This paper examines the financial transparency and accountability practices before and after the 2023 state takeover of the Houston Independent School District (HISD). Superintendent Mike Miles and his Board of Managers reallocated critical district resources towards troubling new "priorities," while the district was facing a sizable deficit. Parents and community members raised concerns about the district's transparency and accountability practices, which sparked backlash throughout the first year and a half of the takeover. Using a historical case study methodology (Widdersheim, 2018) and qualitative document analysis (Bowen, 2009), we examined school board meeting content, online news articles, and state policy to analyze the financial changes that HISD underwent as they transitioned to a state appointed superintendent and school board during the first two years of the state takeover. Findings suggest patterns of concerning fiscal practices under the post-takeover administration. We make recommendations for local and state educational agencies that may improve financial transparency and solvency during state takeovers.