(Submitted by the Manhasset School District.)

The 2008-2009 proposed budget was adopted by the Manhasset Board of Education at its public meeting on April 10. The Property Tax Report Card is required to be filed with the State Education Department within 24 hours of the adoption of the 2008-2009 proposed budget, and it was therefore filed by the district on April 11. All information listed below can be found on the school district's website at www.manhasset.12.ny.us. Once you are on the website, click on 2008-2009 Budget Information link and then click on the Property Tax Report Card link. The following explains the information included in the Property Tax Report Card.

Total Spending is the total amount of the approved general fund budget for 2007-2008 and the total amount of the adopted proposed general fund budget for 2008-2009. Both documents can be found on the district's website.

Total School Tax Levy is the total spending minus all other general fund revenues budgeted to be received by the district for each school year. All other general fund revenues are detailed on the worksheet included in the website's link to the Property Tax Report Card.

Public School Enrollment is the number of children enrolled in the district on the date in October 2007 specified by the New York State Education Department and number of children anticipated to be enrolled for 2008-2009. The district's enrollment analysis can also be found on the website.

Consumer Price Index is the percentage increase from January 1, 2007 to January 1, 2008.

Reserved Fund Balance is the part of the general fund balance legally retained by the district that may be used only for very specific purposes and not used for tax reduction in the next upcoming year. Proposition 3 approved by the voters in May 2006 established the capital reserve for future capital improvements and renovations of the district's facilities.The capital reserve provides the district flexibility in planning and paying for such projects. The reserve has a term of five years and a maximum amount of $5 million in total funding. The source of the funding of the capital reserve is the annual transfer of surplus money, if any, from the general fund's unappropriated fund balance. While any contribution to the capital reserve from surplus funds generated in 2007-2008 will not be finally determined until the completion of the district's audit, the Property Tax Report Card reflects the district's current hope that the district can complete the funding of the reserve, in accordance with the approval granted by the voters. Specific projects to be paid using capital reserve monies must be approved by the voters. The district's reserve analysis as of June 30, 2007, presented to the board of education in November 2007 can be found on the website. In addition, the activity in the capital reserve account since inception is detailed on the worksheet included in the website's link to the Property Tax Report Card.

Appropriated Fund Balance is the portion of the unreserved general fund balance that is used for tax reduction in the next fiscal year.

Unreserved, Unappropriated Fund Balance is the portion of the general fund balance which is uncommitted and not used to reduce real property taxes in the next fiscal year. Real Property Tax Law Section 1318 was amended by the Laws of 2007 to increase the limit placed on school districts' allowable unreserved, undesignated fund balance from 2 percent to 3 percent of the budget for the 2007-2008 school year and from 3 percent to 4 percent of the budget for the 2008-2009 school year. The Property Tax Report Card reflects the district's current plan to increase unreserved, unappropriated fund balance to 4 percent in accordance with the guidelines of Section 1318. See related article Positive Effects of District's Management of Fund Balance on Its Bond Rating on Page 4.

Note: In addition to this information, the district's preliminary 2007-2008 Fund Balance Projection as of January 31, 2008, was presented to the board at its meeting on February 26, and can be found on the Property Tax Report Card information on the website.

	Budgeted	Budgeted	Percent
	2007-08 (A)	2008-09 (B)	Change
Total Spending	$ 76,778,409	$ 80,393,770	4.71%
Total School Tax Spending	69,044,111	72,795,263	5.43%
Public School Enrollment	3,053	3,100	1.54%
Consumer Price Index			2.80%
	Actual	Estimated
	2007-08	2008-09
Reserved Fund Balance	$ 7,228,139	$ 8,267,394
Appropriated Fund Balance	700,000	700,000
Unreserved, Unappropriated Fund Balance	2,304,155	3,215,749
Unreserved, Unappropriated Fund
Balance as a Percent of Total Budget	3.00%	4.00%

Note: The above reflects the Property Tax Report Card information filed with the State Education Department on April 11, 2008.