After having read Team Foundation Server Source Control Structure which I have followed a few questions come to mind that I am wondering if anyone can comment on.
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So you are essentially referring to what is commonly known as 'Dependency Replication'. Make use of Team Build and replicate your dependencies. There is a tool called 'Dependency Replicator' which will let you chain builds together.
So for example, your utilities class may not change much. But when it does, you need to ensure that: A) It builds on the server B) All dependent projects build as well.
Dependency replicator lets you specify (in XML) how assemblies depend on each other, and which 'build' to run when a dependency gets updated.