The Lakewood School District has been offered a $28,000,000 loan to cover its budget deficit, TLS has learned.
The news came from the State moments ago.
Last week, the Board of Education held a meeting to discuss the budget, and announce that they would not be laying off staff – despite the shortfall.
Here’s an excerpt of the State’s letter, obtained by TLS:
UPDATE: The Budget hearing – canceled for tonight – will take place during the next BOE meeting.
— The Lakewood Scoop (@LakewoodScoop) May 8, 2018
Wasn’t supposed to be a loan. Was supposed to be a grant.
A loan has to be repaid. What’s the plan for that?
We need money not loans. We have no way to pay the loan back
is this a hundred year loan……that’s how long it will take to repay it.
Not good news. The BOE should turn down the loan. $28 Million due back in 2019-20. Where do they think this money is coming from? The ‘good old Taxpayers?
Loan??? Then we need to borrow from the state to pay back the loan possibly with interest. Didn’t the new governer say education for private schools is his top thing.
The shortsightedness continues.
This puts us deeper in the hole! HELP
Lol. What a joke.
We don’t need the state to get a loan, we can go to the bank. Education should be something the government provides, not lends. Lending is what banks do; it’s business. The state should not do business with our tax dollars.
That makes a total of $47 million in loans over the last 5 budgets that the district owes the state. It now has an annual structural budget deficit of $28 million which will grow and recur annually. No state school funding formula fix will correct this situation with state aid alone with Lakewood’s fast growing development and tax base.
Stop the madness. These are at-risk children’s futures at stake.
The state needs to just work on a better formula so it can work in favor for the BOE and the state
Do Not Accept!!
Give them and us more transparency and get the funds for keeps.
Big fat NO!! No more “loans” to cover legally required education! We have been taxed to the max!
A loan is a joke. Didn’t the new governor make public school education major part of his new campaign???
Another loan and how do they expect to pay that back ?
The State monitor will overrule the BOE not accepting the loan. There is no real choice here.