Finances at Muncie City Schools are in bad shape. This week, an independent review confirmed what the new CFO saw when she took over. To break even this school year, the district would need to cut nearly $17 million in spending. The Rainy day fund is empty, after paying off the pension debt it owed. The auditor said that it’s not necessarily the districts fault, and needs a referendum to have voters pay extra property taxes or appeal to the state for help.