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.)
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.