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Article 70 - Taxation and Finance
| Section 70.1 | Tax Exemption for the Elderly |
| Section 70.2 | Budget Transfers |
| Section 70.3 | Petty Cash Fund |
| Section 70.4 | Cash in School Buildings |
| Section 70.5 | Student Awards and Scholarships |
Article 70
TAXATION AND FINANCE
Adopted 8/22/02
Section 70.1 Tax Exemption for the Elderly
(A) Real property owned by one or more persons each of whom is 65 years of age or over, or real property owned by a husband and wife one of whom is 65 years of age or over, shall be exempt from taxation pursuant to RPTL Section 467 in accordance with the following schedule:
|
Valuation Exempt from Annual Income |
Percentage of Assessed Taxation |
|
less than $20,499.99 |
50% |
|
$20,500 or more, but less than $21,499.99 |
45% |
|
$21,500 or more, but less than $22,499.99 |
40% |
|
$22,500 or more, but less than $23,499.99 |
35% |
|
$23,500 or more, but less than $24,399.99 |
30% |
|
$24,400 or more, but less than $25,299.99 |
25% |
|
$25,300 or more, but less than $26,199.99 |
20% |
|
$26,200 or more, but less than $27,099.00 |
15% |
|
$27,100 or more, but less than $27,999.00 |
10% |
|
$28,000 or more, but less than 28,899.99 |
5% |
(B) The exemption provided in paragraph (A) above, once granted, shall not be rescinded, reduced or otherwise affected for real property:
(1) owned by a husband and wife solely because of the death of the older spouse so long as the surviving spouse is at least sixty-two (62) years of age; or
(2) which is the residence of a child who is attending a public school of elementary or secondary education.
A. The Superintendent is authorized to make budget transfers, without prior board approval, of up to $3,000 per transfer, including transfers to/from the special aid fund and school lunch fund, but excluding salary accounts. Such transfers shall be made using an approved budget transfer form and reported quarterly to the Board.
B. All other transfers must be approved by the Board of Education prior to the transfer being made.
A. The Board of Education shall authorize the establishment and use of petty cash funds by resolution.
B. A petty cash fund shall be maintained in the District office and in each school building.
C. No petty cash funds shall be disbursed or expended except upon submission of an itemized statement of expenditures together with substantiating receipts, as well as audit and approval thereof.
Section 70.4 Cash in School Buildings
A. Only small amounts of money shall be held in the vault in the main office of each District school building, and access to such vaults shall be limited solely to personnel designated by the building administrator.
B. All funds, whether District or extra-classroom funds, shall be deposited prior to close of school each week.
C. Under no circumstances shall cash be left in classroom areas or desks. The District will not be responsible for funds left unprotected.
Section 70.5 Student Awards and Scholarships
The District shall hold gifts, grants, bequests and legacies given or bequeathed for student awards and scholarships in trust. Such funds shall be deposited in the Trust and Agency account, and the principal and/or accrued interest and proceeds thereof shall be applied and expended solely in accordance with the instruction(s) of the donors and the District procedures.