Overview

• Nine Chicago Board of Education members back the current plan and 10 want changes, leaving the budget one vote short with a vote expected Aug. 28 and a legal deadline at month’s end.
• The proposal closes a $734 million gap with one-time measures including debt refinancing, $65 million from reserves, a $25 million philanthropy grant and about $380 million in TIF surplus.
• CPS leaves out a short-term high-interest loan supported by Mayor Brandon Johnson and the Chicago Teachers Union and shifts a $175 million municipal pension payment to the city under existing law.
• District finance leaders warn new borrowing could force future classroom cuts, while the current plan avoids classroom reductions but eliminates or cuts positions for crossing guards, cafeteria workers, custodians and central office staff.
• After the governor’s refusal, the CTU scheduled a rally as officials point to a state report showing CPS is roughly $1.6 billion below adequate funding under Illinois’ formula.