Lakeland Financially Prepared for Lakeland Municipal School System

The City of Lakeland is financially prepared for the Lakeland Municipal School System if the referendum is approved.  Early voting is next Saturday (June 29) and election day is July 16.

The estimated city contribution by the City of Lakeland to the Lakeland Municipal School System is approximately $500,000 per year for operational costs, based on a detailed study of estimated costs.  (The required city contribution is the equal of a .15 property tax.)

The City currently has on hand approximately $860,000 designated for the Lakeland Municipal System and estimates approximately $1,600,000 by the time the Lakeland Municipal School System would open in August of 2014, less the cost of salaries etc. after the Lakeland School Board is elected in December of 2014, if the referendum passes.

A 1/2 cent sales tax approved by Lakeland residents is designated for the Lakeland Municipal School System.  This is received in a separate check from the state and all proceeds are designated for the Lakeland Municipal School.

The 1/2 sales tax currently provides approximately $20,000 per month, but this will substantially increase as retail businesses increase, especially after the new interchange at Canada Road and I-40 is built.

The sales tax revenues from a planned new McDonalds on highway 64 will increase this in the immediate future and the new mall will substantially increase sales tax revenues after completion.

In addition, the Mayor and Commissioners, Economic Development Commission, and Lakeland Chamber of Commerce have been active in recruiting new retail business which will increase revenues designated for the Lakeland Municipal School System.

It is true the future is unknown, but based on projections, the Lakeland Municipal School System is well funded.