Chicago Public Schools’ ‘creative accounting’ symptom of a larger problem
In a creative-accounting maneuver that would make Wall Street proud, Chicago Public Schools’ leadership fashioned a 14-month year for fiscal year 2015. CPS is adding 60 days to its 2015 calendar, allowing it to “generate” one-time revenues of nearly $650 million – just enough to cover its skyrocketing pension costs and help balance its budget....