Overview

• Chief Operations Officer Charles Mayfield warned schools will see simplified menus, fewer staff and delayed maintenance as part of campus-level adjustments to close the $734 million deficit.
• District officials have achieved $165 million in savings this summer from central office layoffs, program cuts and operational efficiencies but still need to identify another $569 million before the August 28 balanced budget vote.
• School board President Sean Harden made borrowing a “viable option” for covering the shortfall but stressed that any loans must be tied to long-term structural reforms.
• Community feedback sessions found about two-thirds of participants oppose classroom cuts and favor seeking new revenue from the city or state, including tapping expiring TIF revenues and holding a special legislative session.
• With a junk bond rating, CPS faces high interest rates on any short-term borrowing and contends with $9 billion in long-term debt plus rising pension obligations exceeding $600 million annually.