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Lakeland School Corporation

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LSC Financials

Lakeland Financial Information

The Lakeland Ledger. LSC Financials.

The Lakeland Ledger is your go-to place for understanding how Lakeland responsibly manages resources.
Here, the community can:

  • Explore budget reports and see where funds are allocated.
  • Access annual financial statements and audit results.
  • Learn about funding sources that support programs, staff, and student opportunities.
  • Discover how we maintain transparency, accountability, and stewardship of school resources.

We’re committed to keeping our community informed and confident in how every dollar is used to support student success.

Lakeland Financial Highlights

  • Average Daily Membership (student count) Spring 2026 1,365.
  • Teacher Salary Range $32,000 – $78,000.
  • In 2025, LSC’s top 3 expenditures from the proposed bond were on Salary, Benefits, and Supplies.
  • LSC has never asked voters for a referendum.

Proposed Bond Spending
Pie chart showing 2025 YTD Education Fund Expenditures with Salary at 55%, Benefits at 24%, Supplies at 9%, Travel Fees at 7%, and Transfer at 5%.Pie chart titled 'April Educational Fund Expenditures' showing budget allocation.Pie chart showing 2025 YTD Operations Fund Expenditures with categories like Salary, Benefits, and Utilities.A pie chart titled 'April Operations Fund Expenditures' displays budget allocations.

2026 Lakeland Budget
A spreadsheet displays financial data with columns for Fund Name, Budget Estimate, and other financial metrics.

Let’s dive in.

What is the difference between a bond and a referendum?

Bond

  • A bond is a way for a school district (or government) to borrow money to pay for large projects like building new schools, renovating facilities, or buying equipment.
  • The district pays back the money over time with interest, usually through property taxes.
  • Bonds required voter approval in most cases, but they are specifically about borrowing money, not general policy decisions.
  • Think of it like a loan that the community backs.

Referendum

  • A referendum is a vote by the community on a specific issue – it could be about funding, taxes, school policies, or other important decisions.
  • In schools, referendums often ask voters to approve or reject a proposed tax increase or budget allocation.
  • A referendum is broader than a bond – it’s not just about borrowing money; it can cover many types of decisions.

Key Differences

  Bond: Referendum:
Purpose: Borrow money for projects Make a community decision on a proposal (often funding day to day operations OR safety)
Result: The school can issue debt if approved The community approves or rejects a proposal
Scope: Always financial (debt) Can be financial or policy-related
Repayment: Paid back over time with interest Not applicable (depends on what is approved)

 

What are recent legislation changes and tax caps doing to public school funding?

Indiana’s property tax caps, established in 2010, limit annual increases in property tax bills – 1% for homesteads, 2% for residential properties and agricultural land, and 3% for nonresidential properties. While intended to provide tax relief, these caps have led to substantial revenue losses for public schools. In 2023 alone, schools lost approximately $365 million due to these caps.

Further exacerbating the issue, Senate Bill 1, signed into law in 2025, is projected to reduce school funding by about $744 million over three years. This includes a requirement for districts to share a portion of their property tax revenue with charter schools, starting at 25% in 2028 and increasing to 100% by 2030.

As these legislative changes take effect, public schools in Indiana face a complex financial landscape. While state funding increases provide some relief, the combined effects of property tax caps and mandated revenue sharing with charter schools present ongoing challenges. Continued community engagement and advocacy will be crucial in ensuring that public schools can maintain quality education amid these financial constraints.

2026 Lakeland Budget

As required by law, school finance is managed in specific “buckets” that are intended to fund specific purposes.

Learn more about each of these finance buckets, including what was budgeted and what was spent.

    1. Fund Name – 3101-EDUCATION
    2. Budget Estimate – $13,774,705
    3. Maximum Estimated Funds to be Raised (including appeals and levies exempt from maximum levy limitations) – $0
    4. Excessive Levy Appeals – $0
    5. Current Tax Levy – $0
    6. Levy Percentage Difference (line 3 / line 5) – 0%

    1. Fund Name – 3300-OPERATIONS
    2. Budget Estimate – $7,718,746
    3. Maximum Estimated Funds to be Raised (including appeals and levies exempt from maximum levy limitations) – $5,530,754
    4. Excessive Levy Appeals – $0
    5. Current Tax Levy – $5,317,742
    6. Levy Percentage Difference (line 3 / line 5) – 4.01%

    1. Fund Name – 0180-DEBT SERVICE
    2. Budget Estimate – $2,562,271
    3. Maximum Estimated Funds to be Raised (including appeals and levies exempt from maximum levy limitations) – $2,493,905
    4. Excessive Levy Appeals – $0
    5. Current Tax Levy – $1,180,708
    6. Levy Percentage Difference (line 3 / line 5) – 111.22%

    1. Fund Name – 0061-RAINY DAY
    2. Budget Estimate – $600,000
    3. Maximum Estimated Funds to be Raised (including appeals and levies exempt from maximum levy limitations) – $0
    4. Excessive Levy Appeals – $0
    5. Current Tax Levy – $0
    6. Levy Percentage Difference (line 3 / line 5) – 0%