Overview

• CPS has identified $165 million in cuts this summer but still needs to fill a remaining $569 million gap before the Aug. 28 deadline
• Board President Sean Harden has labeled short-term borrowing a “viable option” to avoid deeper school cuts, a stance echoed by interim CEO Macquline King
• A junk bond rating threatens to drive up borrowing costs, risking future budgets and diverting funds from classrooms
• Community feedback sessions this month have explored tapping expiring tax-increment financing districts and suspending voluntary pension reimbursements as new revenue sources
• The Chicago Teachers Union and several board members are demanding a special legislative session to secure additional state aid and forestall further program and staff reductions