2011T12 ANNUAL BUDGET - Granite School District

Granite School District
2011-12 Budget
Executive Summary
Long-Term Debt
The district issued $80 million in bonds in May 2010 and has remaining authorization of $176 million. The
bond money will be used to rebuild Granger High School, Olympus High School, Oakwood Elementary,
Woodstock Elementary and the Hartvigsen School. In addition, the funding will be used for 2 new
elementary schools, 1 new junior high school and air conditioning for all schools in the district.
Construction has already begun on many of these projects. A schedule of the budgets for each of the
projects is included in the Bond Projects Fund section of this book.
The district is scheduled to issue another $110 million in July 2011. The remaining $66 million of bond
authorization is scheduled to be issued in May 2012.
The current legal debt capacity is $1,328,375,318. The general obligation bonded debt is limited by Utah
law to 4% of the fair market value of the total taxable property. Long-term borrowing will be confined to
capital facilities projects and purchases of equipment, as required by law.
Budget Forecasts
Three year budget forecasts for all governmental funds can be found in the informational section of the
adopted budget book. Funding for future years is dependent almost entirely upon annual appropriations by
the Utah State Legislature and is very difficult to predict one year into the future, let alone three years.
Difficult economic conditions in the state have resulted in funding reductions for the 2010, 2011 and 2012
budgets. The budget reductions for 2012 were not as severe as the reductions were in the two previous
years. The forecasts shown here include an optimistic assumption of modest funding increases for each of
the next three years. The district is required by law to adopt a balanced budget annually and will make
difficult decisions in the future to comply with the law and remain fiscally sound.
The chart below is a summary of governmental fund budget expenditure forecasts for fiscal years 2012
through 2015. The forecasted years are for informational purposes only based on trend data and are not
used for budget planning purposes.
20011-12
Budget
2012-13
Forecast
2013-14
Forecast
2014-15
Forecast
General Fund $414,951,742 $421,176,018 $427,493,658 $433,906,063
Non K-12 14,467,494 14,671,487 15,001,442 15,338,873
District Activity 12,852,077 13,173,379 13,502,713 13,840,281
Granite Ed. Foundation 1,309,296 1,335,482 1,362,192 1,389,436
Capital Outlay 65,862,325 20,675,115 21,186,986 21,711,616
Bond Projects 72,349,808 88,299,280 9,048,431 17,663,234
Debt Service 17,495,869 17,661,882 17,829,554 17,998,903
School Foods 27,603,706 28,053,052 28,703,484 29,369,376
Total $626,892,317 $605,045,695 $534,128,460 $551,217,782
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