Overview

• CPS interim CEO Macquline King unveiled a $10.2 billion budget that closes a $734 million shortfall through non-classroom cuts and revenue shifts while avoiding initial classroom reductions.
• Eleven of the 20 school board members signed a letter insisting the proposal include a $175 million municipal pension reimbursement or the option of a short-term loan, indicating current board support is fractured.
• Public budget hearings begin Tuesday and the board must cast its final vote by August 28 as more than 300,000 students return to classrooms next week.
• District finance leaders warn that committing to the pension reimbursement without new funding would force school-level cuts and that high-interest borrowing risks further downgrading CPS’s junk bond rating.
• The Chicago Teachers Union and several elected officials are pressuring the board to honor the pension payment for low-wage staff, framing it as a necessary obligation rather than an optional expense.