UPDATE (11:03pm): With 78% of precincts reporting, and just 43.5% of voters approving Measure T (2/3 were needed for passage), the LBUSD has released a statement acknowledging the loss of the measure. From LBUSD superintendent Chris Steinhauser:

The voters have spoken, and we respect their decision. But the fact remains that we have a $90 million hole in our budget. We have some tough decisions ahead, but we ll find a way to balance our budget and give our students the best education possible with the resources we have.

– Chris Steinhauser, Superintendent of Schools, Long Beach Unified School District

UPDATE (10:42pm): With 68% of the precincts reporting, the numbers thus far are posted below.

UPDATE (10:10pm): With 27% of the precincts reporting, the numbers thus far are posted below.

UPDATE (9:35pm): With 13% of the precincts reporting, the numbers thus far are posted below.

UPDATE (8:15pm): With 3% of precincts reporting, the numbers thus far are posted below.

UPDATE (8:00pm): District officials, teachers and supporters of Measure T tonight are meeting at the El Dorado Golf Club Restaurant on Studebaker Avenue, in guarded optimism that voters will approve the measure by a 2/3 count tonight.

“I’m hopeful,” said Teachers Association of Long Beach (TALB) President Michael Day, who said that hundreds of teachers spent the past weekend walking neighborhoods and thanking supporters. “It’s going to save 200 jobs. That means keeping good programs and good teachers for everybody. It’s a win-win for the kids and everyone involved.”

LBUSD District 4 Boardmember Jon Meyer also expressed cautious optimism.

“”I’m heartened by the responses I’ve received,” he said. “I have a lot of confidence in our community. It’s a terrible time for new taxes, but I think they see how the state has hurt us.”

The LBUSD was forced to cut more than $100 million from its budget over the next two years, and while Measure T will not cover the full extent of that loss, it will at least help the district maintain already existing jobs and programs.

“We always talk about keeping cuts away from the classroom, and this is exactly that,” he said. “It’s not a panacea, but it will help to stop the bleeding.”

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Long Beach voters face an important decision at the ballot box today, as the Long Beach Unified School District is proposing an annual $92 parcel tax – known as Measure T – that will be used to buoy a massive deficit to avoid making further cuts to services and the curriculum in the district. Measure T needs 2/3 voter approval to pass.

The tax will collect $92 from each parcel property in Long Beach per year for five years, and will be used to retain teachers and educational programs that otherwise may fall victim to budget cuts. The funds, if approved, will not be available for administrator salaries or benefits.

Opposition has claimed overspending occurred that worsened the district’s budget situation. Others have pointed to the passing of Measure K last November, although that differed because it was for infrastructure improvements in the district and allowed the district to buy $1.2 billion in bonds rather than ask taxpayers directly for the money. Today, voters will be asked to pay directly for the funds, and some have said that it’s just too much to ask for.

Long Beach is not the only district asking for help. The Los Angeles Times reports that Culver City will seek similar approval for a five-year, $96 per year tax, and Oxnard will ask for $99 per parcel per year. Public school systems across the state are looking for assistance after heavy budget cuts handed down from Sacramento.

If approved, the tax will be set aside into a separate account, and LBUSD board officials will be presented with an annual written report showing how the funds are used. The tax would begin on July 1, 2010.

There are also many ways to earn an exemption from the tax. Residents who are 65 or older, or receive Supplemental Social Security Income for a disability can submit an application for exemption. Click here to read more about exemptions.

How will you vote on Measure T?

Disclosure: staging-live.lbpost.com publisher Shaun Lumachi is a consultant to the Parents, Teachers and Taxpayers for Safer Schools – Yes on Measure T campaign.