EXHIBIT B-2
							(Page 1 of 2)
MIDDLETOWN TOWNSHIP BOARD OF EDUCATION
COMBINED STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2003
(With Comparative Totals for June 30, 2002)
						TOTALS
		SPECIAL	CAPITAL	DEBT		(MEMORANDUM ONLY)
	GENERAL	REVENUE	PROJECTS	SERVICE	PERMANENT	JUNE 30,	JUNE 30,
	FUND	FUND	FUND	FUND	FUND	2003	2002
Revenues:
Local Tax Levy	$90,255,928			2,692,828		92,948,756	85,165,251
Tuition Charges	38,975					38,975	91,460
Miscellaneous	1,200,107	231,245	477,252		37,320	1,945,924	2,243,918
State Sources	24,552,708	1,121,045		1,789,736		27,463,489	26,306,182
Federal Sources	6,250	2,614,428				2,620,678	2,421,543
Total Revenues	116,053,968	3,966,718	477,252	4,482,564	37,320	125,017,822	116,228,354
Expenditures:
Current:
Regular Instruction	38,165,756	1,994,177				40,159,933	39,944,679
Special Education
Instruction	9,382,519					9,382,519	8,592,903
Other Special
Instruction	923,587					923,587	891,688
Other Instruction	1,614,825					1,614,825	1,394,955
Support Services &
Undistributed Costs:
Tuition	4,615,911					4,615,911	4,330,405
Attendance & Social
Work Services	34,565					34,565	35,774
Health Services	1,345,113					1,345,113	1,270,930
Student & Instruction
Related Services	5,622,862	1,802,373			47,550	7,472,785	7,281,060
Educational Media
Services/School
Library	815,981					815,981	406,213
Instructional Staff
Training	225,208					225,208	149,069
School Administrative
Services	2,081,821					2,081,821	2,148,577
Other Administrative
Services	4,717,627					4,717,627	4,455,680
Plant Operations &
Maintenance	10,744,536					10,744,536	9,447,790
Pupil Transportation	7,982,472					7,982,472	7,674,433
Business & Other
Support Services	1,616,816					1,616,816	1,670,100
Unallocated Benefits	20,138,946					20,138,946	15,675,270
Debt Service:
Principal				1,398,000		1,398,000	1,475,000
Interest				3,765,676		3,765,676	3,616,495
Capital Outlay	5,709,421	170,168	13,741,832			19,621,421	25,450,815
Total Expenditures	115,737,966	3,966,718	13,741,832	5,163,676	47,550	138,657,742	135,911,836
							EXHIBIT B-2
							(Page 2 of 2)
MIDDLETOWN TOWNSHIP BOARD OF EDUCATION
COMBINED STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2003
(With Comparative Totals for June 30, 2002)
						TOTALS
		SPECIAL	CAPITAL	DEBT		(MEMORANDUM ONLY)
	GENERAL	REVENUE	PROJECTS	SERVICE	PERMANENT	JUNE 30,	JUNE 30,
	FUND	FUND	FUND	FUND	FUND	2003	2002
Excess/(Deficiency) of
Revenues Over/
(Under) Expenditures	316,002		(13,264,580)	(681,112)	(10,230)	(13,639,920)	(19,683,482)
Other Financing Sources/(Uses):
Arbitrage Remittance							(1,038,958)
Bond Proceeds			10,500,000			10,500,000
Transfer to Charter
Schools	(36,485)					(36,485)	(31,160)
Increase in Capital
Reserve	4,135					4,135	200,000
I.B.N.R.	63,084					63,084	342,573
Transfers In				632,252		632,252	747,595
Transfers Out	(155,000)		(477,252)			(632,252)	(747,595)
Total Other Financing
Sources/Uses	(124,266)		10,022,748	632,252		10,530,734	(527,545)
Net Change in Fund
Balances	191,736		(3,241,832)	(48,860)	(10,230)	(3,109,186)	(20,211,027)
Fund Balance - July 1	10,132,332		16,333,749	52,778	649,376	27,168,235	47,379,262
Fund Balance - June 30	$10,324,068		13,091,917	3,918	639,146	24,059,049	27,168,235
See Accompanying Notes to Financial Statements