The Budget Development Office constructs and monitors the district’s annual budget under the direction of the Superintendent and the Board of Education.
Granite School District Proposed Budget – 2023-24 (PDF)
Property taxes are levied to provide for the operating, capital, and debt service needs of the District and are crucial in helping to provide quality educational opportunities to students.
All District property tax revenues are properly budgeted and accounted for – see the link to the annual District budget for 2023-24 above. The proposed District budget is a responsible, balanced financial plan designed to provide students with a high quality education within the limits of the available resources. The accounts and the business practices of the district are subject to audits on an on-going basis. The district has established sound financial policies and practices to ensure that taxpayer funds are expended appropriately and in compliance with all laws and regulations.
The following chart shows the tax levies set by the District each year along with proposed rates for the 2023-24 year. Actual rates will be set after June 8 when the Salt Lake County Auditor’s office provides the District with a certified tax rate and will be finalized after a Truth in Taxation Hearing to be held in August 2023.
|Tax Levy||Authorization||Use of Funds||Proposed FY24 Rate||Max by Law|
|State Basic||53F-2-301||Maintenance & Operations||0.001636||Set by Legislature|
|Voted Local||53F-2-601||Maintenance & Operations||0.000803||0.001600|
|Board Local||53F-2-602||Maintenance & Operations||0.001745||0.002500|
|Capital Outlay||53F-8-401||Capital Outlay||0.001525||0.003000|
|Debt Service||51-5-4||Debt Service||0.000739||Sufficient|
The total proposed tax rate for 2023-24 is estimated to be 0.006448.
The rate for the State Basic School Levy is set each year by the State Legislature in the legislative session held between January and March. Granite School District has no control over this property tax rate and must levy the tax in order to receive Minimum Basic School Program funding from the State each year. All revenues received from the Basic School Levy result in less state funding to the District, as a the State contribution to the Basic School Program is reduced by funds received through this property tax.
The 2023 property tax bill on a home valued at $488,400 (the average home value in the District) is estimated at:
- State Basic School Levy: $439
- Granite School District (all other levies): $1,293
Maintenance & Operations
The property taxes levied for District maintenance and operations are mostly used to pay for salaries and benefits of District employees, including teachers, principals, paraprofessionals, custodians, and others who provide instructional and other support services in schools.
The proposed Board Local Levy rate for 2023-24 exceeds the certified tax rate and will require a Truth in Taxation Hearing to be held in August 2023. The date and time of this hearing has not yet been set. The increased property tax revenue in the 2023-24 budget will be used to fund cost of living and other adjustments for District employees. These adjustments have recently become increasingly necessary and will allow for the District to remain competitive in filling high-need positions. This is the first such proposed property tax increase for operations since fiscal year 2018-19. The budget has been prepared making every effort to ensure the lowest property tax rates that will generate the revenues required to finance District operations in 2023-24. The increase to an average valued home in the District will be approximately $61.
Capital Outlay & Debt Service
Revenues from the Capital Local Levy are tracked in the Capital Outlay Fund of the District, where they are used for acquiring and improving sites, constructing and remodeling facilities, and procuring equipment necessary for providing educational programs for all students within the District.
Revenues from the Debt Service Levy are used solely for the payment of general obligation bond principal and interest. The funds collected and payments made are tracked separately from all other District funds in the Debt Service Fund.
For many years, the District levied a tax rate for debt service. The funds raised from this levy were used for the payment of principal, interest and related costs on general obligation bonds. In June of 1996, the final payment was made on the outstanding bonds and the District was debt free until May 2010. The tax rate that previously had been used for debt service was moved into the Capital Outlay Fund beginning in fiscal year 1997. This move allowed the District to finance many capital projects on a pay as-you-go basis and avoid interest costs on long-term borrowings.
Economic conditions and low borrowing rates in 2009 and 2010 created a favorable climate to finance major building projects with general obligation debt. The District taxpayers went to the polls in November 2009 and approved a $256 million bond proposal. The District issued $80 million of general obligation bonds in May 2010 and established a debt service levy for fiscal year 2011 in order to make the bond payments. Creating the debt service levy did not increase property taxes in the District because the levy was moved back from the Capital Outlay Fund.
District voters approved another $238 million bond proposal in November 2017. The District has used the bond financing to rebuild Cyprus and Skyline high schools and to rebuild and renovate other school facilities. The Debt Service levy for the 2018-19 budget was increased in accordance with the language on the ballot proposal. When voters approved the 2017 bond election, the District promised to shift the Debt Service levy to Capital Outlay when bond payments began to decrease in order to move back towards a pay as-you-go model. In accordance with this plan, in both 2021-22 and 2022-23, the District shifted property tax revenues from the Debt Service Levy to Capital Outlay, significantly increasing revenues in the Capital Outlay Fund. Because the District’s bond payments are increasing in 2023-24, a similar shift will not occur this year.
- Accounting/Finance Knowledgebase – Budgeting Page
- Contains links to:
- Benefits Calculator
- Budget Transfer/Journal Entry request forms
- Planned Spending program
- Login using your normal District issued Active Directory login (the username/password used to login to your computer)
- Contains links to: