2008-09 proposal has lowest percent spending increase in three years

$146 million budget carries 3.69% tax increase

MAY 20, 20082008-09 BUDGET VOTE

continued on page 2

Second proposition seeks authorization to replace aging buses

Prop

ositi

ons

Resolution 1: 2008-09 Budget $146,134,394Projected tax rate increase: 3.69%Spending increase: $8,178,405Spending increase percent 5.93%

Resolution 2: Replace aging buses $1,328,000Reimbursed by state aid (65.6%) $871,168Cost to local taxpayers (plus accumulated interest) $456,832

Projected tax rate increase: (percent) 0.1% Term: 5 years (tax increase does not take effect until 2009-10)

Keeping in mind that people are struggling with the increase in the cost of food and gas, the board of educa-tion is proposing a budget that carries the lowest spending increase in the past three years.

There has been a serious, ongoing ef-fort by the board of education and ad-ministration to take steps to curb spend-ing, reducing it every year for the past three years.

On May 20, resi-dents will vote on a $146 million budget.If approved, it would have a projected 3.69% tax increase.

Reductions of $1.5 million were made to the first draft of the budget in an effort

to be mindful of the cur-rent economic situation and reduce the impact on taxpayers.

Despite this, district of-ficials were able to main-tain all current programs and services and include new funding for a few key program inititiatives.

As part of the effort to streamline budgeting and potentially contain costs over time, the district changed to a new ac-count coding structure that allows for more transparency and greater

ease and effective-ness in monitoring and managing the use of funds.

What’s new in the budget?There were more

than $4.6 million in new requests for equipment, repairs, personnel, supplies and instructional media. The district administration priori-tized these requests, paired them

The bus replacement proposition would cost $1.3 million of which $871,168 (65.6%) would be reimbursed from state aid.

In an ongoing effort to keep the bus fleet in safe working order and decrease maintenance costs, the district is asking for community approval to purchase:•thirteen20-passenger

vans•two7-passengersub-

urbans•six 66-passenger buses•oneindustrialfour-

wheel loaderThe proposition

would be bonded over 5 years and carry a one tenth of one percent (0.1%) tax increase that would not take effect until 2009-10.

Kids are runners too!Created to help encourage children to live a healthy lifestyle, Kids Are Runners Too! (KART) is a five week program designed for elementary students that focuses on daily exercise, proper hydration and healthy nutrition. Over the course of the five-week program, each student will run or walk a half marathon (13.1 miles) at a pace of either a quarter or a half mile at a time per day. To kick off the program at Arongen, students were introduced to KART and then walked or ran their first mile of the half marathon physical fitness program.

Visit Shen’s Web site at www.shenet.org

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Budget story, continued from page 1 .....

down and included only $1.15 million in the pro-posed budget. To help offset some of these costs, district officials made some reductions to the base budget.

Student program enhancementsThe proposed budget funds:

•Amulti-yearphase-inofaFreshman Seminar Model that focuses on developmentally-appro-priate, transitional activities for students and takes advantage of the uniqueness of having a 9th grade building.

•ThesecondyearofthehighschoolAlternative Education Program, strengthening support for students at risk of dropping out, enabling that program to accommodate twice the number of students who are in need of additional interven-tion.

•ArestructuringoftheLOTE (Languages Other Than English) Program at the middle school, enabling students to test for proficiency at the end of 8th grade.

•Expandingthegr. 6 Technology Program from 10 weeks to 20 weeks to include instruc-tion about cyber safety, on-line protocols, evalu-ating on-line resources and keyboarding skills.

•AnewMath-Science-Technology (MST) Academy- an integrated multi-disciplinary pro-gram that provides a rich, project-based instruc-tional experience for students in high school.

•ThefirstphaseofrecommendationsfromtheDistrict Instructional Technology Integra-tion Committee to allow students and teachers to use cutting edge technology to improve criti-cal thinking, as well as to better manage, ana-lyze and use data and key information.

•ImplementationofarevampedAcademic In-tervention Services (AIS) model at the el-ementary level, focusing on the degree or types of services and their alignment with the unique needs of students.

•AddressingunanticipatedSpecial Education Services needs at the elementary level and providing direct science instruction to self-con-tained students at the middle school.

Health and safetyThe proposed budget funds:

•Newmeasurestoappropriatelymonitorthe

entrances to school buildings, particularly at the middle schools, Okte and Chango.

•Additional nursing and athletic training ser-vices to help ensure appropriate coverage in buildings, on field trips and at sporting events.

Furniture, supplies, equipment and facilitiesThe budget funds:

•Graphingcalculatorsasrequiredbythestate.

•Astandardizedlistofdistrict-supplieditemsfor every classroom, reducing variations across schools and the amount of supplies parents have to purchase at the beginning of the year.

•Thereplacementplansforclassroomfurni-ture/equipment.

•Thecontinuationofthefive-yeartextbookreplacement plan.

•Thefirstphaseofoperatingcostsrelatedtothe opening of the aquatics center-swim-ming pool.“People are nervous about the state of the

economy and the impact is felt every time they go to the gas pumps or check out at the grocery store,” said L. Oliver Robinson, su-perintendent. “But the most significant in-vestment we can make as a community is an investment in our schools and the future of our children.”

“With this in mind, we prioritized new spending requests and only included those that were the most essential to the education-al program.”

RevenuesOn the revenue side of the budget, district

officials took a more-than-usual, conservative approach to estimating property assessment growth. The goal is to ensure that there were “no surprises” in August when the tax levy is set. This is particularly important now with the housing crisis and the potential fall of property values.

“We would rather play it safe and be able to continue telling people in August that the tax rate is lower than we projected,” Robinson said.

The actual true value tax rate is typically lower than projected once all the pieces are finalized over the summer.

2008-09 BUDGET VOTE • TUESDAY, MAY 20TH • 7 a.m. - 9 p.m. • Gowana Gymnasium

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Three candidates vie for two seats on school boardTwo of the seven seats on the Board of Education are up for election. The two candidates receiving the highest number of votes will each serve a three-year term commencing July 1, 2008. Board members serve without pay.

Mary Blaauboer of 1 Balbina Lane, Clifton Park, is seeking her first term on the Board of Education. She is the former director of personnel at The College of Saint Rose. She has a bachelors degree in public administration with a minor in human resource management from Stonehill College in Massachusetts and additional coursework towards a Certified Employee Benefits Specialist (CEBS). She and her husband, Jim, have two

children: a gr. 6 student at Acadia and a gr. 5 student at Skano.

Erin Wallace of 10 Tanglewood Dr., Ballston Lake, is seeking her first term on the Board of Education. She is currently a stay-at-home mom who has worked as an ESL tutor for students in the Migrant Student Education Program and has taught Spanish at various age levels. She has a bachelors degree in Spanish language and literature and secondary education from Portland State University. She has taken

post-graduate classes in secondary education and gifted education. She and her husband, Daniel, have two children: a grade-6 student at Woodland Hill Montessori and a kindergarten student at Shenendehowa.

Mary Wiggins, P.O. Box 4488, of Clifton Park, is seeking her second term on the Board of Education. She is a domestic engineer with a bachelors degree in computer information systems and a masters in business administration from The College of Saint Rose. She and her husband Timothy have three children: two have graduated from Shenendehowa and one is a senior at Shenendehowa High School.

WHAT DOES $146 MILLION BUY?

•Ahighschoolprogramthathasmorethan90% of its students graduating with a Regents diploma.

•Textbooksinmosteverysubjectareaformorethan 9,600 students.

•Thousandsofbooksandelectronicresourcesavailable to students and staff in the libraries.

•Services/programsformorethan1,200stu-dents with special needs.

•Extendeddaykindergartentosupporttheyoungest, struggling students.

•Academicinterventionservicesatalllevelstohelp students meet the state standards.

•Awealthofprogramsandexposureatvariouslevels in foreign language, music, art, technol-ogy, physical education, health and business.

•Transportationcapacityforall9,600students.•Professionalnursingandcounselingservices

in every building.•Transportation,textbooksandhealthservices

for private/parochial students as required by law.

•Awidevarietyofaccelerationoptionsforgifted students at elementary and secondary level.

•Enrichmentprogramstobetterprovideop-portunities for gifted elementary and middle school students.

•ASummerAcademytohelpstudentsretainwhat they learned during the school year.

•Summerschoolforstudentsinhighschool.•In-schoolcomputeraccessformorethan9,600

students and 800 faculty members. Provides students and staff remote access to the dis-trict’s network from home.

•Interscholasticathleticsinvolvingmorethan1,800 students in 34 sports for boys/girls.

•Musicalperformingartsinvolvingmorethan 3,300 students in more than 60 musical groups.

•Communityeducationprogramforresidents,and use of facilities by community groups.

•Maintenanceandupkeepofmorethanonemillion square feet of facilities and 357 acres of grounds.

Visit Shen’s Web site at www.shenet.org 2008-09 BUDGET VOTE • TUESDAY, MAY 20TH • 7 a.m. - 9 p.m. • Gowana Gymnasium

Visit Shen’s Web site at www.shenet.org

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• Problem #3 “The Wonderful Muses” Div. II from the middle and elementary level. The team members were: Charlee Strangia, Michaela Strangia, Bryant Strangia, Sarrah Essa, Natalie Mayo.The coaches were Maureen Strangia, a parent and Diane Betzwieser, academic adminsitrator for 6-8 science.

• Problem #4 “Tee Structure” Div. II from the middle school. The team members were: Matthew Rudge, Howon Lee, Jonathan Schmidt, David Luo, Troy Wang. The coaches were Susan Alexander, an 8th grade science teacher from Acadia Middle School and Diane Betzwieser, academic adminsitrator for 6-8 science.

• Problem #5 “The Eccentrics” Div. II from the middle school. The team members were: Catherine Coffey, Stephanie Pogoda, Katie Pogoda, Ellen Nevers, Kate Bailie, Jessica Schmid. The coaches were Susan Alexander, an 8th grade science teacher, and Deborah Gwinn, an 8th grade math teacher from Acadia Middle School.

• Problem #5 “The Eccentrics” Div.III from High School East. The team members were: Laura Duclos, Sarah Bassett, Shannon Luibrand, Emma Huneck, Jennifer Harfmann, Caitlin Johnson, Kerry McDermott. The coaches were Mary Duclos, a parent and Diane Betzwieser, academic adminsitrator for 6-8 science.

In March, Shenendehowa students came in third in the Regional Science Bowl at the GE Global Research Center. Their record was nine wins and one loss. The team members were: Michael McCabe, Michael Kurland, Vivian Chen, Samhita Bhat and Ian Butler. Congratulations to them for their hard work and great success.

Three Shenendehowa middle school students were among the 100 finalists to qualify for the New York State Championship of the National Geographic Bee. The finalists from Shen were: Marcel Garbos, 7th Grade at Acadia; Dan Lemire, 7th Grade at Gowana; and Nate Bulman, 7th Grade at Koda.

Sixth-grade student Anthony Segreto made it to the final round in the Capital Region Spelling Bee.

Projected tax impact on the average homeownerThe following chart illustrates the approximate tax impact on a $100,000 home in each town. These figures are based on estimated assessment values* (2007-08 values increased by 1%) and the prior year’s equalization rates* which are subject to change. It is also based on the same STAR and Enhanced STAR exemptions as 2007/08. The final data is not available to the district until July/August, prior to setting the tax levy and printing the tax bills.

Tax bills listed below are based on house assessed at $100,000. These are only estimates and will not be finalized until August.

*Assessments are determined by the towns. Equalization rates are established by the state and used to determine the percentage of the total tax levy each town must pay.

Actual Estimated Avg. Estimated Avg. 2008-09 Avg. 2008-09 Avg. 2007-08 Increase on Avg. 2008-09 Tax Bill Tax Bill After Town Tax Bill 2008-09 Tax Bill Tax Bill After STAR Enhanced STAR

Clifton Park $2,721 $100 $2,821 $2,187 $1,620

Halfmoon $2,627 $97 $2,724 $2,112 $1,564

Malta $1,954 $72 $2,026 $1,372 $787

Waterford $4,549 $167 $4,716 $4,128 $3,603

Ballston $1,732 $63 $1,795 $1,124 $524

Stillwater $1,638 $61 $1,699 $1,031 $434

2008-09 BUDGET VOTE • TUESDAY, MAY 20TH • 7 a.m. - 9 p.m. • Gowana Gymnasium

In March, students from Acadia Middle School competed at the State Museum in the Regional National History Day Contest. The following Acadia students finished in the top three spots of their categories and went to the next level of competition, the New York State History Day Contest in Cooperstown in May.• Erin Burns, Second Place - Junior Individual Documentary• Zhoa Shi, Second Place - Junior Historic Research Paper• Krissy Donohue and Jenny Appel, Second Place - Junior Group Performance• Erin Luibrand, Ali Proctor, Shelby Hoehne, Celine Laiacona, Third Place -

Junior Group Performance

In March, the Odyssey of the Mind competition took place at Ballston Spa Central School District and the following students competed:

• Problem #1 “Odyssey Road Rally” Div II from the middle school level. The team members were: Nicolas Vigilante, Frederick Wang, Luoxiao Li, Adam Gerstenberger, Paul Daniels, Brian Amaratunga, Stephen Demos. The coach was Joseph Sliwinski., an 8th grade science teacher from Koda Middle School.

• Problem #1 “Odyssey Road Rally” Div III from High School East. The team members were: Michael Hickey, Brian Bishop, Christopher Milczarek, Andrew Gibson and Ryan Costanza. The coach was David Reynolds, a 10th grade science teacher from High School East. This team will be going on to the state competition in Binghamton.

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Program Budget: 75.2% of Total Budget Budgeted Projected 07-08 08-09Instruction $65,463,489 69,516,564Pupil Transportation 7,949,943 8,193,894CentralSvc&LegalCosts 2,035,611 1,642,426In-service Training 477,910 489,158CommunityService 22,600 25,100Transfers 185,000 185,000EmployeeBenefits 27,837,492 29,836,354TOTAL $103,972,045 $109,888,496

Administrative Budget:8.3% of BudgetBoardofEducation $45,700 $56,000Central Administration 384,927 400,555Finance 898,821 941,361Personnel/Records Mgmt 356,845 384,828CentralSvc&LegalCosts 1,253,699 1,542,426Insurance 737,700 767,210Public Information 162,075 173,736Curriculum Development 361,817 355,750SchoolSupervision 5,228,436 5,562,884Research/Evaluation/Planning 526,996 554,416EmployeeBenefits 1,280,963 1,368,388TOTAL $11,237,979 $12,107,554

Capital Budget:16.5% of BudgetOperation&Maintenance $8,693,482 $9,005,569Tax Certiorari 100,000 100,000BOCESAdministration/Facilities 796,382 836,193DebtService-Building/Buses 11,015,000 12,315,000EmployeeBenefits 1,791,101 1,881,582Unclassified 350,000 0TOTAL $22,745,965 $24,138,344

Proposed 2008-09 Expenditures

State Aid: 31.2% of Total BudgetOperating Aid $26,603442 $28,381,097BOCESAid 2,063,814 2,341,526Building Aid 6,354,249 7,921,163Transportation Aid 6,618,373 6,957,175TOTAL $41,639,878 $45,600,961

Other Items: 2.0% of Total Budget Interest Income $1,100,000 $1,300,000Tuitions&Admissions 283,000 267,000Rentals,Sales,Refunds&Other 182,625 223,600Medicaid/Medicare Reimbursements 185,000 195,000PaymentsinLieuofTaxes&Interest969,973 955,000TOTAL $2,720,598 $2,940,600

Fund Balance: 1.8% of Total BudgetFund Balance $2,939,060 $2,650,000

Property Taxes: 65% of Total Budget Budgeted Projected 07-08 08-09Property Taxes $90,656,453 $94,942,833

Total Expenditures: $137,955,989 $146,134,394

Proposed 2008-09 Revenue

REMEMBER TO VOTE:May 20, 20087 a.m. to 9 p.m.Gymnasium in Gowana Middle School

Total Revenues: $137,955,989 $146,134,394

2008-09 BUDGET VOTE • TUESDAY, MAY 20TH • 7 a.m. - 9 p.m. • Gowana Gymnasium

In March, the high school held a LOTE FEST. In High School West, students prepared foods from many cultures that they shared during lunches. In addition, they presented songs, poems, Power Points, videos and displays about countries around the world. In HSE, the cafeteria prepared foods from four major culture areas for four days of LOTE week. Students prepare skits, songs and poems and videos in class or on their own and they were presented all day in the Little Theater. High School student Chris Mars was the winner of the design contest for the LOTE FEST T-shirt.

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Where are the increases/decreases in spending... and why?

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The district made $1.5 million in reduc-tions to the first draft of the budget. These include:

Elementary Schools -$329,842

Reduction in costs for Shatekon opening.

Middle Schools -$78,449

Reduction in costs for middle school addition and tri-building lab.

High School -$10,000

Reduction in costs for contracted services.

District-wide -$1,121,051

Costs for out-of-district tuition, home tutoring, consultant services, land purchase, energy performance contract services, software, expansion of computer network facility, teachers and employees retirement systems.

Operations and Maintenance -$30,000

Reduction in costs for cleaner overtime.

Expanded programs $1,150,181Middle Schools $298,889

This includes funds for two LOTE teachers, one technology teacher, a part-time science and 2.5 monitors.

Math Science Technology Academy $70,018

This includes funds for a part-time science, math and technology teacher and classroom supplies.

Freshmen Seminar $83,903

This includes funds for a lead teacher and supplies.

Total Cost Reductions $1,569,342

SummaryMaintaining Programs/Svc: $8,597,566

Expanding Programs/Svc: $1,150,181

Reductions: -$1,569,342

Total $8,178,405

2008-09 BUDGET VOTE • TUESDAY, MAY 20TH • 7 a.m. - 9 p.m. • Gowana Gymnasium

Maintaining current programs and services $8,597,566Base budget $5,913,519

This includes contractual increases as well as increased costs for benefits for existing employees, insurance, non-public students, special education, student enrollment growth, etc.

Elementary Schools $367,169

This includes funds for two new elementary teachers, two AIS teachers, a special education teacher, a literacy specialist and sci-ence materials.

Middle Schools $52,535

This includes funds for a part-time math teacher, health teacher and speech pathologist.

Alternative Education $143,930

This includes funds for a part-time science, math, social studies and English teacher, a monitor and contracted services.

District-wide $604,459

This includes funds for high school and middle school calculators, substitutes, contracted services, financial audit, copy paper., ad-ditional special education and technology services from BOCES.

Facilities and Operations $215,954

This includes repair contracts, increase in gasoline for transporta-tion, rental charges, etc.

Debt Service $1,300,000

This includes funds for debt service related to the new facilities that opened this year (Shatekon, transportation, middle school classrooms) and the new pool.

High School $189,346

This includes funds for a part-time science, math, social studies, Eng-lish and physical education teacher to address enrollment increases, one monitor to address safety and a high school program audit to assess effectiveness of course offerings.

District-wide $178,657

This includes funds for one floating substitute nurse, one athletic trainer, textbooks, and staff development.

Facilities and Operations $329,368

This includes funds for one energy management coordinator, equip-ment to videotape board meetings, preparing to open the pool (an aquatic director to be hired in March and a maintenance person to be hired in January), an increase in gasoline and utilities, debt service, etc.

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* A contingency budget is limited by law to a growth cap of 120% of the Consumer Price Index (CPI) or 4%, whichever is less, excluding certain budget categories. In addition to this limitation, the administrative component of a contingency budget may not comprise a greater percentage of the contingency budget than the lesser of the administrative component percentage in the prior year’s budget or the administrative component percentage in the last defeated budget presented for the upcoming year.

Basic STAR Exemption Impact

Estimated Basic STAR Exemption savings based on a hypothetical home within the school district with a full value assessment* of one hundred thousand dollars ($100,000), based on the estimated full value tax rates.

Budget adopted for the Budget proposed for the 2007-08 school year 2008-09 school year

Full Value Tax Rate $15.237675 $15.800135

Basic STAR Tax Savings $457 $474

School Tax Increase $55 $56

Net basic STAR tax savings $402 $418

Calculations are based on a hypothetical home’s full value assessment, which equalizes assessment values across townships within district boundaries, but may not be the same as a home’s assessed value used in generating the tax bill. STAR exemptions based on 2007-08 school tax levy year.

The annual budget vote for the fiscal year 2008-09 by the qualified voters of the Shenendehowa Central School District, Saratoga County, New York, will be held in the gymnasium at Gowana Middle School in said district on Tuesday, May 20, 2008, between the hours of 7:00 a.m. and 9:00 p.m., prevailing time, at which time the polls will be opened to vote by voting ballot or machine.

Overall budget proposal

Never voted in a district election?It is easy to vote in a school district election. No preregistration is required. The vote is held on the main campus located off of Route 146 at the gymnasium located in Gowana Middle School. Election inspectors are on site to help answer any questions you may have about the voting process.In the past, residents have expressed concern that parking has been difficult. The district is in the process

of looking at procedures to help residents get in and out of the polls as quickly and efficiently as possible.If you are going to be out of town or you are not able to go to the voting place, you can vote by absentee ballot by calling the district clerk’s office at 881-0623.By law, absentee ballots are mailed to any resident who is disabled. If you are disabled and did not receive one, please call the district clerk’s office.

State-required School District Budget NoticeState law requires school districts to distribute this state-designed budget notice to district residents after the public hearing, but no later than six days prior to the school budget vote.

Budget adopted Budget proposed Contingency budget for the 2007-08 for the 2008-09 for the 2008-09 school year school year school year*

Total budgeted amount $137,955,989 $146,134,394 $143,531,286

Increase/decrease for the 2007-08 school year $8,178,405 $5,575,297

Percentage increase/decrease in each proposed budget 5.9% 4.0%

Change in the consumer price index 3.36%

Resulting estimated property tax levy for 2007-08 $94,942,833 $92,339,725

Administrative component $11,237,979 $12,107,554 $11,692,146

Program component $103,972,045 $109,888,496 $108,173,929

Capital component $22,745,965 $24,138,344 $23,665,211

2008-09 BUDGET VOTE • TUESDAY, MAY 20TH • 7 a.m. - 9 p.m. • Gowana Gymnasium

Board of Education

William Casey, PresidentJanet Grey, Vice PresidentSharon BowlesGary DiLalloCharles HuffRick MincherMary Wiggins

Superintendent: Dr. L. Oliver Robinson

Editor: Kelly DeFeciani

Produced in cooperation with the Capital Region BOCES Communications Service

Non-Profit Org.U.S. Postage

PAIDPermit No. 1

Clifton Park, NYCENTRAL SCHOOL DISTRICT OFFICES

5 Chelsea Place CliftonPark,NY12065 Telephone: 518/881-0600

POSTALCUSTOMERShenendehowaCentralSchoolDistrict

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The Shenendehowa PTA Council will be hosting a Giffy’s BBQ to coincide with the budget vote on May 20th. You may pre-order your dinner either from your children’s school or directly from Council. The cost is $8.00 for a ½ chicken dinner and you may pick up your order from 4-7pm at the side yard between Gowana & Acadia. To place an order, go to www.shenet.org, download the form and then drop it off at the H.S. East North Main office addressed to the PTSA. This dinner is being offered as a PTA Council service and is NOT a fundraiser.

When/where is the vote?Tuesday, May 20, 20087 a.m to 9 p.m.The gymnasium in Gowana Middle School on the main campus, Rt. 146

Who can vote?YouareentitledtovoteifyouareaU.S.citizen,18years or older and have been a district resident for at least30dayspriortothevote.Nopreregistrationisrequired. Personal identification is required.

Can’t get to the polls?Absentee ballots can be used by any resident who will not be available to come to the campus to vote. They are available at the district office, 5 Chelsea Place, Clifton Park. For information, call the district clerk at 881-0623.

Directions to the pollsGowanaMiddleSchoolislocatedonShenendehowa’smaincampus.EnterthecampususingtheRoute146entrance,bearleft.Gowanaisontheright.

Want more details?The complete budget complies with the regulations setbytheNewYorkStateEducationDepartmentrequiring school districts to include salary information as well as student achievement. Copies are available in the main office of each school and at the district office located at 5 Chelsea Place, Clifton Park. If you have questions, please call the superintendent’s office at 881-0611.

PROPOSITION NO. 1 - BUDGETRESOLVED: That the Board of Education of Shenendehowa Central School District is hereby authorized to expend a budgeted One Hundred Forty-six Million, One Hundred Thirty-four Thousand, Three Hundred Ninety-four Dollars ($146,134,394) during the 2008-09 school year and to levy the necessary tax therefor.

PROPOSITION NO. 2 - BUS AND MAINTENANCE PURCHASESRESOLVED: That the Board of Education of the Shenendehowa Central School District, Saratoga County, New York, is hereby authorized and directed to purchase thirteen (13) 20-passenger Type A vans, two (2) 7-passenger suburbans, six (6) 66-passenger Type C buses, and one (1) industrial four-wheel loader and expend a sum not to exceed the total maximum estimated cost of One Million Three Hundred Twenty-eight Thousand Dollars ($1,328,000) and that such sum or so much thereof as may be necessary, shall be raised by the levy of a tax to be collected in annual installments with such tax to be partially offset by state aid available therefor; and, in anticipation of such tax, debt obligations of the school district as may be necessary not to exceed such estimated maximum aggregate cost shall be issued.