HomeMy WebLinkAboutAlpine School District - Public Financial ReportPOPULAR ANNUAL F
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575 North 100 East, American Fork, UT 84003575 North 100 East, American Fork, UT 84003
Please note that the digital copy of Alpine School District’s Popular
Annual Financial Report is best viewed with the following options
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CONTENTS
Introduction 1
ASD At a Glance 2
About the District 3
Organizational Structure 6
General Fund Revenue 7
Property Taxes 9
General Fund Expenditures 11
Capital Projects Fund 15
Debt Service Fund 17
Financial Awards and Accomplishments 18
INTRODUCTION
575 North 100 East
American Fork, UT 84003
801-610-8400
alpineschools.org
November 30, 2021
To the Citizens of Alpine School District:
We are pleased to present our Popular Annual Financial Report (PAFR) for the year ended June
30, 2021. This report is designed to make the financial operations of Alpine School District
(District) easier to understand and is a reflection of our desire to keep you informed.
The PAFR has been prepared to summarize and highlight important financial information
reported in the District’s 2021 Annual Comprehensive Financial Report (ACFR) by focusing on
the District’s three major governmental funds (i.e. the General Fund, Capital Projects Fund, and
Debt Service Fund) and not including all segregated proprietary and nonmajor governmental
funds and disclosures reported in the ACFR. The ACFR is a more comprehensive and technical
document that is prepared in accordance with generally accepted accounting principles (GAAP)
of the United States of America. It includes audited financial statements, disclosures, opinions
of our independent auditor, and other detailed financial and nonfinancial information. The
independent audit of the ACFR was performed by Squire & Company, PC, in accordance with
auditing standards generally accepted in the United States of America. While the PAFR is not
separately audited, it is prepared using financial information from the ACFR. Copies of the ACFR
and PAFR are available at alpineschools.org.
We would like to take this opportunity to recognize the cooperative spirit of our employees and
the contributions they make toward the successful prioritization and implementation of the
District’s financial objectives. We would also like to thank the members of the Board of
Education for their trust and continued support as we strive to be good stewards of our
financial resources.
The District is committed to financial transparency and we are proud to present this report as
one of many tools available to help our citizens understand how their tax dollars are being
utilized to educate our students. Questions or comments are welcome and may be directed to
the Business Services team at 801-610-8423.
Respectfully submitted,
______________________________ ______________________________
Robert W. Smith Steven C. Reese, CPA
Business Administrator Director of Accounting
1
ASD AT A GLANCE
demographics
schools
enrollment
ElEmEntary StudEntS: 41,403
middlE School StudEntS: 18,389
high School StudEntS: 20,794
SpEcialty School StudEntS: 367
total # of StudEntS:
80,953
teaching
staff
Supporting programS and opportunitieS for
eVerY Student and teacher
100% of eVerY donation SupportS StudentS
total aSSetS from donationS:
$6,434,250
60
ElEmEntary
SchoolS
12
high
SchoolS
13
middlE
SchoolS
7
SpEcialty
SchoolS
asd by the numbers
the aSd foundation SupportS VariouS projectS including the
chriSta mcauliffe Space center
93%
graduation rate
14
municipalitieS SerVed
96%
Daily Bus Runs
1,337
dailY mealS
96%36,434
StudentS tranSported dailY
96%16,585
25 doctorate • 1,299 maSterS
2,802 BachelorS
4,126
certified educators
2
ABOUT THE DISTRICT
The District was created by a resolution of the Utah County Commissioners on May 11, 1915
and is a legally separate entity enjoying all rights and privileges afforded political subdivisions in
the State of Utah. The District is fiscally independent. Policymaking and legislative authority are
vested in the Board of Education (Board) consisting of seven members. The Board is responsible
for, among other things: developing policy, adopting the budget, levying taxes, incurring
bonded debt, and hiring both the Superintendent and Business Administrator. The
Superintendent and Business Administrator are responsible for implementing policies of the
Board and overseeing the day-to-day operations of the District. Board members serve four-year
staggered terms with no more than four board members elected every two years.
The primary purpose of the District is to provide a comprehensive array of learning
opportunities for students who reside within its boundaries. To accomplish this purpose, the
District educated 80,953 students across 92 campuses during fiscal year 2021. In addition,
strategic partnerships with Mountainland Technical College, Utah Valley University, and
Brigham Young University provide additional educational opportunities for students,
community members, and staff.
The District has long been considered a destination school district for families moving to or
relocating within Utah County. As a result, we are constantly growing – welcoming new
students, hiring additional staff, and opening new schools. The District is estimated to be the
42nd largest school district in the nation and was recently honored to be ranked as one of the
best employers to work for in Utah according to Forbes magazine’s third annual ranking of
America’s Best Employers by State.
Our mission is to educate all students to inspire learning and protect our freedoms. As such,
the District strives to provide a quality education experience by implementing the Board’s
Vision for Learning. Emphasis is placed on seven areas of focus – student learning, teacher
quality, comprehensive curriculum, leadership, school and district culture, resources, and
community relations.
The District strives to provide authentic and impactful learning experiences in which students
can explore their interests and become college-and-career-ready. In addition to core classes
such as mathematics, science, and english, the District offers a wide variety of electives in
engineering, business, technology, art, animation, and animal science – to name a few.
Students are encouraged to challenge themselves in a growing number of Advanced Placement
courses and explore dual-credit opportunities within the Concurrent Enrollment program. ASD
also operates a popular dual language immersion program at 11 different schools providing
elementary students with the opportunity to learn Portuguese, Spanish, French or Chinese.
ASD’s action and results-oriented model is focused on collaboration, continuous improvement,
engaged learning, stewardship, and fostering civic engagement. We are committed to renewal
and strive continually to raise the bar for student achievement and college-and-career-
readiness.
3
GRADUATION RATE
85 %
NATION
88 %
UTAH
ASDASD
93%93%93%
STUDENT SCHOLARSHIPMONEY EARNED
$54,132,730
AWARDED to the 2020 graduating class
SAVING ASD FAMILIES ON TUITION COSTS ADVANCED PLACEMENT
PROGRAM
6,093
Tests taken
CONCURRENT ENROLLMENT 6,423 4,236
Tests passed
MTECH CERTIFICATE
IN 2020, 224STUDENTS COMPLETED AN
33,965
This is the highest rating possible, equivalent to a perfect personal credit score of 850.
AAA BOND RATING
SIGNIFICANT SAVINGS TO TAXPAYERS
TAXPAYER TRANSPARENCY
2020 -2021RECIPIENT
learn more at alpineshools.org/business
PARTICIPATING STUDENTS
College credits earned
ABOUT THE DISTRICT
4
5
ORGANIZATIONAL STRUCTURE
6
GENERAL FUND REVENUE
The General Fund is the District’s primary maintenance and operations fund and receives
revenue from a combination of local, state, and federal sources. The primary revenue source is
the state, followed by local, and then federal.
The General Fund received $625.0 million in revenue during fiscal year 2021, an increase 8.6%
over the prior year. The increase is largely the result of new growth in taxable value from
commercial and residential development, an increase in state aid, and COVID-19 relief funding.
General Fund Revenues
Fiscal Year
2019
Fiscal Year
2020
Fiscal Year
2021
Property Taxes 107,754,583$ 121,081,591$ 138,154,263$
Earnings on Investments 6,389,185 4,334,213 1,147,144
Other Local Sources 7,867,335 6,982,555 8,298,217
State Sources 401,524,353 418,969,320 427,110,758
Federal Sources 24,079,941 23,987,437 50,304,442
Total 547,615,397$ 575,355,116$ 625,014,824$
Local Sources – 23.6%
Local revenue includes property taxes, earnings on investments, facility rentals, and
other miscellaneous fees and income. Local sources generated 23.0% of all General
Fund revenue and increased 11.5% over the prior year. The majority of local revenue
comes from property taxes – what you as a citizen pay for educating our students.
State Sources – 68.3%
The State of Utah (State) guarantees a dollar amount for educational programs for
each weighted pupil unit (WPU) of kindergarten, elementary, and secondary
students – this is known as the minimum school program (MSP). The MSP is funded
by income taxes and proceeds from the basic rate – a property tax set by the State
that all school districts are required to levy. The amount generated by the basic rate has no
effect on the District’s revenue generation because the amount received per student will
always be equal to the amount guaranteed by the Legislature. What changes each year is the
proportion of the guaranteed amount that is generated by local property taxes as compared to
State aid. State sources generated 68.3% of all General Fund revenue, an increase 1.9% over
the prior year.
Federal Sources – 8.0%
Federal revenue includes several grants of various sizes with the majority of funding
earmarked for special education and disadvantaged students. Revenues from
federal sources generated 8.0% of all General Fund revenue, an increase of 109.7%
over the prior year.
7
GENERAL FUND REVENUE
State Funding Effort. State aid makes up 68.3% of the General Fund’s revenue and, therefore,
the value of the WPU and student enrollment are significant factors that drive state funding.
$3,184
$3,311
$3,395
$3,532 $3,596
3.0%
4.0%
2.5%
4.0%
1.8%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
$2,900
$3,000
$3,100
$3,200
$3,300
$3,400
$3,500
$3,600
$3,700
2017 2018 2019 2020 2021
WPU Value History
WPU Value % Increase from Prior Year
77,343
78,852
79,856
81,532
80,953
2.7%
2.0%
1.3%
2.1%
-0.7%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
75,000
76,000
77,000
78,000
79,000
80,000
81,000
82,000
2017 2018 2019 2020 2021
Student Enrollment History
Enrollment Count by Fiscal Year % Increase from Prior Year
General Fund Revenues per Pupil. The table below presents General Fund revenue from all
sources on a per pupil basis.
Fiscal Year 2019 Fiscal Year 2020 Fiscal Year 2021
Local 1,528$ 1,624$ 1,823$
State 5,028 5,139 5,276
Federal 302 294 621
Total 6,858$ 7,057$ 7,720$
8
PROPERTY TAXES
What Are Property Taxes?
Property taxes, also known as ad valorem taxes, are locally assessed taxes on property owned
within the boundaries of the taxing unit – in this case Alpine School District. Everyone owning
taxable property within ASD’s boundaries pays property taxes to the District as well as to any
applicable overlapping taxing entities.
Local property taxes are governed by a state law referred to as Truth-in-Taxation (TNT). TNT is
driven by revenue rather than rate. Generally, as taxable valuations of existing property
increase due to county assessors’ annual adjustments to keep pace with market values,
property tax rates decrease. For instance, if valuations of existing property increase by 20%, the
property tax rate decreases by 16.7% to maintain revenue neutrality as demonstrated by the
following equation – (100% + 20%) * (100% - 16.7%) = 100% of Original Tax = No Change. The
reduced rate is known as the certified tax rate. This rate is then applied to all property,
including new growth. While local governments receive increased revenue due to new growth,
TNT does not include an automatic adjustment for inflation. If local governments want to
exceed the certified tax rate, they must go through the TNT notification and hearing process.
The state also assesses an annual uniform registration fee based on the age of motor vehicles in
lieu of an ad valorem tax. Revenues collected in each county from motor vehicles is distributed
by the county to each taxing entity in which the property is located in the same proportion as
revenue collected from ad valorem real property tax is distributed. The District recognizes
motor vehicle registration fees as property tax.
Tax Rates
The ASD Board of Education determines its local property tax rates with the exception of the
Basic and Charter School rates, which are set by the state. The District’s property tax rates for
the past five years were as follows:
Levy 2016 2017 2018 2019 2020
Basic Rate (Set by the State)0.001675 0.001568 0.001666 0.001661 0.001628
Charter School (Set by the State)- 0.000080 0.000069 0.000064 0.000056
Voted Local 0.001280 0.001188 0.001188 0.001188 0.001600
Board Local 0.001135 0.001036 0.001036 0.001003 0.000682
Capital Local 0.000661 0.000550 0.000550 0.000558 0.002305
General Obligation Debt 0.002967 0.002745 0.002524 0.002225 0.000529
Total 0.007718 0.007167 0.007033 0.006699 0.006800
Tax Year
Taxable Values
ASD has experienced dynamic growth the past several years as a result of commercial and
residential development. Taxable values of property within the District totaled $36.1 billion in
tax year 2020, an increase of 10.8% over the prior year. Total taxable value increased 61.3%
over the past five years.
9
PROPERTY TAXES
0.006000
0.006200
0.006400
0.006600
0.006800
0.007000
0.007200
0.007400
0.007600
0.007800
$0
$5
$10
$15
$20
$25
$30
$35
$40
2016 2017 2018 2019 2020
Bi
l
l
i
o
n
s
ASD's Taxable Value vs. Total Tax Rate
Taxable Value Tax Rate
58%22%
8%
5%
3%4%ASD's Taxable Value
by Category
Residential
Commercial
Agricultural
Personal Property
Motor Vehicles
Centrally Assessed
Collections
For the tax year 2020, the District
collected $245.6 million or 93.7% of the
tax levied.
Tax
Year
Taxable
Value
(in billions)
Taxes Levied
(in millions)
Percent
Collected
as of June
30, 2021
2016 23.3$ 173.7$ 96.9%
2017 25.8 179.3 97.3%
2018 28.7 195.4 96.8%
2019 33.6 219.2 96.5%
2020 37.1 245.6 93.7%
Top 10 Taxpayers
Taxpayer
Taxable
Value
(in millions)
Percent of
Total
Taxable
Value
Pacificorp 798.5$ 2.2%
Thanksgiving Point Developments 436.1 1.2%
Woodbury Corporation 386.4 1.1%
Micron Technology Utah, LLC 385.7 1.1%
Boyer Company 194.5 0.5%
Valley Properties LLC 187.9 0.5%
Dominion Energy 166.1 0.5%
Adobe 163.6 0.5%
TMCV LLC 160.4 0.4%
WICP LLC 155.6 0.4%
3,034.8$ 8.4%
10
GENERAL FUND EXPENDITURES
ASD provides a wide array of educational services to the community. During fiscal year 2021,
the District had $618.8 million in general fund expenditures. The majority of these expenditures
are for salaries and benefits, which reflects the District’s commitment to its most important
asset – its dedicated employees.
General Fund Expenditures by Function. Function codes are used to describe the activity for
which a service or commodity is acquired.
Instruction - $433.3m. Activities
dealing directly with the
interaction between teachers and
students – such as teacher
salaries and benefits, textbooks, classroom
supplies, and teacher aides.
Student Support - $ 29.4m.
Activities that are designed to
assess and improve the well-
being of students and to
supplement the teaching process – such as
guidance counselors, nurses, and speech
pathologists.
Instructional Staff Support -
$23.0m. Activities associated with
assisting instructional staff with
the content and process of
providing learning experiences for students –
such as librarians, computer technicians, and
teacher professional development.
District Leadership - $3.8m.
Activities concerned with
establishing and administering
policy in connection with
operating the District – such as the Board of
Education, Office of the Superintendent,
external audits, legal counsel, and other
administrative costs.
School Leadership - $45.1m.
Activities concerned with overall
administrative responsibility for a
single school – such as principals,
assistant principals, and front office staff.
Central Services - $16.4m.
Activities that support other
administrative and instructional
functions – such as human
resources, information technology, and
business services.
Operation & Maintenance of
Facilities - $45.6m. Activities
concerned with keeping the
physical facilities open,
comfortable, and safe for use – such as
utilities, maintenance, grounds, and custodial
services.
Student Transportation -
$17.3m. Activities associated
with the conveyance of students
to and from school, as provided
by state law – such as school buses, drivers,
mechanics, and fuel.
Nutrition Services - $0.2m.
Activities concerned with
providing food to students.
Capital Outlay - $4.7m. Activities
concerned with acquiring land,
constructing new schools, and
remodeling current facilities.
The District is committed to providing adequate resources to our schools and teachers by
utilizing our scarce resources in the most effective and efficient way possible. This commitment
is apparent by observing the amount spent on instruction and instruction-related functions.
11
GENERAL FUND EXPENDITURES
88.6% of all general fund expenditures are directly related to students and schools (instruction,
student support, instructional staff support, school leadership, and student transportation).
Instruction
70.0%
Student Support
4.7%
Instructional Staff
Support
3.7%
District Leadership
0.6%
School Leadership
7.3%
Central Services
2.6%
Operation &
Maintenance of
Facilities
7.4%
Student
Transporation
2.8%
Nutrition Services
0.1%
Capital Outlay
0.8%
General Fund Expenditures by Function
The following tables present General Fund expenditures by function and by function per pupil
for the past three fiscal years.
General Fund Expenditures
Fiscal Year
2019
Fiscal Year
2020
Fiscal Year
2021
Instructional Services 368,722,010$ 405,720,949$ 433,253,172$
Student Support 20,142,625 26,412,737 29,381,024
Instructional Staff Support 20,617,386 22,046,813 22,988,054
District Leadership 3,477,879 3,896,166 3,841,078
School Leadership 38,181,138 42,864,413 45,091,003
Central 18,183,805 16,250,417 16,388,070
Operation & Maintenance of Facilities 40,051,627 43,777,596 45,577,686
Student Transportation 18,308,571 18,573,959 17,312,539
Nutrition Services - - 198,875
Capital Outlay 8,928,638 15,455,395 4,722,535
Total 536,613,679$ 594,998,445$ 618,754,036$
12
GENERAL FUND EXPENDITURES
General Fund Expenditures per Pupil
Fiscal Year
2019
Fiscal Year
2020
Fiscal Year
2021
Instructional services 4,617$ 4,976$ 5,353$
Support services:
Students 252 324 363
Instructional staff 258 270 284
District leadership 44 48 47
School leadership 478 526 557
Central 228 199 202
Operation and maintenance of facilities 502 537 563
Transportation 229 228 214
Nutrition services - - 2
Facilities acquisition and construction 112 190 58
Total 6,720$ 7,298$ 7,643$
General Fund Expenditures by Object (Type). Object codes are used to describe the service or
commodity obtained as the result of a specific expenditure.
General Fund Expenditures
Fiscal Year
2021
Percent
of Total
Salaries & Benefits includes salaries, wages, benefits for
employees.549,930,752$ 88.9%
Professional & Property Services includes services provided to the
District by individuals, firms, utility companies, insurance companies,
and other organizations.21,555,583 3.5%
Supplies & Materials includes textbooks, instructional supplies,
software, fuel for buses, custodial supplies, and other general
operating supplies.39,821,159 6.4%
Property & Equipment includes fixed assets like furniture, fixtures,
equipment, improvements, and land.7,117,679 1.1%
Other includes miscellanous expenditures, membership dues, and
indirect costs.328,863 0.1%
Total 618,754,036$ 100.0%
The following chart compares the District’s spending per pupil as compared to other regions of
the United States.
Northeastern U.S.
Midwestern U.S.
Western U.S.
Southern U.S.
Nationwide Average
Alpine School District (General Fund)
$18,968
$12,569
$12,208
$11,894
$13,381
$7,643
Spending Per Pupil by Region
Source: US Census Bureau
13
14
CAPITAL PROJECTS
The Capital Projects Fund is used to account for the proceeds from the capital local property tax
levy and the issuance of long-term debt. Together, these funds are used to pay for land,
construction of new facilities, renovation of existing facilities, and equipment such as buses and
computers.
Capital Projects Fund Revenues
Fiscal Year
2019
Fiscal Year
2020
Fiscal Year
2021
Property Taxes 15,555,125$ 18,128,200$ 19,246,281$
Earnings on Investments 4,847,261 3,035,421 403,855
RDA/EDA Increment Payment 1,333,597 1,810,538 1,273,421
Other Local Sources 36,798 269,956 285,144
State Sources 8,147,020 4,686,677 4,846,622
Federal sources - - 2,994,969
Total 29,919,801$ 27,930,792$ 29,050,292$
Capital Projects Fund Expenditures
Fiscal Year
2019
Fiscal Year
2020
Fiscal Year
2021
Purchased Professional & Technical Services 29,385$ 21,855$ 7,500$
Purchased Property Services 131,175,491 132,629,732 91,293,574
Other Purchased Services 9,853 - -
Supplies & Materials 4,722,265 8,082,112 7,350,810 Property & Equipment 45,142,617 33,824,396 23,681,672 Lease Revenue Bond Principal 710,413 700,000 700,000 Lease Revenue Bond Interest 364,026 724,500 1,288,826
Bond Issuance Cost - 295,927 397,325 Paying Agent Fees 2,000 2,000 4,750 Capital Lease Principal 1,068,219 2,007,198 1,770,336
Capital Lease Interest 39,906 189,377 163,904
Total 183,264,175$ 178,477,097$ 126,658,697$
Student enrollment is projected to continue to increase. Older schools need renovations,
repairs, and additions, as well as seismic upgrades to address safety concerns. New schools and
buses are needed to accommodate enrollment growth. ASD is committed to prudent short- and
long-term capital planning and
regularly updates its 5- and 10-
year capital plan based upon
patron feedback and
enrollment projections.
During the fiscal year 2021,
the District opened one new
elementary school, Silver Lake
in Saratoga Springs.
15
CAPITAL PROJECTS
Various District construction projects underway at June 30, 2021 are projected to be completed
at a total cost of $202.8 million. The largest projects are the rebuild of Lehi High, construction
of Viewpoint Middle in North Lehi, the rebuild of Central Elementary in Pleasant Grove,
construction of Trailside Elementary in Vineyard, and construction of Harbor Point Elementary
in Saratoga Springs.
The District is obligated at June 30, 2021 under constructions commitments as follows:
Project
Project
Authorized Costs to Date Costs to Complete
Lehi High Rebuild $ 69,271,865 $ 67,431,943 $ 1,839,922
Central Elementary Rebuild 29,141,878 29,032,469 109,409
Viewpoint Middle 49,884,489 45,218,580 4,665,909
Trailside Elementary 21,588,090 21,036,889 551,201
Harbor Point Elementary 27,647,962 21,859,198 5,788,764
Polaris Campus 5,246,281 662,019 4,584,262
$ 202,780,565 $ 185,241,098 $ 17,539,467
The Local Building Authority of Alpine School District (Building Authority) issues lease revenue
bonds to provide funds for the construction of new facilities, acquisition of property,
renovation and improvement of facilities, and procurement of other equipment.
The Local Building Authority has issued the following lease revenue bonds to finance the
construction of Centennial Elementary, Trailside Elementary, and Harbor Point Elementary.
These bond issuances received ratings of Aa1 from Moody’s Investors Service, Inc. and AA+
from Fitch Ratings.
• March 22, 2018 issued $19.1 million (Series 2018)
• September 2, 2020 issued $32.3 million (Series 2020)
As the District experiences
shifts in student population,
temporary classrooms are
moved to accommodate
housing needs until
permanent school buildings
can be constructed. The
District has a total inventory
of 124 portable trailers and
satellite units representing approximately 364,751 square feet, primarily located in the
northern and western sections of the District.
During 2021, the District acquired $4.6 million of school buses, vehicles, and other equipment.
The District also acquired $1.7 million of land, which will be used as building sites for new
schools and to expand existing schools.
$900,000
$2,600,000
$3,600,000
Elementary School
Middle School
High School
Estimated Annual Operational Costs
16
DEBT SERVICE
The Debt Service Fund accounts for the accumulation of resources for, and the payment of,
general obligation bond principal and interest. General obligation (GO) bonds are authorized by
a vote of the citizens residing within ASD’s boundaries. Financing is provided by an annual
required property tax levy. Payment of the principal and interest on GO bonds when due is
guaranteed by the full faith and credit of the District’s taxpayers and the State of Utah under
the provisions of the Guaranty Act (Utah Code 53G-4-802).
The Debt Service Fund received $84.2 million in revenue and expended $80.8 million on bond
principal, interest, and paying agent fees.
GO bonds are the District’s primary method of raising funds sufficient to build new schools and
make needed renovations to existing facilities. Information regarding outstanding GO bonds as
well as the District’s legal debt limit and debt margin are presented below.
Fiscal
Year
Outstanding
General Obligation
Bonds
Less: Amounts
Available in Debt
Service Fund Total
% of Estimated
Actual Taxable
Value of Property
Per
Capita
Per
Student
2019 600,881,744$ 5,831,751$ 595,049,993$ 1.4% 1,639$ 7,520$
2020 628,935,742 3,330,041 625,605,701$ 1.3% 1,673 7,731
2021 566,220,437 9,189,864 557,030,573 1.0% 1,426 6,930
The bonded debt of the District is limited by Utah law to 4% of the estimated fair market value
of taxable property in the District.
Fiscal Year 2019 Fiscal Year 2020 Fiscal Year 2021
Estimated Fair Market Value 42,196,251,362$ 49,121,898,456$ 54,444,321,840$
Debit Limit (4% of Fair Market Value)1,687,850,054 1,964,875,938 2,177,772,874
Outstanding GO Bonds 600,881,744 628,935,742 566,220,437
Additional Debt Incurring Capacity 1,086,968,310 1,335,940,196 1,611,552,437
Debt Margin 35.6%32.0%26.0%
Bond Ratings. A credit rating is
given to the debt obligations of
the District by nationally
recognized statistical rating
agencies. The letter designation
represents the quality of the
bonds. The higher the rating, the
less risk a potential investor
assumes. The District is rated Aaa
by Moody’s Investor Services, Inc.
and AAA by Fitch Ratings. The
District enjoys lower borrowing
costs and greater investor
interest in its bonds due to its
perfect credit rating.
$566,220,437
$1,611,552,437
Debt Margin
as of June 30, 2021
Outstanding GO
Bonds
Additional Debt
Incurring Capacity
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FINANCIAL AWARDS & ACCOMPLISHMENTS
ASD’s Business Services team advances the District’s efforts to provide high-quality instructional
services by developing best practices related to fiscal prudence, budget development, and
financial reporting that supports the mission, vision, values and goals of the District. We are
committed to providing our citizens and stakeholders with financial information that is
transparent, timely, and relevant.
Notable financial awards and accomplishments:
Government Finance Officers Association
•Certificate of Achievement for Excellence in Financial Reporting
•Award for Outstanding Achievement in Popular Annual Financial Reporting
•Meritorious Budget Award
Association of School Business Officials
•Certificate of Excellence in Financial Reporting
Aaa credit rating from Moody’s Investors Service, Inc. and a AAA credit rating from Fitch Ratings
Annual Comprehensive Financial Report. Individuals who wish to review GAAP basis, full
disclosure financial statements should refer to the District’s Annual Comprehensive Financial
Report available at alpineschools.org or by contacting the Business Services department at
575 N. 100 E., American Fork, UT 84003.
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Popular Annual Financial Report
For the Fiscal Year Ended June 30, 2021
Prepared by:
Business Services Team
575 North 100 East
American Fork, UT 84003
www.alpineschools.org
Photographs courtesy of ASD Public Relations
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