Popular Annual Financial Report
RIVERTON CITY FINANCES TABLE OF CONTENTS Riverton City Finances...................... 1 Mayor’s Message & City Council ...... 2 Organizational Chart......................... 3 City History........................................ 4 FINANCIALS Net Position, General Fund, Revenues.......................................... 5 Expenditures .................................... 6 Capital Assets, Outstanding Debt ..... 7 Sales Tax Revenue ........................... 8 About Riverton .................................. 9
All of Riverton City’s financal reports can be found online at rivertonutah.gov/finance/reports.php
@rivertonutahgov
Riverton City Hall 12830 S Redwood Road Riverton, Utah 84065 rivertonutah.gov 1
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iverton City’s Administrative Services Department has prepared and is proud to present its fifteenth edition of the Popular Annual Financial Report (PAFR). The PAFR is an easy-to-understand summary of the City’s financial activities. The data from this report is taken directly from selected funds in the City’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025. The ACFR is written in accordance with Generally Accepted Accounting Principles (GAAP). The City’s detailed financial information including, audited financial statements, is available in the Annual Comprehensive Financial Report (ACFR). The Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to Riverton City for its PAFR for the fiscal year ended June 30, 2024. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a PAFR in which the contents conform to program standards of creativity, presentation, understandability, and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. Riverton City has received this award for the last fourteen consecutive years (fiscal years ending 2011-2024).
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MAYOR’S MESSAGE Riverton entered Fiscal Year 2025 with a clear goal: strengthen the foundations that make our community resilient while continuing to create opportunities for families and businesses to thrive. As this year’s Popular Annual Financial Report shows that commitment is producing measurable results. One of the strongest indicators of Riverton’s momentum is our sales tax revenue. This past fiscal year, revenue grew by 4.5%, a sign that our residents and visitors are choosing to invest in the local economy. That growth reinforces our ability to keep utility fees low and maintain a stable financial position without placing an added burden on households. Trent Staggs
Prudent fiscal management has also remained a priority. Riverton closed the fiscal year with per capita bonded debt at just $673, an exceptionally low figure for a city of our size and continued to hold a AAA bond rating. These markers reflect years of disciplined budgeting and a long-term strategy that protects the City’s financial health.
Mayor
We also completed key projects that will serve Riverton well into the future. Among them is the Green Well, a significant investment in our water system that improves reliability and supports sustainable growth. Its completion demonstrates the City’s commitment to building infrastructure that anticipates tomorrow’s needs, not just today’s. None of these accomplishments happened in isolation. They are the result of a partnership, between elected leaders who plan responsibly, employees who carry out that vision with expertise, and residents who continually invest in their community. Riverton’s progress belongs to all of us. Thank you for your support and engagement this fiscal year. Together, we are ensuring Riverton remains a strong, welcoming, and thriving city for generations to come. Respectfully,
Mayor Trent Staggs
RIVERTON CITY COUNCIL
Andy Pierucci
Troy McDougal
Tawnee McCay
Tish Buroker
Spencer Haymond
District 1
District 2
District 3
District 4
District 5
apierucci@rivertonutah.gov
tmcdougal@rivertonutah.gov
tmccay@rivertonutah.gov
tburoker@rivertonutah.gov
shaymond@rivertonutah.gov
Riverton City’s government consists of a six-member council which makes up the governing body: a mayor and five council members. R I V E R T O N
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MISSION STATEMENT Riverton City provides essential services that enhance the quality of life and sense of community for all citizens. We foster an atmosphere of service and collaboration, generating positive citizen involvement and innovative solutions. We strive to be responsible stewards of public funds and property and act with integrity as we meet the needs of the community.
RIVERTON CITY ORGANIZATIONAL CHART
DEPARTMENT HEADS City Manager............................................ Kevin Hicks
| citymanager@rivertonutah.gov
| 801-208-3122
Administrative Services Director.................Nick Geer
| finance@rivertonutah.gov
| 801-208-3125
Chief of Police........................................Shane Taylor
| administration@rivertonutahpd.gov | 385-281-2455
City Attorney............................................ Ryan Carter
| attorney@rivertonutah.gov
Communications Director............................. Josh Lee
| communications@rivertonutah.gov | 801-208-3189
Development Services Director....... Jason Lethbridge
| planning@rivertonutah.gov
| 801-208-3141
Events & Operations Director....................Sheril Garn
| recreation@rivertonutah.gov
| 801-208-3101
Public Works Director............................ Cary Necaise
| publicworks@rivertonutah.gov
| 801-208-3162
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| 801-208-3171
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RIVERTON CITY HISTORY
Page-Hansen general merchandise store was established. It was considered the largest store in the valley outside of downtown Salt Lake City.
1908
The Church of Jesus Christ of LatterDay Saints’ “Old Dome Church” was constructed.
1909
Tithing yard bridge was built over the Jordan River.
1938
Peterson’s Marketplace grocery store opened.
1947
Riverton became a town.
1967
Riverton Town became a third-class city and George Usher was named the city’s first mayor.
2015
The new Old Dome Meeting Hall fashioned after the original church opened to the public.
2019
The Riverton Police Department created.
2022
Mountain View Village Phase 2 completed and open for business.
2025
City Hall revovations complete which included Community Center remodel, outdoor Plaza, and City Hall Park.
The Page-Hansen General Store in 1891 was considered the largest store in the valley outside of downtown Salt Lake City.
The new Old Dome Meeting Hall fashioned after the original church opened to the public.
City Hall revovations complete which included Community Center remodel, outdoor Plaza and City Park.
POPULATION
1880 R I V E R T O N
C I T Y
1950
1980
46,163
1891
25,011
The first public building used as a school, church, and social hall was built on 13115 S 1300 W.
7,032
1879
1,666
The first settlement was established.
177
1866
2000
2025
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RIVERTON FINANCIALS NET POSITION During the past fiscal year, Riverton saw an increase in net position of $6.9 million for governmental activities and an increase of $3.6 million for business type activities. Net position is the difference between an entity’s assets and liabilities, also known as the equity of an entity. The increase in net position from 2024 is primarily due to increased expenditures in public safety and general governmental activities, as well as receiving less impact fees. Net position for the last five fiscal years
GENERAL FUND
When assessing the financial results of the City, it is important to focus on the City’s General Fund, which is its main operating fund. This fund is used to account for all revenues and expenditures of the City, except those required to be accounted for in other funds.
REVENUES The City’s General Fund revenues (excluding intergovernmental transfers and sale of capital assets) were $21.5 million in fiscal year 2025 compared to $21.2 million in fiscal year 2024. Intergovernmental transfers are financial resources moved between different governmental functions to help fund the projects and needs of the community. The largest sources of revenue for this fiscal year were sales tax and intergovernmental revenue. The main revenue sources within the intergovernmental category were the City’s share of fuel tax collected and distributed by the State of Utah. The doughnut chart to the right shows the breakdown of individual revenue categories. The subsequent bar graph shows a comparison of the four largest revenue sources over the past five fiscal years.
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* Rental Income, Fines and Forfeitures, Interest, Grants and Miscellaneous
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EXPENDITURES The City’s General Fund expenditures (excluding intergovernmental transfers and disposal of capital assets) were $26.2 million in fiscal year 2025 compared to $24 million in fiscal year 2024. The increase was attributed to small increases in costs across the various functions of the City.
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CAPITAL ASSETS The City’s government-wide investment in capital assets totaled $356.1 million net of depreciation and related debt at June 30, 2025. The doughnut chart below breaks down the types of capital assets included in this category.
OUTSTANDING DEBT As of June 30, 2025, the total bonds outstanding equaled $31.1 million. The City has two types of bonded debt: 1) Water Revenue Bonds, which were issued for the purpose of constructing the City’s Secondary Water System; and 2) Franchise and Sales Tax Revenue Bonds, which were issued for the construction of general governmental capital assets and roadway infrastructure.
The City maintains a AAA bond rating from Fitch Ratings for Franchise and Sales Tax Revenue Bonds, the highest possible rating assigned to an issuer’s bonds by credit rating agencies. High credit ratings allow the City to easily borrow money from investors and at lower interest rates.
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SALES TAX REVENUE Because of its prime location between major transportation systems, Riverton City continues to attract the attention of retailers and commercial businesses, resulting in a strong and growing sales tax base, sales tax revenue for the City is averaging at an annual rate of approximately 9.0% percent, which has been an ongoing indicator of the strength and stability of the City’s economy. Riverton City enjoyed a 4.5% increase in sales tax when compared to fiscal year 2024.
SALES TAX REVENUE
TOP EMPLOYERS EMPLOYER
EMPLOYEES
CATEGORY
REVENUE
Jordan School District The Church of Jesus Christ of Latter-Day Saints
1248 1200
Retail & Grocery
$5,322,702
41%
$3,023,868
23%
Riverton Hospital
823
Internet Sales Eating & Drinking
Walmart
446
Establishments
$1,225,845
10%
Stampin’ Up!
361
All Other Outlets
$1,072,239
8%
Costco Wholesale
259
Construction & Home Improvement
$973,783
8%
CareMedidian/NeuroRestorativ
225
Harmons
197
PeopleReady
181
Utility & Communication Auto Sales & Supplies Fuel & Service Stations
$567,389 $366,543 $326,012
4% 3% 3%
Riverton City
168
TOTAL
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$12,878,381
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ABOUT RIVERTON CITY
Riverton is a prime location to live, work and play in Utah’s Salt Lake Valley.
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amilies enjoy a safe and fulfilling quality of life in Riverton. The city boasts an exceptional school system, a culture of service, committed leadership, and abundant opportunities for community involvement and recreation. Events such as the annual Town Days celebration, family-oriented holiday celebrations and many others make Riverton a fulfilling hometown destination.
Riverton is an excellent location for recreational activities of all kinds. The city has 33 community parks and is home to the iconic Old Dome Meeting Hall at Riverton City Park. The city is also home to Riverbend Golf Course, the CR Hamilton Sports Complex, the South County Pool and provides excellent access to the Jordan River Parkway Trail. A variety of successful recreation programs are offered in the city, including adult sports and youth sports.
Quick Facts
46,163 Outstanding Citizens
9
1,900
14,050
3,790
Commercial and Simple Businesses
Number of Households
Persons Per Square Mile
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601k
$
Median Value of Owner-Occupied Housing Unit R I V E R T O N
119k
$
Median Household Income C I T Y
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Businesses enjoy a thriving economic environment. With a population of nearly 50,000, the city is part of one of the fastest growing regions in the United States. The combined population of Riverton and directly adjacent cities is well over 200,000. Businesses of all types have opportunity to flourish in Riverton and take advantage of new plans for continued growth in the coming years. With convenient access to I-15, Bangerter Highway, Mountain View Corridor and Redwood Road, businesses have easy access to customers and a skilled workforce.
In addition to an array of restaurants, retail shopping, and business services, Riverton is home to Primary Children’s Outpatient Center and the Intermountain Riverton Hospital, which has been named as one of the Top 100 Hospitals in the country by Truven Health Analytics. The City is also home to Mountain View Village, an exciting 94-acre mixed-use development, and the Riverton Office Building, world headquarters of the Information and Communication Services Department of The Church of Jesus Christ of Latter-day Saints.
94%
36.6%
3.4%
33
540+
4,400+
High School Graduation Rate
Bachelor’s Degree or Higher
Unemployment Rate, Utah 3.9%, U.S. 4.1%
Parks and Playgrounds
Acres of Public Green Space
Public Owned Trees
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