A new report compares the money borrowing practices of Utah to those of the federal government. Utah has gone about it much better, the report says.
released Wednesday by the University of Utah Kem C. Gardner Policy Institute compares the bonding practices of the Beehive State to those of the federal government — finding a tale of two different philosophies when it comes to borrowing money over time.
In March 2022, federal debt totaled $30.2 trillion — this was made up of a public debt total of $23.8 trillion and an intragovernmental debt of $6.5 trillion , according to the report."That the nation has debt has not been much of an issue. It is the skyrocketing of the debt in the last few decades that is alarming to many," the report states.
Just like the federal government, Utah borrows money through the issuance of bonds for things the state government and voters deem important. The three most prominent bond rating agencies differ slightly in how they rate governments, with the highest rating being an AAA or Aaa and the lowest being D or C, according to the report.
"The state's excellent credit record, strong economy, low amortization terms and modest use of debt have earned the state high credit ratings. Utah is one of 14 states to have the highest credit rating from each of the three major bond rating agencies," according to the report. "The limit seems wise for two reasons," the report reads. "First, capping state debt keeps legislatures and the governor from assuming that borrowing is unlimited. Second, limiting state debt to a small fraction of the value of all taxable property allows this cap to adjust upward based on increases in property values."
The report gives an example in 1997, when the Utah Legislature voted to issue $600 million in general obligation bonds to reconstruct the I-15 freeway in Salt Lake County.
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