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Lakewood board directs 2025–26 budget development, approves bills list and awards major legal retainer
Summary
The board directed administration to draft the 2025–26 budget with weekly status reports, approved a $9.2 million bills list and voted to award a professional services contract to its general counsel with a $600,000 annual retainer; several financial actions were noted for State Monitor review.
At its Jan. 8 meeting the Lakewood Board of Education directed the superintendent and business administrator to prepare the district's 2025–26 budget and ordered weekly electronic budget status reports beginning Jan. 10, 2025.
The board approved a warrant/bills list for Jan. 8, 2025 totaling $9,207,279.57 and authorized the Business Administrator to use state contracts and to pay bills between meetings as needed. The agenda designated several financial institutions as authorized depositories for district funds and reauthorized the qualified purchasing agent and other financial officers.
The board also approved a professional-services contract for general counsel Michael I. Inzelbuch with an annualized retainer (flat fee) of $600,000 payable in equal monthly installments of $50,000 and an hourly litigation rate ($475) for litigation services, with third-party expenses to be reimbursed in accordance with customary practices. The contract award was described in the agenda as subject to public notice compliance and identified the contract duration as July 1, 2025, through June 30, 2026. The agenda notes the total annual amount not to exceed $600,000 and required documentation and logs for litigation billing.
Other fiscal items included authorization to use competitive contracting for IDEA nonpublic programs for 2025–26, adoption of the Title II plan with carryover funds, and direction that Special Revenue funds be used only if directed in writing by the NJDOE and with reporting back to the board to ensure transparency and accountability.
Several of the budget-related resolutions and professional appointments were recorded as "under advisement" or tabled by the State Monitor for further review. The board adjourned following consent approval; routine personnel actions were also ratified.
