Review of CPS finances rules out state takeover

CHICAGO (WLS) -- A review of Chicago Public Schools' finances ordered by Governor Bruce Rauner shows CPS finances are in bad shape, but not bad enough for a state takeover.

The Illinois Board of Education found planned cuts will be CPS is not projected to go bankrupt until the 2019 fiscal year, making a state takeover illegal.

The state board says it will continue to monitor the district's financial situation.