Divorcing Chicago Public Schools from city control adds to district’s looming fiscal risks – The Bond Buyer

The looming severance of governance ties between Chicago Public Schools and the city adds to strains on the district's "fragile" fiscal health as federal COVID-19 pandemic relief is being exhausted and structural costs are mounting. That's the assessment of a review that delves into CPS finances and how Chicago and other city-related entities prop up CPS' budget. "CPS's financial condition is fragile," reads the report ? compiled by CPS with the help of independent advisory and accounting firms on the district that carries three junk ratings, despite a series of upgrades. "Even without a transition to an independent unit of local government, CPS faces significant challenges to its ability to ensure its long-term financial stability while meeting its obligations to the communities it serves."