Lordstown Schools Update Community On Finances As GM Plant Goes Dark
Lordstown school officials plan to hold quarterly financial meetings with the community, now that the General Motors plant is slated to shut down in March.
Superintendent Terry Armstrong says the tax money the district receives from GM may change when the plant goes dark. He wants to keep the community informed about budget issues the district could face.
“We get about $800,000 locally from real estate taxes from General Motors right now,” said Armstrong. “That would not change unless the valuation of the property changes. So, it is a wait and see to see what happens with that property.”
Armstrong says the district is already facing financial losses that include cuts in revenue from tangible personal property taxes and funding from the state.
“We are penalized because we have some property wealth, but that doesn't mean we are a wealthy community,” said Armstrong. “We are at 30 percent with free and reduced lunch with our kids.”
He adds there are no plans for layoffs or for adding a levy to the ballot at this time.
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