The state has run the Philly school system for over a decade now. Won't go into the full history, but roughly speaking if you add a bunch of charter grifters (not all charters are bad) to the mix, and then you cut the spending drastically, there isn't even enough money for the grifters, who get to go to the front of the line for their handouts in most cases.
The best option for the coming year does seem to be to open a fully staffed school system and let it run until the money runs out, in part operating under the assumption/hope that there will be a new governor in January.