IPS audits confirm no budget deficit
Two audits confirm what Indianapolis Public Schools revealed three months ago: IPS does not have a $30 million deficit as projected in previous reports.
The news was revealed in March at a school board meeting, running counter to reports of IPS in dire financial trouble. But instead of wrestling with a $30 million projected budget deficit, Indianapolis Public Schools finished 2013 with an $8.4 million balance - a surplus.
Dr. Lewis Ferebee discovered the budget facts during a top-to-bottom review of the books. Now, the IPS superintendent says the school district will be reviewing its bookkeeping much more carefully.