IPS Announces Surprising SurplusPosted: Updated:
The financial status of one of Indiana's largest school districts does not appear to be as dire as anticipated. Indianapolis Public Schools Superintendent Lewis Ferebee says the system finished last year with a surplus of more than $8 million. Our partners at WTHR-TV in Indianapolis report board members had been told to expect a $30 million deficit. Ferebee says IPS had been "intentionally overstated expenses" for years.
WTHR reports previous administrators apparently did not pass along actual year end revenue, expenses and balances.
Also, IPS says some programs were not implemented or were not as expensive as anticipated.
2013 General Fund numbers supplied by IPS (as reported by our partners at WTHR-TV):
Projected Revenue $244 million Actual Revenue $246 million
Projected Expenses $274 million Actual Expenses $238 million
Projected Deficit -$30 million Actual Balance $8.4 million