Investigation: Chicago schools not in need of state takeover

CHICAGO (AP) — An investigation into the fiscal condition of Chicago Public Schools ordered by Gov. Bruce Rauner shows there's no need for state intervention.

The Illinois State Board of Education determined that the school system is not in "financial difficulty" as determined by law, the Chicago Tribune reported (http://trib.in/1QV0azp ), but board officials say they will continue to monitor the nation's third-largest district.

Materials prepared for the state education board's meeting next week note that the Chicago district plans to cut spending by $120 million in the fiscal year beginning July 1 while still dealing with ever-larger required payments to teacher retirement accounts.

Attorney General Lisa Madigan issued a legal opinion agreeing with the schools, noting that state law deals with Chicago schools differently than others in the state.