A new report out Tuesday shows Chicago’s Charter schools are in good financial shape. But the Civic Federation, a non-partisan budget watchdog group, finds there are some concerns.

The group awarded Chicago’s charter schools a B+ 2007 and B in 2008 for meeting key standards of fiscal accountability. But its 170-page report also found threats to long-term fiscal sustainability due to declining budgets.

Charter schools aren’t subject to the same legal and school board requirements as Chicago’s public schools. So the Civic Federation says it couldn’t conclusively measure every indicator because every Charter reports data in its own way.

The group’s key recommendation is for charters to standardize their reporting data.