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."

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