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The Civic Federation of Chicago, the local budget watchdog, is warning that finances are so bad in Chicago Public Schools, that the State of Illinois may need to take control of the school system. The ...

The budget watchdog group said CPS' finances are in such bad shape that the State of Illinois may need to take control of the school district.

Chicago Public Schools, or CPS, is perched on a financial cliff, and a state financial takeover is an option, according to a Civic Federation report.

A Civic Federation report calls for budget cuts and new revenue sources. The group floats a state financial takeover as a “worst-case scenario” if the situation doesn’t improve.

The Civic Federation said the new board has "a monumental task ahead" in fixing the crisis at CPS. According to the Civic Federation, enrollment in CPS schools has dropped by about 21% since FY2010.