WBIW.com News - state

Brought to you by WBIW News and Network Indiana

IPS Not Facing $30M Deficit

Last updated on Wednesday, June 11, 2014

(INDIANAPOLIS) - Two audits released Tuesday confirm that Indianapolis Public Schools are not facing a 30-million dollar budget deficit.

In March, IPS Superintendent Dr. Lewis Ferebee announced the district actually had a budget surplus of 8.4 million dollars. The audit reports from the State Board of Accounts and the Council of Great City Schools (CGCS) also said the district has 60-million dollars in cash reserves.

The Board of Accounts said the money in the district's general fund was handled properly. However, both reports recommended that the district switch from reporting projected budgets to actual budgets, which show the district's actual revenues and expenses.

The CGCS is recommending that IPS reorganize its Business and Financial Department, establish an audit committee, strengthen internal auditing and switch to a fiscal year of July 1 to July 30.

Dr. Ferebee says the district is already taking some of these steps including having quarterly budget updates at school board meetings and creating a budget development committee.

Ferebee says the district is also pursuing the switch to the recommended fiscal year which coincides with the district's business cycle and the State Board of Accounts fiscal year audits.

1340 AM WBIW welcomes comments and suggestions by calling 812.277.1340 during normal business hours or by email at comments@wbiw.com

© Ad-Venture Media, Inc. All Rights Reserved.

Click here to go back to previous page