Detroit closes charter school for financial reasons

So, apparently Detroit is in the position where they are able to determine whether other institutions are financially sound. Apparently when a school’s debt exceeds half the annual revenue the school is considered unsound.
This comes from Detroit with $8B debt outstanding on $1B of revenue. An additional ~$8B or so is due to underfunded pension programs. So Detroit doesn’t want unsound debt accrued in order to fund education. Sure hope someone on the City Council takes that to heart.
Pot, please describe for all how black the kettle is.