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District residents may be wondering how much more the Building Project will cost in real dollars over what they are currently paying in taxes for the operating budget. It is important to us that you have accurate information on which to base your decision when you vote on December 4, 2007. While the State of New York will pay for approximately half of the new construction and renovations (based on a building aid ratio of 58.4 percent and bond percentage which varies by building) there will still be a cost to community residents.

The following information is provided to help you better understand the financial impact of this Building Project:

• The district plans to finance the Building Project over 21 years through Bond Anticipation Notes (BANS) and/or bonds;
   
• The cost of this Building Project will be phased in over a two-year period in an effort to ease the initial impact on the tax levy (and the residents);
   
• During the first year, the Building Project will result in an additional 3.8 percent to the established tax levy. For example: If the tax levy increase is 5 percent, you must add an additional 3.8 percent for a total increase of 8.8 percent for that year;
   
• During the second year, the Building Project will result in an additional 4.2 percent to the established tax levy. For example: If the tax levy is 5 percent, you must add an additional 4.2 percent for a total increase of 9.2 percent for that year.
   
• Thereafter, from year three through 21, the increase will be incorporated into your tax bill.

We have provided a way to calculate your annual estimated school tax increase over your 2007-08 tax bill by using the “clicker/calculator.” Please follow the steps below to calculate your annual estimated tax increase for year one and years 2-21.

YEAR ONE

Step 1: Select your town from the list.