Urgent Election Message on Lakewood’s Debt
For over a decade, I’ve fought to change the school funding formula, and now I urge everyone to vote for the “Fixing the Formula” candidates for the Lakewood Board of Education, found in the top three rows of the ballot. Thanks to broad support, the court has recognized Lakewood as an underfunded district, similar to an Abbott district, which IY”H will finally bring the much-needed funding reform.
Fixing the formula will stabilize Lakewood’s finances for generations, increase funding for students, and lower transportation costs, creating opportunities and growth for the entire community.
Currently, Newark, with 54,000 K-12 students, receives $944 million in state aid, while Lakewood, with nearly the same number of students, gets only $15 million. The current formula doesn’t account for the many nonpublic students, for whom Lakewood must provide transportation and special education, costing $100 million annually.
To cover this funding gap, the BOE borrowed an additional $100 million last year, raising our debt to $300 million, three times the annual school tax levy. Without reform, debt could hit $500-$600 million by 2026, adding $50-$60 million yearly to local taxes beyond the $100 million levy.
Why does BOE representation matter? With a $400 million budget, the BOE needs members committed to fixing the formula. Unless the court waives this debt, the legislature will have to address it. We need to show Trenton and the Township that Lakewood stands united behind candidates who support reform.
Please vote for Avrohom Schubert, Mordechai Lang, and Eli Eisenbach — the “Fixing the Formula” candidates dedicated to funding reform for the benefit of our students and taxpayers.
Aaron Lang
Educator / Attorney at Law
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