Steve Grzanich has the business news of the day with the Wintrust Business Minute.

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 organization says the CPS budget is structurally imbalanced and relies heavily on temporary revenues. It also lacks provisions for impending union contract costs. CPS also owes $9.3 billion in outstanding debt and has below investment-grade bond ratings. The Civic Federation says it has serious concerns about how the district will survive in the future. 

Also, there’s improvement to report in the startup world where funding is concerned. Listen for more below: