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Long-Term Capital Outlook and Planning

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Copyright 2021
Granite School District

Historic Escalation in Construction Costs Delays Projects

January, 2021 by Steven Powell

When voters approved the Granite Bond in 2017, projects immediately began moving forward. Since that time, multiple schools have been remodeled, two elementary schools have been rebuilt, Hunter High School added a new building wing, several schools have received security and building upgrades, and construction has begun on rebuilding Cyprus and Skyline high schools.

All of these projects were established along the Phase I timeline of a 30-40 year strategic plan to rebuild and renovate all schools in Granite, with the schools in most need of building updates at the top of the timeline.

From the time the bond was approved, however, construction costs have risen at a historic rate. Between 2017 and 2020, costs increased about 10 percent every year (compounded yearly). For 2021 and beyond, costs are estimated to increase 6 to 7 percent annually. Utah’s economy shows no signs of slowing, and many large projects across the state are keeping all areas of the construction industry very busy. Combine this with a decline in the construction labor force and hikes in prices for materials (exacerbated by tariffs and the COVID-19 pandemic), and the result has been major leaps in costs in a short amount of time.

The challenge, therefore, is to hold construction costs to budget, especially between now and 2025 while two high schools are under construction.

In order to achieve this and keep the district’s cash flow for capital projects ‘in the black,’ our remaining Phase I projects need to be delayed five to seven years.

timeline showing delays in capital projects

The damage to West Lake STEM Junior High as a result of the March 2020 earthquake also presents financial challenges as insurance settlements may not cover all rehabilitation/rebuild costs.

Despite the hurdles, we are moving forward with projects as quickly as possible given the circumstances.

Filed Under: Feature

New school at riverfront site to be named Olene Walker Elementary School

December, 2019 by Steven Powell

Architectural rendering of Olene Walker Elementary

The Granite School District Board of Education has voted to name the new school at the riverfront site Olene Walker Elementary School in honor of Utah’s first female governor.

The school will open fall 2020 and will replace Roosevelt Elementary.

School officials, with input from students, parents and community members, will determine the official mascot, colors and logo of the school.

About Olene Walker

Governor Olene Walker was sworn into office in November of 2003 as Utah’s 15th governor. She served a two-year term, during which time she worked on several initiatives such as education programs and workforce development.

She received a bachelor degree from Brigham Young University, a master degree from Stanford University, and a doctorate from the University of Utah. Prior to entering politics, Walker founded the Salt Lake Education Foundation and served as its director.

Walker was a representative in the state Legislature for eight years and served a term as majority whip. She was Utah’s first woman to serve as lieutenant governor to Mike Leavitt. When Governor Leavitt resigned to serve as Administrator of the Environmental Protection Agency, Walker became Utah’s first female governor.

Filed Under: Feature, Olene Walker

First Issuance of Bonds Receives AAA Rating

November, 2018 by Steven Powell

The first issuance of $50,000,000 General Obligation School Building Bonds has been given the highest rating by Fitch Ratings, reflecting the district’s “solid financial operations, flexible labor environment and low liability burden.”

This first issuance will be used for a variety of purposes, from design work to construction contracts. Read the full Fitch Ratings report:

Granite School District New Issue Report

Filed Under: Feature

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