The Education Review Office says Te Aute College in Hawke's Bay needs more outside help as it struggles with heavy debts and low student numbers.
The Review Office has issued its first report on the college since a commissioner took over in February when the school's board of trustees voluntarily stood down.
The report highlights improvements at the school, but says there are still matters to work on - such as improving results for junior students, and getting pupils to stay at the college hostel.
Te Aute College Trust Board, which owns the school, says part of its debt has been caused by not having enough students staying there.
The commissioner is meeting ERO officials on Tuesday.
Te Aute College is one of New Zealand's most famous schools.
