Lakewood BOE Sells District Buses, Recoups some of the money

Last night at the BOE Meeting it was announced that the district sold its fleet of buses for $1,121,185 at auction. The profits from the sale will go into a capital reserve surplus money for future expenses and toward any deficit in the budget.
Officials did not disclose how much the township initially spent to purchase the buses but after an audit it actually cost the township an additional $3 million per year for 3 years by purchasing busies instead of outsourcing it.
It was back in 2016 that the Lakewood BOE under the state monitor decided to purchase its own bus fleet to transport the students to school. At the time they said it was going to be a savings of $3 Million dollars a year. Fast forward 2 years and now it appears that it ended up costing an additional $3 Million dollars a year. The board hired  private auditors that determined they could save about  $8 million over 3 years by outsourcing.  So the board voted to outsource the transportation to private companies for the next 3 years, and sell its fleet of buses.