CHICAGO (WBBM NEWSRADIO) - Chicago Public Schools officials say they need about $400 million in additional funding by next summer or there will be cuts across-the-board.
"This is a revenue problem, not an expense problem, and one that's driven by inequitable and inadequate funding," CPS budget director Mike Sitkowski told board members.
Remaining federal COVID funds cut a nearly $700 million deficit to $391 million.
"One-point-one billion dollars would be available if we had full funding from the state's Evans based funding formula," Sitkowski said.
"Seven hundred million dollars would be available if CPS teachers pensions received the same treatment as every other district in the state of Illinois. And, $543 million would be available if CPS did not have to use our limited-based funding resources and other unrestricted revenues to cover our debt service cost."
CPS expects to increase property taxes next year to the 3% cap.
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