Lakewood School District officials say that they are holding out hope for a last-minute funding effort by the state to help save the jobs of 140 employees.

The district has a budget deficit of nearly $15 million. The employees, mostly teachers, received notice this week telling them that they could lose their jobs if the budget isn’t rectified.

The New Jersey Department of Education sent a statement to News 12 New Jersey Thursday saying that it is still working with the Lakewood School District and the fiscal monitor to address the budget situation.

In addition to mass layoffs, the district could also cut all extra-curricular activities, including athletics.

The district’s budget is due by May 8.