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5d ago

CPS Proposes Budget Without Pension Reimbursement or Short-Term Loan

Her proposal relies on targeted non-classroom cuts backed by unprecedented TIF surplus transfers to plug a $734 million gap.

Chicago Teachers Union member Tom Felson, center, and others attend a community engagement session to discuss the Chicago Public Schools budget at Dyett High School on July 14, 2025. (Armando L. Sanchez/Chicago Tribune)
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nChicago Public Schools CEO Macquline King speaks, along with Mayor Brandon Johnson, during an announcement of a historic expansion of Sustainable Community Schools at the South Shore Cultural Center, Aug. 4, 2025. (Antonio Perez/Chicago Tribune)

Overview

  • King’s budget proposal presented Aug. 13 excludes the $175 million municipal pension reimbursement and a high-interest short-term loan.
  • The plan counts on record Tax Increment Financing surplus allocations, debt restructuring and non-classroom cuts to avoid midyear school reductions.
  • Mayor Brandon Johnson and an 11-member board majority have urged CPS to cover the pension payment and authorize borrowing to shield classroom services.
  • Approval hinges on City Council’s willingness to release TIF funds and on potential state aid, both of which remain unresolved.
  • The Chicago Board of Education will hold public hearings on Aug. 19 and vote on the budget by Aug. 28 as classes begin mid-August.