The Lakewood School District is expected to borrow $93 million from New Jersey despite a small chance of paying it back.
Lakewood School District Expected to Borrow Again from New Jersey Due to Lack of Financial Funding
Lakewood School District will borrow $93 million from New Jersey for the nth time due to a lack of funding for the current school year despite owing millions of dollars to the state and having a small chance for Lakewood School District to pay the state back.
According to a report published in App, the Lakewood School District had reportedly suffered from financial distress due to a lack of budget provided, leaving them borrowing as the only option to fund books and other educational materials for students under the Lakewood School District.
With insufficient funding, the Lakewood School District demanded changes in the state’s funding formula to receive a sufficient budget for private and public schools and prevent them from borrowing every year; however, the Lakewood School District continued to increase salaries for its officials despite a lack of funding.
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Lakewood School District Receives Criticism for Spending More for Private School Students Than Public School Students
Following the spending issues, the Lakewood School District received criticism for allotting more budget to private schools than public schools, leading to public school education suffering from lack of funding.
While private students get better educational materials, public schools under the Lakewood School District didn’t have enough budget, NJ Education Report reported.
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