IPS reports $8 million surplus

INDIANAPOLIS (WISH) – The superintendent of the largest school district in the state reported Tuesday night that instead of facing a deficit, the Indianapolis Public Schools have a surplus.

At a meeting Tuesday night, Dr. Lewis Ferebee explained for the last several years, IPS leaders intentionally over-projected expenses for the district, so that they could protect their cash balance.

So while it appeared the district had a $39 million deficit last year, it actually has an $8 million surplus.

Dr. Ferebee says they’re launching an audit into all of the district’s finances.

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