$15M Stolen From Lakewood Schools' Accounts: Report

LAKEWOOD, NJ — Authorities are investigating the theft of $15 million from the Lakewood Public Schools bank accounts over Presidents' Day weekend, according to a report.

Lakewood Mayor Raymond Coles confirmed the theft, the Asbury Park Press reported.

The Ocean County Prosecutor's Office declined to comment, saying in an email to Patch that it does not confirm or deny the existence of investigations.

The Asbury Park Press report said about $8 million of the stolen money had been recovered.

The theft comes as the district has been in dire financial straits. Lakewood schools officials told the state Department of Education that the district would run out of money and be forced to shut down if it did not receive help. The education department recently approved a $65 million loan for the public school district, the Press reported.

The Lakewood Schools are the only district in the state to receive a loan in the 2024-25 school year. In June 2024, state education officials said no district would be receiving loans to close budget gaps, instead offering up 9.9 percent tax levy increases that still left districts, including Toms River Regional and Jackson, with significant shortfalls.

Toms River Regional Superintendent Michael Citta announced Wednesday that the district is in negotiations with Ocean County over the school district's administration building at 1144 Hooper Ave. The building is appraised at $16 million, Citta said, which would be sufficient to close the 2024-25 budget gap of $12.4 million.

In Jackson, school officials have said they will merge the district's two high schools, Jackson Memorial and Jackson Liberty, and are planning to sell Christa McAuliffe Middle School, after having sold Sylvia Rosenauer Elementary in 2023, the Asbury Park Press has reported.

Jackson also plans to sue the state Department of Education because it is giving Lakewood a loan after refusing to provide loans to other districts for this school year, the Press report said.

Toms River Regional officials have declined to comment on the $65 million loan to the Lakewood schools, citing the district's lawsuit against the state over its funding cuts to the district.

The state Department of Education has not responded to a Patch request for comment on why it has agreed to a loan for Lakewood after telling districts across the state no loans would be available for the 2024-25 school year.