Lauderdale Lakes Deeper and Deeper in Debt

The financial struggles in the city of Lauderdale Lakes are coming to a head.

We've reported on this blog in the past few months about layoffs in the city and a multi-million dollar payment owed to the Broward Sheriff's Office, which provides law enforcement and fire service to the city.

According to BSO, Lauderdale Lakes owes them a little more than $5 million dollars. On March 1, the city owes their next payment of $1.2 million. The city pays owes that amount to BSO on the first of each month.

At a meeting in December, city commissioners mentioned the extraordinary idea that the state might need to step in and take over the city's finances.

I spoke with Commissioner Eric Haynes today and he told me he is awaiting details on an emergency meeting where the city manager will explain the financial crisis in depth and discuss options to solve it.

Haynes told me the city is trying to figure out why the city is in dire straits.

"There were a lot of over projections in terms of revenue," he said. "The city failed to adjust with the economy."

According to city budget documents, the city saw its' property tax revenue drop by 21% in 2010, leaving it deeply in the red.

Haynes admitted the future of Lauderdale Lakes is at stake.

"We have a financial concern that if not addressed, will call into question whether the city can continue to exist," he said.