By Brian Massie, A Watchman on the Wall
We reviewed the latest Lakeland Community College’s financial statements and had our questions answered by Mr. David Cummins, Treasurer of the College.
1. Was the $14,670,463 reported as revenue from “Fixed Asset Acquisition” from the sale of the Holden Building across from the college on Rt. 306?
Answer: No, most of this reflects the investment in the E-Building addition and renovation funded by State Capital funds and a US Department of Commerce grant.
2. Can you please provide details on the $1,382,757 in revenue from “Grants-Contracts-Private”.
Answer: This activity is related to private source funding and is used for a number of purposes including scholarships, donated course supplies, etc. Grant revenue is generally recognized up to the amount of the related expenditures, with the balance remaining in Deferred Income. The total amount is made up of nearly 200 sources ranging from under $100 to nearly $100,000.
3. Why was $1,000,000 transferred from the General Fund to the Physical Plant Fund?
Answer: As part of the College’s operating budget funds are transferred from the General Operating fund to the Unrestricted Plant fund to pay for facilities repairs and improvements as well as capitalized equipment and investments in Technology.
4. There was a credit in the Bad Debt Expense of $551,367. Can you provide details on that reversal of expenses.
Answer: Based on advice from our auditors the College changed how it records deferred income related to student tuition and fees charged for a future term (beyond the current fiscal year), for which no payment had been received by fiscal year end. This change resulted in a reduction in accounts receivable and a related reduction in the allowance for doubtful accounts.
5. The property taxes from Lake County taxpayers continues to increase. Can you please let me know what the property revenues were 5 years ago?
Answer: Local Appropriations equaled $20.8 million in FY 20; the amount for FY 25 was $21.5 million.
When we see $21.5 million being paid by Lake County taxpayers for an institution that is overbuilt for the needs of the community, a declining enrollment, and duplication of service offerings by Willoughby-Eastlake schools, and Auburn Career Center, we realize that former Lake County Commissioner Ron Young was correct in his assessment of the two top priorities of government.
We have stated many times that there are no checks and balances in our government. Commissioners appoint citizens to the board, and think that their job is done. Citizens that get appointed to a taxing authority’s board are only concerned about the welfare of the entity and fail to step back and assess the financial impact on the citizens.
Citizens are also culpable when they go to the ballot box thinking that officials are looking out for their best interests, and do not realize the financial impact supporting continuous (forever) or long-term property tax levies. Taxing authorities are not held accountable for any waste, fraud or abuse of the taxpayers’ money.
We ask who is looking out for the taxpayers at the State level? Here is one official that is not:
Look for our survey results to be published soon. We will let everyone know how the legislators responded to our question about signing the petition to abolish Ohio property taxes. We want to be sure to let you know who are the socialists and who are those that support freedom and liberty.
Categories: Community Activism, Lake, Lakeland Community College