The Chicago Public Schools (CPS) budget for the coming fiscal year is $10 billion, with a $735 million deficit. The deficit is partly driven by teacher raises of between 4-to-5%, a result of a newly reached collective bargaining agreement with the Chicago Teachers Union. The budget comes months after CPS closed a $500 million deficit with a record infusion of TIF surplus money from Mayor Brandon Johnson. The budget presents a hard-to-solve math problem: how to right-size a school district that has seen a net decrease of 45,000 students over the last seven years while adding nearly 10,000 positions during that time.
CPS used TIF money to close its budget deficit last year, and Mayor Brandon Johnson is asking Springfield to step up to the plate. Chicago Public Schools unveiled its $10 billion budget for the coming fiscal year this evening - and it's full of red ink - including a $735 million deficit.
The increase is partly driven by teacher raises of between 4-to-5%, a result of a newly reached collective bargaining agreement with the Chicago Teachers Union. The new proposed budget comes months after CPS closed a $500 million deficit with a record infusion of TIF surplus money from Chicago Mayor Brandon Johnson.
The budget presents a hard-to-solve math problem: how to right-size a school district that has seen a net decrease of 45,000 students over the last seven years while adding nearly 10,000 positions during that time
Chicago Public Schools Budget Deficit TIF Surplus Teacher Raises Right-Sizing Collective Bargaining Agreement Chicago Teachers Union Mayor Brandon Johnson Springfield State Of Illinois Taxing The Ultra-Wealthy Big Corporations
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