The Provo City School District provided a summary of its financial operations for the fiscal year ended June 30, 2024, through its Popular Annual Financial Report (PAFR). The document focused on the district's four major governmental funds: the General fund, Capital Projects fund, Municipal Building Authority fund, and Debt Service fund.
During the 2023-24 fiscal year, total revenues reached $230,793,138, while total expenditures were recorded at $269,055,301. The district reported that property tax revenue increased by $3.8 million or 4.9% due to new growth in taxable value. Additionally, state revenue saw an increase of $8.7 million, representing a 9.9% rise attributed to a $214 increase in the Weighted Pupil Unit.
Expenditures for the fiscal year showed increases across various functions, primarily driven by costs for salaries, benefits, and inflationary pressures. Capital outlay expenditures increased due to ongoing school construction and renovation projects, including work related to a GO bond approved in November 2020 for the replacement of Timpview High.
In the General Fund specifically, revenue reached $176.7 million during fiscal year 2024, which was an increase of $7.6 million or 18.4% compared to the previous year. The district noted that 86.2% of all General Fund expenditures were directly related to students and schools, including instruction, student support, instructional staff support, school administration, and student transportation.
The district maintained an Aa3 credit rating from Moody’s Investor Services, Inc. The report also noted that the district's capital projects fund balance decreased by $7.9 million for an ending fund balance of $14.4 million, largely due to spending remaining general obligation bond proceeds on the renovation of Timpview High.
Copies of the Annual Comprehensive Financial Report, the PAFR, and the Comprehensive Annual Budget Report were made available through the district's official website.
