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Lakewood treasurer warns of multi-year deficit spending; local taxes make up majority of operating revenue
Summary
Treasurer Roadie told the Lakewood City Schools board that personnel consumes about 82% of expenditures and recent forecasts show the district projecting multi-year deficits, relying on cash balances while per-pupil daily cost is reported at $127.
Treasurer Roadie told the Lakewood City Schools Board of Education on Tuesday that the district’s February general-fund forecast projects multi-year "deficit spending" and will draw down cash reserves unless revenue or expenditure plans change. "If we were to receive no income, how many days could we continue operations?" Roadie asked while explaining the days-cash-on-hand metric, which the presentation showed falling from about 196 to about 178 and then trending lower.
The forecast presented that local taxes account for the largest…
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