Lakewood Schools $5 Million Retirement Bonanza
Posted: Mon Jan 30, 2012 10:30 am
The 2011 audit of Lakewood Public Schools has some interesting information:
http://www.auditor.state.oh.us/auditsea ... yahoga.pdf
From page 68:
"The District Board of Education has approved a TRIP for certified and classified employees. Participation was open to employees who were at least 50 years old, qualified for retirement with the years purchased by the Board and agreed to retire by the end of fiscal year 2006.
Employees who elected to participate in theTRIP will receive a payment for their unused sick leave, to the extent allowed by the current laboragreement along with a payment of 60% of their annual salary. The payment for the TRIP is paid out overa five year period.
The total liability for the TRIP at June 30, 2010 was $5,492,859 of which $1,717,379 is
due within one year and $3,775,480 is due in greater than one year. The liability is recorded in the governmental activities and the business-type activities statement of net assets as a component of “longterm liabilities”.
When school boards as for tax increases they always say it’s to “maintain services”. They never tell the whole truth. Levies are needed to pay for increases in wages, benefits and buyouts. Current services can be maintained just fine with current resources.
Are Lakewood Schools in the education business or are they merely a conduit that transfers tax money from the citizens of Lakewood to school board employees and retirees?
The $5 million is just for 2006. I wonder what happened last year?
http://www.auditor.state.oh.us/auditsea ... yahoga.pdf
From page 68:
"The District Board of Education has approved a TRIP for certified and classified employees. Participation was open to employees who were at least 50 years old, qualified for retirement with the years purchased by the Board and agreed to retire by the end of fiscal year 2006.
Employees who elected to participate in theTRIP will receive a payment for their unused sick leave, to the extent allowed by the current laboragreement along with a payment of 60% of their annual salary. The payment for the TRIP is paid out overa five year period.
The total liability for the TRIP at June 30, 2010 was $5,492,859 of which $1,717,379 is
due within one year and $3,775,480 is due in greater than one year. The liability is recorded in the governmental activities and the business-type activities statement of net assets as a component of “longterm liabilities”.
When school boards as for tax increases they always say it’s to “maintain services”. They never tell the whole truth. Levies are needed to pay for increases in wages, benefits and buyouts. Current services can be maintained just fine with current resources.
Are Lakewood Schools in the education business or are they merely a conduit that transfers tax money from the citizens of Lakewood to school board employees and retirees?
The $5 million is just for 2006. I wonder what happened last year?