IN SB0564

Establishes a fiscal management board for Gary Community School Corporation with three members appointed by the school governing body, Gary mayor, and state superintendent of public instruction, with all members required to have finance and financial management experience.

Transfers fiscal powers and duties from the school governing body to the fiscal management board, including budget adoption, tax imposition, employee salary decisions, contract approvals, and debt management.

Requires appointment of a fiscal manager by the fiscal management board and a superintendent for academics and chief operating officer by the governing body, with the fiscal manager and chief operating officer reporting to and serving at the pleasure of the fiscal management board.

Directs the fiscal manager to conduct financial audits, develop written financial plans, and submit quarterly reports to the distressed unit appeal board covering fiscal health indicators and financial improvement actions.

Applies restructuring requirements to Gary schools through July 1, 2022, or until the distressed unit appeal board adopts a resolution finding significant financial improvements and determining it is in the best interest of students and the state to terminate the oversight.