Tax Hearing FY August 4, 2015

Truth-in-Taxation Process

 June 1  Proposed FY budget made available  June 16 – Budget Hearing  Tentative FY budget approved  Tentative tax rate set (exceeds certified rate by )  Newspaper advertisements (1/4 page tax increase ad)  SL County consolidated  Granite School District (July 28, 2015) Truth-in-Taxation Process

 Salt Lake County  Mailed property tax notices   August 4, 2015 – tax hearing Truth-in-Taxation Process

Granite Budget and Tax Rates

GSD Budget Estimates – FY 16 DescriptionAmount WPU increase – 4%$8,167,806 Voted/Board levy guarantee (SB 97)4,708,182 All other unrestricted state line-items343,558 Employee turnover savings965,517 Property tax growth783,740 Total preliminary new revenue$14,968,803 Estimated Revenue Changes (Unrestricted):

GSD Budget Estimates – FY 16 DescriptionAmount URS contribution rate (no change in rate)$0 CTE Maintenance of Effort (2,780 ADM x $111 WPU increase)-308,580 Charter school levy offset ($1.79 million to $2.65 million)-859,119 Total required spending increases-$1,167,699 Required Spending Increases:

GSD Proposed Tax Rate Adjustment - FY 16 DescriptionAmountRateHomeBusiness Charter school local replacement (0.5% increase in tax revenues) $859, $5.17$9.41 Tax on $235,200

GSD Budget Estimates – FY 16 DescriptionAmount Step increases ($4.3 million total)-$3,441,173 Health insurance ($2.1 million total)-1,638,559 COLA - 4%-8,990,664 Total negotiation/contractual considerations-$14,070,396 Negotiation/Contractual Considerations:

GSD Budget Estimates – FY 16 DescriptionAmount Estimated revenue changes$14,968,803 Required spending increases-1,167,699 Proposed tax rate increase (charter school funding)859,119 Negotiation/contractual considerations-14,070,396 Program “enhancements”-589,827 Balance$0 Summary:

GSD Proposed Tax Rate Adjustment - FY 16 DescriptionAmountRateHomeBusiness Legislature: SB 97$7,526, $44.24$80.44 Granite School District Budget: Charter school local replacement$865, $5.17$9.41 Debt Service-$2,984, Capital Outlay$2,984, Tax on $235,200

GSD Proposed Tax Rate Adjustment - FY 16 DescriptionAmountRateHomeBusiness Legislature: SB 97$7,526, $44.24$80.44 Granite School District Budget: Charter school local replacement$865, $5.17$9.41 Debt Service-$2,984, Capital Outlay$2,984, Tax on $235,200

School District Property Taxes Tax on $235,200 Value DistrictTax RateHomeBusiness Nebo $1,206$2,193 Davis ,1072,012 Alpine ,0581,923 State Average ,692 Canyons ,646 Granite ,641 Jordan ,616 Salt Lake ,528 School Year

Property Tax Notices

 Mailed by S.L. County Auditor’s Office  S.L. County Assessor’s Office  Sets market value  Granite Board of Education  Establishes budget and tax rate for the school district  Other taxing entities  County, city, library, mosquito abatement, special improvement, etc. Your Property Tax Notice

GSD Totals$903.44$833.69$880.40$23.04 SB Cert rate/value changes20.30 Debt service reduction Certified rate$ Charter schools5.18 Capital Outlay – GSD total$903.44

GSD Totals$903.44$833.69$880.40$23.04 SB Cert rate/value changes20.30 Debt service reduction Certified rate$ Charter schools5.18 Capital Outlay – GSD total$903.44

 If the market value shown on the property valuation notice is higher than what you think your property is worth, you should appeal to the Board of Equalization  Appeal form and instructions available at:  slco.org/propertytax/ slco.org/propertytax/  Deadline for appeal is September 15, 2015 Salt Lake County Board of Equalization

 Apply through the SL County Treasurer  slco.org/propertytax/ slco.org/propertytax/  Low income homeowners age 65 or above  Indigent tax abatement for homeowners of any age who are unable to pay due to hardship or disability  Disabled veterans  Blind exemption  Deadline for application is September 1, 2015 Statutory Tax Relief (SL County Treasurer)

Adopt the budget Set the tax rate at Recommended Action

Board Discussion

Public Comment

Adopt the budget Set the tax rate at Recommended Action