORKING UNDER ENTERPRISE FUNDS Employees = Full-time Equivalents (FTE’s)

Energy………...69 Water…………….36 Wastewater…….30 Airport………...4 Sanitation…….35 Storm Drain…….13 Golf……………..13 Ice Sheet…….15

15 Provo City Popular Annual Financial Report June 30, 2019

DEBT SUMMARY (CITYWIDE)

Provo City has employed a variety of financing techniques for capital improvements, as described below:

General Obligation Bonds: These bonds allow municipalities to borrow money to fund capital improvements and infrastructure. Repayment of General Obligation Bonds is guaranteed by the “full faith and cred- it” of the City.

Revenue Bonds: Revenue bonds are secured by the issuer pledging specific revenues either from the projects being financed and/or other dedicated revenue sources such as franchise fees of utility service revenue.

Capital Leases: The City uses capital leases to purchase vehicles and equipment.

At the end of fiscal year 2019, the City had $179.6$186.3 million in in long long-term-term debt debt outstanding outstanding which which represents represents a 48.73%a 54.24% increase increase from from the the prior prior year year due due to toa anew new general general obligation obligation bond bond to rebuild to rebuild a fire a station,fire station, the pub-the licpublic safety safety building, building/city and City facilities, Hall, in additionin addition to tonew new capital capital leases leases for firefor firetrucks trucks and and equipment. equipment.

Balance at Net Debt Added Net Debt Repaid Balance at Debt Activity (in $000s) 6/30/2018 (Issued) (Retired) 6/30/2019 Compensated Absences 8,849 2,703 (2,655) 8,897 Capital Leases 5,798 2,490 (1,014) 7,274 Notes Payable - 1,450 (300) 1,150 General Obligation Bonds: 35,411 70,850 (2,300) 103,961 General Revenue Bonds 23,568 - (3,412) 20,156 Energy Revenue Bonds 17,964 - (795) 17,169 Water Revenue Bonds 10,756 - (467) 10,289 Wastewater Revenue Bonds 8,971 - (391) 8,580 Stormwater Revenue Bonds 3,959 - (616) 3,343 Airport Sales Tax Revenue Bonds 5,507 - (34) 5,473 Total: $ 120,783 $ 77,493 $ (11,984) $ 186,292

In November 2018, Provo voters approved a $69 million bond to construct a new fire station and public safety building/city facilities. The City began paying on the bond in Janu- ary 2019. More information regarding the City’s debt can be found in the Long-Term Debt note in the CAFR located at https://www.provo.org/departments/finance/financial-reports .

Historical Debt (in $000s) 2019 2018 2017 2016 2015 General Obligation Bonds $ 103,961 $ 35,411 $ 34,867 $ 36,555 $ 38,213 General Revenue Bonds 20,156 23,568 25,702 27,738 29,765 Utility Revenue Bonds 39,381 41,648 43,857 46,013 48,302 Sales Tax Revenue Bonds 5,473 5,507 - - - Capital Leases 7,274 5,797 6,793 5,500 462 Notes Payable 1,150 - - - 43 Compensated Absences 8,897 8,850 8,414 7,828 7,558 Total: $ 186,292 $ 120,781 $ 119,633 $ 123,634 $ 124,343 16 Provo City Popular Annual Financial Report June 30, 2019