2011T12 ANNUAL BUDGET - Granite School District

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Granite School District Property Tax Rates (Per $1 of Taxable Value) Final Actual Actual Actual Budget Budget Authorization 2007-08 2008-09 2009-10 2010-11 2011-12 Maintenance & Operation: Basic State Supported Program 53A-17a-135 0.001311 0.001250 0.001433 0.001495 0.001628 Voted Leeway Program 53A-17a-133 0.001600 0.001600 0.001600 0.001600 0.001600 (Approved 2-04-03 for .001600) School Board Leeway Program 53A-17a-134 0.000307 0.000290 0.000333 0.000336 0.000400 Board Leeway Reading Achievement 53A-17a-151 0.000121 0.000121 0.000139 0.000141 0.000121 Tort Liability Levy 63-30-27 0.000022 0.000021 0.000027 0.000029 0.000030 Special Transportation Levy 53A-17a-127 0.000022 0.000021 0.000027 0.000150 0.000187 10% Additional Basic Program 53A-17a-145 - - 0.000249 0.000427 0.000968 Judgement Levy 53A-16-111 - 0.000082 - - - Total Maintenance & Operation 0.003383 0.003385 0.003808 0.004178 0.004934 Capital Outlay: Capital Outlay (0.000600 Equalization) 53A-16-107 - - 0.000600 0.000600 0.000600 Capital Outlay 53A-16-107 0.001150 0.001071 0.000667 0.000226 0.000304 10% Additional Basic Program 53A-17a-145 0.000761 0.000740 0.000759 0.000483 - Total Capital Outlay 0.001911 0.001811 0.002026 0.001309 0.000904 Other: Debt Service 11-14-310 - - - 0.000761 0.000761 Community Recreation Levy 11-2-7 0.000117 0.000120 0.000213 0.000186 0.000305 Total Other 0.000117 0.000120 0.000213 0.000947 0.001066 Total Property Tax Levy 0.005411 0.005316 0.006047 0.006434 0.006904 148
Granite School District Impact of Budget on Taxpayers Final Actual Actual Actual Budget Budget 2007-08 2008-09 2009-10 2010-11 2011-12 Given Appraised Value of a Home $250,000 $250,000 $250,000 $250,000 $250,000 Primary Residential Exemption 45% 45% 45% 45% 45% Taxable Value $137,500 $137,500 $137,500 $137,500 $137,500 Total Property Tax Rate Assessed 0.005411 0.005316 0.006047 0.006434 0.006904 Property Tax Due $744.01 $730.95 $831.46 $884.68 $949.30 Property Tax Increase (Decrease) from Prior Year Based on a $2500,000 Home ($182.74) ($13.06) $100.51 $53.22 $64.62 (FY 10 -12 rate increases are caused by a drop in values - this calculation assumes a fixed value of $250,000) Property Tax Due on $250,000 of Home Value Dollars 1,000 900 800 700 600 500 400 300 200 100 - 2007-08 2008-09 2009-10 2010-11 2011-12 Fiscal Year The calculations shown here are for a constant $250,000 in home value. In reality, most homeowners have seen a drop in their taxable value. If a home's value goes down by a percentage that is greater than the district-wide average, Granite's tax bill for the home will probably go down. If, however, the home's decline in value is less than average, the tax bill will increase. The Salt Lake County Assessor's office reappraises homes in the County on an on-going basis. As taxable values increase County-wide, the District is required to reduce tax rates to offset the effect. The net result is that the District's property tax revenue should not increase because of reappraisal. Property values for the 2010 budget declined by approximately 13% and values for 2011 and 2012 dropped by approximately 1%. A drop in value results in an increase in the certified tax rate. The certified tax rate, as defined in state law, provides the same tax revenues from one year to the next. The budget includes a tax rate that exceeds the certified rate by 0.000252. The tax rate proposed for fiscal year 2010-12 is still an estimate. The State Tax Commission still needs to certify the basic rate and other adjustments may be necessary as the Tax Commision and the county finalize calculations. 149
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Annual Budget For the Fiscal Year E
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Granite School District Annual Budg
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Introductory Section
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Granite School District 2011-12 Bud
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Jordan School District Canyons Scho
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Financial Section
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Granite School District Budgeted Co
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All Governmental Funds Combined Bud
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The General Fund Revenue Sources St
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Granite School District The General
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The General Fund Budgeted Expenditu
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Granite School District Accrued Obl
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Non K-12 Programs Fund Revenue Sour
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Granite School District Non K-12 Pr
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Success Charter School The Success
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District Activity Fund District act
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Granite Education Foundation The Gr
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Capital Outlay Fund The purpose of
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Granite School District Capital Out
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Page 115 and 116: Granite School District Capital Out
Page 121 and 122: Bond Projects Fund The Bond Project
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Page 125 and 126: Project Budgets Rebuild Hartvigsen
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Page 131 and 132: School Lunch Fund The purpose of th
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Page 137 and 138: Printing Services Fund The Printing
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Page 148 and 149: Granite School District The General
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Page 164 and 165: Granite School District Comparative
Page 168 and 169: School supply and textbook budgets
Page 170 and 171: GRANITE SCHOOL DISTRICT Criterion R
Page 188 and 189: Granite School District Testing - A
Page 190 and 191: Granite School District Legal Debt
Page 192 and 193: Granite Salt Lake Salt Lake Salt La
Page 194 and 195: Granite School District History of
Page 196 and 197: Granite School District Glossary of
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2011T12 ANNUAL BUDGET - Granite School District

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