CPS' portrayal of its finances was slightly less dire in an April presentation to investors — a document required to be accurate under federal law. In that presentation, CPS expected to have $227 million left in its operating account on June 30. But an internal report by the Ernst & Young consulting firm this month predicts the district could run out of cash as early as this summer. The report said CPS requires a long-term solution to its finances that includes new revenue, legislative support and "aggressive cost-cutting measures."