More than 150 Michigan districts say they are on the verge of going broke

From The Detroit Free Press: More than 150 school districts and charter schools in Michigan are teetering on the edge of going broke, a situation that is likely to get worse under Gov. Rick Snyder's proposed cuts of $470 per pupil. These districts have so little set aside in rainy day funds that the governor's proposed cuts -- coupled with a huge increase in retirement costs this summer -- could put them in a deficit, joining the 43 districts and charters already there.

RELATED from The Detroit Free Press: Some school districts in Michigan are concerned that under a new law signed by Gov. Rick Snyder, their operations could be taken over by an emergency financial manager.