The Illinois state board of education last week asked Chicago school officials to send over a trove of financial information as part of an investigation into the district’s finances, local media reported.
The request for financial information came after Gov. Bruce Rauner ordered the state to review the district’s finances. The district has been facing a series of financial challenges: It has a $1 billion long-term deficit and recently borrowed $725 million at high interest rates to keep running until the end of the school year.
The state requested financial projections, payroll information, major contracts, and debt schedules, according to the Chicago Tribune. Gov. Rauner is seeking to put the district, the third-largest in the country, under state control.
