Over $9.3 million will be taken out of Lake schools' local property taxes to fund the state's debts this fiscal year. Lake County K-12 school districts will see a minimum of $3,659,936 still owed to them when the school year ends (June 2014). In the most recent available data (2011-12), $9,363,330 was taken out of Lake school-allocated property tax, $8,102,324 for the VLF "Swap" and $1,261,006 to pay for the 2004 Economic Recovery Bonds.
Can Lake schoolchildren afford to finance the state's debts? According to the new Local Control Funding Formula, Lake County needs 59.5% more funding to adequately educate its student population this year than it's getting this school year -- putting it in the lowest quartile for the state.
Sources: State Controller's Office, Local Government Reporting Section. (City and county detail shown in the reports, totals upon request from the SCO.) California Department of Education, First Principal Apportionment.
In Lake County, a total of $9,210,945 was taken out of school-allocated property taxes to pay State obligations in 2010-2011. $8,231,402 was redirected to satisfy the State's VLF backfill obligation. $979,543 was redirected to pay for the State's 2004 Economic Recovery Bonds.
Source: State Controller's Office, Local Government Reporting Section. (City and county detail shown in the reports, totals upon request from the SCO.)