Lakewood school funding could double

Will Gov. Jon S. Corzine's proposed new public school funding formula be the fiscal white knight to rescue Lakewood public schools?
Under Corzine's new funding formula, Lakewood public schools stand to double their state funding allocation. Such a financial boost in the arm could not come at a more critical time for the school district.
A school district audit for last year reveals numerous budgetary mistakes and omissions, including unauthorized spending and lost receipts that have produced a $1 million deficit, employee pink slip cuts and closer scrutiny by state education officials.
Completed last month, Lakewood's school audit details a range of oversights in the district's handling of its $112 million budget for 2006-07, including pension, payroll and purchasing discrepancies, untimely reports and unapproved budget increases.
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