EXHIBIT B-1
								(Page 1 of 2)
MIDDLETOWN TOWNSHIP BOARD OF EDUCATION
COMBINED BALANCE SHEET
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2005
(With Comparative Totals for June 30, 2004)
							TOTALS
			SPECIAL	CAPITAL	DEBT		(MEMORANDUM ONLY)
		GENERAL	REVENUE	PROJECTS	SERVICE	PERMANENT	JUNE 30,	JUNE 30,
ASSETS		FUND	FUND	FUND	FUND	FUND	2005	2004
Cash & Cash Equivalents		$11,801,420	1,428,398	3,063,914	93,778	606,761	16,994,271	21,968,847
Receivables, Net		21,303					21,303	111,864
Due From Other Funds		9,946			126,500		136,446	210,854
Receivables From Other Governments		557,991	1,266	321,124			880,381	593,794
Other Receivables		717,752	47,061				764,813	395,800
Total Assets		$13,108,412	1,476,725	3,385,038	220,278	606,761	18,797,214	23,281,159
LIABILITIES & FUND BALANCES
Liabilities:
Cash Overdraft								42,076
Accounts Payable		$3,174,638	49,157	339,622			3,563,417	2,513,519
Intergovernmental - Accounts Payable			44,720				44,720	35,820
Other Liabilities		527,620	209,952				737,572	879,633
Interfund Payable		38,024		126,500			164,524	227,763
Deferred Revenue			1,172,896				1,172,896	1,159,721
Total Liabilities		3,740,282	1,476,725	466,122			5,683,129	4,858,532
Fund Balances:
Reserved for:
Encumbrances		1,633,079		2,896,560			4,529,639	9,451,218
Capital Reserve Account
Excess Surplus		1,329,181					1,329,181	1,177,310
Excess Surplus Designated
for Subsequent Year		1,177,310			93,778		1,271,088
Excess 2005-2006 Per S1701		1,000,000					1,000,000	1,000,000
I.B.N.R.		2,031,900					2,031,900	1,721,700
								EXHIBIT B-1
								(Page 2 of 2)
MIDDLETOWN TOWNSHIP BOARD OF EDUCATION
COMBINED BALANCE SHEET
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2005
(With Comparative Totals for June 30, 2004)
							TOTALS
			SPECIAL	CAPITAL	DEBT		(MEMORANDUM ONLY)
		GENERAL	REVENUE	PROJECTS	SERVICE	PERMANENT	JUNE 30,	JUNE 30,
LIABILITIES & FUND BALANCES		FUND	FUND	FUND	FUND	FUND	2005	2004
Fund Balances (continued):
Unreserved - Reported in:
Unrestricted - Designated for
Subsequent Year's Expenditures		413,415					413,415	1,836,490
General Fund		1,783,245					1,783,245	1,873,603
Debt Service Fund					126,500		126,500	168,778
Capital Projects Fund				22,356			22,356	574,625
Permanent Fund						606,761	606,761	618,903
Total Fund Balances		9,368,130		2,918,916	220,278	606,761	13,114,085	18,422,627
Total Liabilities & Fund Balances		$13,108,412	1,476,725	3,385,038	220,278	606,761
		Amounts reported for governmental activities in the statement of
		net assets (A-1) are different because:
		Capital assets used in governmental activities are not financial
		resources and therefore are not reported in the funds.  The cost
		of the assets is $140,200,450 and the accumulated depreciation
		is $32,463,629.					107,736,821	102,963,067
		Accrued interest payable is not recorded in the fund financial
		due to the fact that payable is not due in the current period.					(3,048,365)	(3,059,550)
		Long-term liabilities, including bonds payable, are not due and
		payable in the current period and therefore are not reported as
		liabilities in the funds (see Illustrative Note 6)					(91,513,238)	(95,048,882)
		Net assets of Governmental Activities					$26,289,303	23,277,262
See Accompanying Notes to Financial Statements