MGT wins final state incentive award in Gary
The state renewed Florida-based MGT's contract in 2022, with incentives making it worth $7.8 million.
Last week, the state Distressed Unit Appeal Board awarded an $800,000 contract incentive to MGT for maintaining at least a $1.5 million surplus for the 2023-24 school year and at least 20% cash reserves in key funds as of June 30, 2024, MGT's last day as manager.
The key funds included education, operations, referendum and rainy day.
DUAB chairman Pete Miller said the award was delayed because the agency wanted to wait until the State Board of Accounts to complete its annual audit.
In November, MGT received $279,375 for meeting seven mostly academic benchmarks achieved during the 2023-24 school year.
The $800,000 incentive award brought MGT's incentives total to $1,079,375 for the 2023-24 year.
The DUAB voted last June to return district control to local officials.
An appointed five-member school board took office in 2023 under a new state law. In 2024, the district gained full governing authority and the board appointed Yvonne Stokes as superintendent.
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