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State education chief opts against Chicago schools takeover
Source: Reuters
World | Fri May 6, 2016 6:53pm EDT
Exclusive: State education chief opts against Chicago schools takeover
CHICAGO | BY KAREN PIEROG AND DAVE MCKINNEY
Chicago's cash-strapped public school district is not in sufficiently bad financial shape to warrant a state takeover, according to an Illinois State Board of Education staff report.
Illinois Governor Bruce Rauner launched a probe of the nation's third-largest school system in February, contending it could lead to state oversight and a suspension of borrowing at debt-dependent Chicago Public Schools (CPS).
However, the report from state school Superintendent Tony Smith, posted on the board's website ahead of a monthly meeting scheduled for Wednesday, said CPS does not meet "any of the criteria" to be certified in financial difficulty.
"The district has not realized two consecutive years of negative operating fund balances nor is it forecasted in this model," the report stated.
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Exclusive: State education chief opts against Chicago schools takeover
CHICAGO | BY KAREN PIEROG AND DAVE MCKINNEY
Chicago's cash-strapped public school district is not in sufficiently bad financial shape to warrant a state takeover, according to an Illinois State Board of Education staff report.
Illinois Governor Bruce Rauner launched a probe of the nation's third-largest school system in February, contending it could lead to state oversight and a suspension of borrowing at debt-dependent Chicago Public Schools (CPS).
However, the report from state school Superintendent Tony Smith, posted on the board's website ahead of a monthly meeting scheduled for Wednesday, said CPS does not meet "any of the criteria" to be certified in financial difficulty.
"The district has not realized two consecutive years of negative operating fund balances nor is it forecasted in this model," the report stated.
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Read more: http://www.reuters.com/article/us-chicago-education-idUSKCN0XX284