The downgrade reflects the pressures of rising pension obligations following a state supreme court ruling last week that changes to the state's pension law in 2013 were unconstitutional.
Recently in District Finances Category
May 14, 2015
April 30, 2015
The current Detroit school board and manager will remain, but will have one responsibility: paying off the district's $483 million debt.
March 27, 2015
The $2.89 billion lump sum budget proposed for the 2016 fiscal year still relies heavily on state and city funds that are still pending.
March 05, 2015
As of last summer, the school system had outstanding debt and long-term obligations of more than $2.2 billion
March 02, 2015
The move comes nearly two weeks after the commission approved five of 39 applications for new charter schools. The governor wanted all the applications denied.
February 05, 2015
A report by an education advocacy group last month said that approving 40 new charter schools (the number has since declined to 39) could hike the district's charter payments to more than $1 billion annually.
January 29, 2015
Data from the National Center for Education Statistics show that in fiscal year 2012 the median per-pupil spending by local school districts declined by 2.5 percent.
January 16, 2015
The report by the Pew Charitable Trusts found that per-pupil revenue in Philadelphia in the 2013-14 school year was lower than seven of the 11 big-city districts analyzed.
December 31, 2014
Among the most read posts in 2014 were stories about principals and school leadership, a backlash against standardized testing, the fallout from a police shooting of an unarmed teen in Ferguson, Mo., and school funding issues in Philadelphia.
December 23, 2014
A local judge is expected to rule on whether to appoint a receiver to oversee the district, which could lead the district to turn over school operations to a charter-management organization.