Lakewood could owe 140 Million in loans, BOE Reluctantly accepts Budget, Taxes raised to the Max

Last night the board accepted the proposed budget and it  will be sent to the county and state for final approval after a public hearing in May, 2020. The school budget increased by $32 Million dollars from last year up 18% for a total of $204,266,868, from $172,492,195.
Lakewood property owners will pay an average of $150 more after the district taxed to the maximum allowed of 3%.

Included in the budget is a loan request for a whopping $61 million dollars. Lakewood already owes the state $80 million dollars in loans that have to be repaid and now are asking for an additional 61 million which means to put it bluntly Lakewood Taxpayers will owe the state $140 million dollars!!!!

The board members initially voted no on the budget hoping that the state monitor would override and approve but he said he will not do so this time and left it up to the board. District officials including the board attorney instructed the board members that they must pass some part of the budget in order to start the process. In the end the board voted for it with contingencies that they do not approve the loan and the state must kick in with aid to pay for mandated services. Officials acknowledged the craziness of kicking the can down the road if this would be a business they would have gone bankrupt. They mentioned the ongoing lawsuit of Aaron Lang that can hopefuly increase state aid to Lakewood

The 30 million expenses that went up from last year includes additional $7 million for Schi school
another Million for custodial workers after they unionized
payroll is going up 10% another 5 million because the district is giving raises of 3.5% and new hires.
professional services goes up 1 million which includes legal architectural services
Charter school is up to 5.7 Million
172,492,195 to


the loan 83 million loan town owes 80 million dollars to the state in projected loans of 139 million dollars  204 this is unsustainable  and could bankrupt based upon information $100 assessed at increase on the average home assessed at 332k
boe raises property taxto the max of 2.94%