Report: City College of San Francisco moves closer to bankruptcy

SAN FRANCISCO — A new report says the City College of San Francisco is moving dangerously close to bankruptcy and its large faculty and generous compensation are to blame.

The review by state auditors analyzes how California's largest public college got into severe financial trouble.

The San Francisco Chronicle (http://bit.ly/T4YThS ) reports City College has until March 15 to make structural changes needed to keep its accreditation and prevent the 86,000-student school from closing in June.

The report says City College employs nearly twice as many faculty members as comparable schools and pays them better. The college didn't make necessary budget cuts when the state cut funding and didn't set aside money for its growing retirement obligations.

Board President John Rizzo calls the report a helpful tool that will help the college make needed changes.

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