State Board Of Education Launches Financial Probe Into Chicago Public Schools
(CBS) – The Illinois State Board of Education has launched a financial investigation of Chicago Public Schools, just a few weeks after Gov. Bruce Rauner threatened a state takeover.
CPS has two weeks to turn over information about bonds, cash flow, payroll and contracts. That is according to a letter fired off today to the school system.
In announcing its plans, the state board cites CPS being on the state's "financial watch" list.
A CPS spokesperson released a statement blaming Rauner for harming CPS's finances.
"CPS has cut its budget deficit by nearly a third, and done everything in our power to keep cuts from our classrooms," the statement said, in part. "The last time Governor Rauner offered his financial advice … Chicago taxpayers were forced to pay even more for our bonds, and we cringe at what his latest venture could cost our children."
