Gary Schools Eliminating Budget Deficit & Debt Load
(Aug. 2019) Youngsters in Gary heading back to school last fall. (photo courtesy: The Times of Northwest Indiana)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGary Community School Corp. continues to chip away at a multi-million budget deficit. The Distressed Unit Appeals Board announced this week the school district’s deficit has been reduced to $6 million, down from a high of $22 million in December 2018.
The DUAB says the corporation is also projecting a balanced budget in 2021.
“Today’s announcement demonstrates that our plan is working,” said MGT executive Eric Parish. “It’s good news for the school corporation, the students and the community.”
MGT is a private vendor was selected by the state of Indiana in 2017 to oversee the turnaround of the Gary schools. It’s required by DUAB to deliver a financial report on the deficit every six months.
“This is wonderful news to report as I begin my new role with the district,” said Dr. Paige McNulty, who was recently appointed Interim Emergency Manager of the Gary Schools. “My predecessors helped get us to this point, and I am excited to build on the milestones they’ve reached.”
MGT is also required to help Gary Schools reduce its debt load which sat at $104 million in 2017. It’s now at $84 million.
Click here to view the status report.