“What is the total value of Santaquin City’s Capital assets?” Mayor Olsen asked City Manager, Ben Reeves, at the Budget Planning Session on Feb 12th…
The answer: $770,000,000—At least, that’s what Utah County assessed as the property value for the property tax calculation.
But what does that mean? That’s the value of every house and plot of land in the city (but not churches, schools, or City buildings.)
But what about the City Administration? How much are all their assets worth?
In the latest audit of the City, they reported having about $53,600,000 in assets, but that’s with accelerated IRS depreciation on their books, so the real value, or resale value, is likely a bit higher than that.
So, what does that number mean? That’s the value of the pipes and pumps that carry the water and sewage through the city. The roads. The City buildings. The vehicles, ambulances, and fire trucks. The water rights. The water reclamation facility. The backhoes, snowplows, machines, and equipment.
In short, the citizens of Santaquin collectively own and control a corporation worth nearly $1 Billion. Isn’t that worth planning for?