IPS audits confirm no budget deficit

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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.