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Gary schools present $82.3 million 2026 budget; auditors and finance staff flag past misallocations and teacher-salary floor shortfall
Summary
Board reviewed a proposed $82.3 million 2026 budget that includes statutory teacher-compensation increases and $2 million in insurance proceeds for tornado repairs, while finance staff reported corrected audit findings and a roughly $406,000 shortfall against the state'required teacher-salary funding floor.
The Gary Community School Corporation on Thursday presented a proposed 2026 budget of $82,300,000, up from $76,000,000 last year, while staff briefed trustees on recent audit findings and a shortfall against a state-required teacher-salary funding floor.
At the budget hearing, a district presenter said the increase reflects multiple cost drivers: a statutory rise in the teacher-compensation ratio now set at 65% (up from 62%), a 0.5% pay increase for licensed staff beginning Jan. 1, an expected 4% increase in medical costs, and an unconfirmed midyear rise in other compensation; the presenter said the district has cash balances that can cover a budget gap if state aid and tax revenue fall short.
The presenter said the Department of Local Government had reviewed the Form 3 and…
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