The State is considering lending the Lakewood School District $10,000,000 to help cover the current deficit, sources have told TLS.
As earlier reported, the approximate 15 million dollar deficit has forced the District to cut programs and threaten the jobs of approximately 140 staff members.
Education attorney Michael Inzelbuch when contacted says sources have confirmed this possibility, and though it’s an immediate relief, it’s not too much cause for long lasting celebration.
“Thank you to all, and especially to those who continue to fight for Lakewood public schools even though their children don’t attend. However, why wasn’t this done earlier to save a lot of grief to our dedicated public staff?” asked Inzelbuch.
“Also, what I understand, is that when you borrow money you have to pay it back. The only ones who have to pay it back are the taxpayers who are already saddled with millions of precious loans.”
As Inzelbuch mentioned on numerous occasions, the real answer is to correct the broken system – not try and bandage it.
“Enough of the gimmicks,” says Inzelbuch. “The state needs to be sued. We don’t need loans, or gifts. We need the formula to be changed. Take them to court. It’s the only way the State learns.”
Ya….So who exactly is paying back this “loan”??? Every taxpayer in Lakewood!! Ridiculous.
Loans are no good. Period.
This is just another way for the state to kick the can down the road. It accomplishes absolutely nothing and just puts us the taxpayers deeper and deeper in debt. Fix the flippin system that charges us so much taxes but gives us almost nothing back, and stop saddling us with debt which in reality should be your headache
Take the State to court!!!
You can’t take a loan that you can’t pay back!
This Board of Education is responsible for educating our youth. How can you teach irresponsible behavior like borrowing without the ability to pay back??? What kind of education would that be?
Loans are no good. The state has to pay its FAIR SHARE!! This is a state education formula that’s the problem not a board of education budget problem. SAY YES TO LAKEWOOD BOARD OF EDUCATION and NO TO IRRESPONSIBLE STATE EDUCATION!
Don’t take the loan. It’s a poison pill.
March down in Trenton to change the formula.
This is poison. We will not be able to get out of the debt.
It’s like the person the has credit card debt that continues borrowing.
Just one step on the way to a state takeover.
I would NEVER take a loan, I have no way of paying back!!!
Run government like a business!
No “normal” business would ever borrow, with no way to pay it back!
Sue for the last 10 years this is going on for. And return the money to the taxpayers.
Great idea this credit card is maxed out lets get another credit card and max that one out too!
So if we don’t pay back does Lakewood foreclose?
So this is good news. We get more money to continue to increas Debt Next year. Micheal how about following up your comment and start the suit against the state by putting your comments to legal use
This is a horrible idea. It is a way for them to bypass the 2% property tax cap.
So they can’t force us to raise taxes over 2%, so they will force Lakewood taxpayers to take a $10 million loan.
The loan will become the responsibility of the Lakewood taxpayer. So when the cap is ever lifted, taxpayers will get slammed with a massive tax hike.
If the cap is not lifted, the School District will be forced to default on the loan.
This is a scam by the state to coverup the fact that they are under funding Lakewood, do not fall for it.
Since we just returned about 10 million $… they now have an extra 10 million sitting around to “lend” us…
don’t fall for it. They are just trying to avoid the real issue blowing up – the funding formula… just see how much they are giving asbury park, Newark, Trenton, Camden etc.
Sigh. Take responsibility for your own debt.