The head of the Chicago Public School system warns that the financial situation could be a little tenuous in the coming years.
CPS CEO Pedro Martinez said during a board meeting $2.8 billion in federal COVID funds will run out next year.
Martinez said there are underlying funding issues, including “severe underfunding by the state,” capital projects and the fact that CPS is the only district in the state that funds teacher pensions.
“These issues have been papered over by federal support, but we need to confront them head on,” district CEO Pedro Martinez said.
The financial outlook is described as “fragile.”
Increased costs and inflation could combine to create a $600 million deficit by 2026.
Still, CPS is investing more money in summer and after-school programs, school counselors, students with disabilities, athletics, the arts and mental health services.
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