Overview

• Mayor Brandon Johnson is urging Chicago Public Schools (CPS) to cover a $175 million pension payment and approve a $242 million borrowing plan to avoid a city budget deficit.
• A divided CPS board must decide by March 30 whether to approve the borrowing plan, which faces opposition from some members citing long-term financial risks.
• Johnson’s $830 million infrastructure bond proposal, criticized for its back-loaded repayment schedule, faces a close vote in the City Council on Wednesday.
• Critics of the bond plan argue the repayment structure would burden taxpayers with $2 billion in added costs, while supporters emphasize the need for infrastructure investment.
• Johnson has clarified that bond funds will only be used for capital projects, addressing concerns they might be diverted to cover CPS expenses.