Brief Overview of School Finance History

A brief outline overview of WSD financial history, (those who will not learn from history are doomed to repeat it.)

2007 49.33% tax increase through “Truth in Taxation” More here

• Presentation mainly about mil rates – NOT dollars 
• Board declared need because of a 3.5% salary increase (actually that was done by state)
• This massive increase resulted in massive spending increases above student growth ever since

2008-9 budget shows $23M for high school - funding source unknown 

• High School construction costs over bond by $10-20 million Board of Education / Updated Cost of Wasatch High School “This page is currently unavailable. Last Modified on December 10, 2012” (previously listed at ca $70 million with a promised update)

Utah code specifies no transfers betweenfunds without state school board permission

• 2011 $3 million football stadium built without any approval found in minutes - funding source unknown

USOE rules state the no 'unassigned' funds can be kept in funds other than “General” Other fund balances must be allocated.

Wasatch School SAO Audits specifically refersto 5% limit – then lists all (unassigned ?) balances

The improperly noticed WSD Jul 2012 budget hearing had No budget available for hearing 

•  received 'expanded' budget copy after repeated requests
• Found excessive Gen Fund reserve balance ca. $5 million
• With that expanded info, more data found in SAO audit submissions

WTPA requested return of excess funds at 2^nd budget heating (Aug)

• WSD Business Administrator produced extra budget page showing 'unassigned' and 'undistributed'  anddeclared ONLY 'undistributed' was limited to 5%
• WSD Business Administrator said it was OK because at least 3 other districts had larger % balances
• Board members declared the 'Rainy Day' fund was needed for unseen expenses

White Paper issued by WTPA on 5% issue

• WSD response 
• WTPA asked for time at next meeting to discuss the issue – refused!

SAO audit (2012) submission now shows 5% 'undistributed

School board policies should be altered to reflect a policy of fiscal responsibility, conservatism and respect for taxpayers, in addition to declared goal of educating students.