Chris Grygiel at Seattlepi.com has the story:

Seattle Public Schools has a "fiscal and management problem that requires a fundamental change," Mayor Mike McGinn said Wednesday. [...]

"The first issue here is the transition for the school district," McGinn told seattlepi.com. "They have to be fully committed fundamental change in culture and working with their partners and the public in demonstrating no more secrets, no more sacred cows. Kids come first."

McGinn said the city was prepared to be a "partner" to the district - which is a separate government entity - in the coming months. "The district can't solve this on their own. We stand prepared to provide management and fiscal support."

Man, this is one hell of a can of worms to open.