Lakeland Community College….They need more money….really?

A .4 mill levy to fund a $40 million Bond Levy for further expansion is on the November ballot.

To the Lakeland Board of Trustees:

We give you credit for having the chutzpah to ask Lake County taxpayers for more money.  We ask: “Do you really care that you are pricing seniors and those living on fixed incomes out of their homes that they have worked all their lives to achieve?  Or, are you more concerned about being politically correct and ensuring that illegal aliens have cheaper tuition rates than U.S. citizens?  Was it really necessary to double your fees on the early college credit program that put a financial burden on local public schools?  Why should we give you more money, when you have been so irresponsible with what you have received to date?  So spare us the deceptive rhetoric that you are looking out for Lake County taxpayers. ”

To the taxpayers of Lake County:

Lakeland Community College has benefited from a 94.7% increase in real estate taxes collected from Lake County taxpayers from 2008 to 2018.   In 2008, their real estate tax revenue from Lake County taxpayers was $10,474,423.27, and in 2018 it increased to $20,393,677.45. That equates to an increase of $9,919,254.18.  Here is a schedule of the comparison of taxes collected from each taxing district in Lake County as provided to us by the Lake County Auditor.

Comparison of Lakeland Community College RE Taxes Billed 2018 vs 2008

Here is Lakeland’s Condensed Statements of Revenues, Expenses, and Changes in Net Position for 2015, 2016, 2017.  We are not impressed with their financial performance. Even with all the State, Federal and local real estate tax money, they lost $1,610,706 in 2017, and they are “under water” in their Net Position – – meaning they do not have enough money to pay all their short and long-term debt.

Lakeland’s Condensed Statements

Here is their Balance Sheet for 2016 and 2017…….they should be more than a little embarrassed…

LCC Balance Sheet 6-30-17

Please note their $97,645,117 in Pension liabilities yet to be paid…….when we compare that to their ($69,812,326) negative in Net Position that tells us that they have a huge unfunded pension liability.  Guess who will be paying that bill when it comes due……that is right,……we the taxpayers.

Please note the $80,140,492 in Debt Payable…they really know how to spend other peoples’ money.

They even account for $757,553 yet to be paid for compensated employee absences…….

Lake County taxpayers……please, please wake up to the deception that is being thrust upon us by the Board of Trustees at the Lakeland Community College.  All we see are tax and spend bureaucrats, that do not care about the seniors in this community, and have demonstrated a serious lack of fiscal responsibility.

Vote NO on the Lakeland Levy in November.

 

 



Categories: Lake County, Lake County, Ohio Real Estate Taxes, Real Estate Taxes, State of Ohio & Lake County Schools, Tax Levies

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