Santaquin is on pretty good financial footing.
The City has more than $2.5 Million saved for a rainy day. It does have debt, but its limited by the State Constitution to 8% of the value of taxable property.
That being said, the City only has about $26.5 Million in debt which is only 43% of the allowed $61.6 Million that it could take on.
What about expenses? Is the City spending more than it collects in taxes and fees? First, in the last 10 years, the City’s savings have gone up from nearly 5% to 33%, nearly to the State’s mandated cap of 35%.
Second, the City has been collecting more than their day to day expenses, and has been investing the remainder in projects.