CHICAGO (WBBM NEWSRADIO) - While the first semester of the CPS school year ends on Friday, the district and the teachers union are still arguing over how much money there is for a new contract.
The Chicago Teachers Union (CTU) points to a $1.1 billion dollar TIF fund balance as proof it can afford to settle the contract.
Outgoing CEO Pedro Martinez and other Chicago Public Schools (CPS) leaders told reporters Monday its fiscal picture is not quite so rosy, saying the district only has $66 million — or three days of operating expenses — at any given time.
“I would not have risked the job that I love, in the district that I love, in the city that I love, my home city, if we had massive reserves, then we could have solved all these budget issues.There is no mythical pot of gold, so I hope we can put this to bed,” Martinez says.
The teachers union contends the money shows a healthier financial position that allows the district to borrow at a lower cost.
Martinez says CPS already does that and needs even more TIF money to pay for this year’s budget.
CPS says a four percent cost of living adjustment would mean the average teacher earns about $100,000 above that would force layoffs and cuts, the district claims.
Vice President Jackson Potter says the district repeats claims it cannot afford the contract.
“[They would] do really brutal cuts that would leave our classrooms struggling,” Potter says.
The district is still fighting a move to pick up a $175 million municipal pension payment the city used to pay.
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