In the wake of failing charter schools in Kansas City and St. Louis, Gov. Jay Nixon has signed a bill into law that mandates more accountability both academically and financially.

Charter schools will have to provide the Education Department with information on budget, personnel, performance framework oversight and policies for renewal. The department will be in charge of revocation and non-renewal of charters if standards are not met, however, Nixon notes that local school boards will be involved, maintaining local control.

Charter schools first began operating in Missouri more than a decade ago … and while some have been successful, others have closed due to bankruptcy, building occupancy permit problems, charter board members indicted for embezzlement, poor performace and more.

Last year, a study found that most of the state’s charter schools were not meeting state proficiency standards.

The new law goes into effect at the end of August, and places oversight squarely on the Department of Education, which can withhold funding if reporting standards aren’t met. The department can also implement remediation, enforce contracts or issue suspensions.

The law goes into effect Aug. 28.