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Chicago Public Schools Faces Budget Uncertainty as Principals Prepare for 2026 Allocations

CPS plans to release school budgets based on $300 million in uncommitted funding, risking a $529 million deficit and potential staffing cuts.

A person walks by Chicago Public Schools headquarters on May 28, 2024. (Antonio Perez/Chicago Tribune)
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A woman in white points to a screen as students look on.

Overview

  • Principals will receive preliminary 2026 budgets on Thursday, built on optimistic revenue assumptions that include $300 million from city or state sources yet to be secured.
  • Without additional funding, CPS could face a $529 million deficit, potentially leading to up to 1,700 school-based staff cuts.
  • Outgoing CEO Pedro Martinez has proposed dissolving or reimbursing Tax Increment Financing (TIF) districts to generate $600 million for CPS, though city approval is unlikely.
  • The Chicago Principals & Administrators Association has criticized the budgets as unrealistic, warning they undermine local planning and decision-making.
  • The Chicago Board of Education is legally required to pass a balanced budget by August, pressuring CPS to finalize cuts or secure new revenue sources in the coming months.