Granite School District
Budget Hearing
FY 2014-15
June 17, 2014
Granite’s 2014-15 Budget – All Funds
Total = $551.6 million
Capital Outlay - $22.4 M
General Fund
$463.1 Million
Bond Projects - $6.4 M
Debt Service - $16.9 M
School Lunch - $29.9 M
District Activity - $11.6M
GEF - $1.3 M
The General Fund – Revenue Sources
63% from the State of Utah
State Restricted
24.5%
State Unrestricted
38.8%
Special Ed
CTE
Trust Lands
Adult Ed
Property Taxes
25.8%
Part of the
WPU formula
K12 WPU
Federal – 8.7%
Local – 2.2%
State Funding – Changes in WPU Value
10%
9.30%
FY 12 - Funding
shifted from Flexible
Allocation – actually a
reduction in funding
9%
8%
7%
6.00%
6%
4.49%
5%
4.00%
4%
2.50%
3%
2%
1%
0%
2.00% 2.52%
1.49%
0.92%
0.75% 0.84%
03
04
0.00% 0.00%
05
06
07
08
09
10
11
12
13
WPU Value
WPU Value – Add-on Programs
14
$2,842
$2,607
15
$2,899
$2,659
URS Contribution Rates – Tier 1 Non-Contributory
25.00%
20.00%
15.00%
15.72%
15.72%
15.72%
08
09
10
17.82%
18.36%
11
12
20.26%
21.96%
23.69%
10.00%
5.00%
0.00%
13
14
15
The General Fund – Budgeted Expenditures
Most of the budget is used
to pay employees
Salaries & Benefits
89.2%
Supplies – 3.3%
Utilities – 3.5%
Other – 4.0%
GSD Budget Estimates – FY 15
Estimated Revenue Changes (Unrestricted):
Description
Increase in state unrestricted funding
Amount
$5,284,069
Employee turnover savings
874,654
Reduce worker’s compensation rate (0.7% to 0.5%)
418,971
Special Purpose Optional repeal
Total new revenue
-125,472
$6,452,222
GSD Budget Estimates – FY 15
Required Spending Increases:
Description
URS contribution rate (21.96% to 23.69%)
Amount
-$2,838,716
Utilities
-650,000
SB93 Internal Audit
-100,000
Charter school levy offset ($1.5 million to $1.79 million)
-289,061
Total required spending increases
-$3,877,777
Every contract employee will receive a 1.73% increase in compensation,
unfortunately, it will be sent to the URS.
GSD Budget Estimates – FY 15
Negotiation Considerations:
Description
Step increases ($4.2 million total)
Amount
-$3,313,627
GSD Budget Estimates – FY 15
Summary:
Description
Amount
Total new revenue
$6,452,222
Required spending increases
-3,877,777
Step increases
-3,313,627
Budget balance
-$739,182
GSD Budget Estimates – FY 15
Summary:
Description
Amount
Total new revenue
$6,452,222
Required spending increases
-3,877,777
Step increases
-3,313,627
Budget balance
-$739,182
Negotiated investment in teacher professional
development
-2,980,712
GSD Proposed Tax Rate Adjustment - FY 15
Tax on $222,158
Description
Amount
Rate
Home
Business
Charter school local replacement
$739,182 0.000037
$4.52
$8.22
Negotiated investment in teacher
professional development
$2,980,712 0.000145
17.72
32.21
Total
(2.7% increase in tax revenue)
$3,719,894 0.000182
$22.24
$40.43
School District Property Taxes
School Year 2013-14
Tax on $222,158 Value
District
Tax Rate
Home
Business
Nebo
0.009526
$1,164
$2,116
Davis
0.008710
1,064
1,935
Alpine
0.008699
1,063
1,933
Jordan
0.007132
871
1,584
State Average
0.007097
867
1,577
Canyons
0.007016
857
1,559
Granite
0.006994
855
1,554
Salt Lake
0.006651
813
1,478
Action Required Tonight
• Revise the 2014 budget as presented
• Adopt the tentative 2015 budget
• Set the tentative tax rate to be 0.006898
• Set a time/date for a tax hearing
Public Comment
Board Discussion
Board Recommendation
• Approve the revised 2013-14 budget as detailed in the budget
book
• Adopt the tentative 2014-15 budget and set the tax rate equal
to 0.006898 subject to the following:
– The Basic Levy will be adjusted to the rate to be established
by the Tax Commission
– The Capital Local Levy will be adjusted for Tax Commission
calculations on Salt Lake County equalization
– Other levies will be adjusted for changes in the calculation
of the certified tax rate that may come from the Tax
Commission or the Salt Lake County Auditor’s office
• Set the date/time for a tax hearing – Thursday August 7, 2014
at 6:00 PM