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* Sun-Times…
Chicago Public Schools has been bracing principals for school budget cuts of at least 20 percent for the upcoming fiscal year, the district acknowledged Thursday.
That devastating math is based on an estimated $1 billion deficit to CPS’ operating budget for the fiscal year starting July 1.
CPS has offered scheduling training so principals can allocate staff in smarter ways — and maybe share positions, too, said Nate Pietrini, principal of Hawthorne Elementary Scholastic Academy.
But “the reality is scheduling or sharing of resources isn’t going to close a $1.1 billion budget hole,” he said, adding that only the state can do that.
It’s not only going to be the state, man.
* Tribune…
The Illinois State Board of Education, following an investigation of the district’s finances, said CPS is planning to cut $120 million in its coming budget year. ISBE officials said that with those cuts, CPS can stave off a “negative operational budget” until its 2019 fiscal year.
Without the cuts, ISBE said, CPS would have no cash balance to pay its bills as early as its 2018 fiscal year.
Even after borrowing money through a strategy that resembles a payday loan, the district projects it would end its current budget year with about $24 million in cash. That amounts to less than two days’ worth of operating expenses.
posted by Rich Miller
Friday, May 13, 16 @ 12:43 pm
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I’m just glad Rahm and Rauner are such good friends and have such… respect… for each other.
That will help.
To the Post,
===Even after borrowing money through a strategy that resembles a payday loan, the district projects it would end its current budget year with about $24 million in cash.===
I’m also glad Gov. Rauner hasn’t bad mouthed institutions before bonds are let.
Wonder if Gov. Rauner has realized what a huge favor he was given when it was “ruled” the state can’t “take over” CPS.
This will be Rahm’s because it’s his mess to fix.
That’s the gig.
Comment by Oswego Willy Friday, May 13, 16 @ 12:48 pm
As always, the solution to this public school crisis is obviously additional privatization and more charter schools.
– MrJM
Comment by @MisterJayEm Friday, May 13, 16 @ 12:52 pm
This reflects very poorly on the Speaker and the Senate President’s financial stewardship. I would also throw in Arnie Duncan, Mayor Daley and countless other Superintendants.
With all that clout does anyone believe the problem is with the funding formula?
The fact they just want to pour more money into a system without any reforms is a bridge too far.
The only person I would trust to fix this mess is Paul Vallas who would have made a great Governor
Comment by Lucky Pierre Friday, May 13, 16 @ 1:02 pm
Chicago may need to start assessing residential property at the same rate as the collar counties. They could also hold a referendum to raise their own school tax.
Comment by DuPage Friday, May 13, 16 @ 1:14 pm
DuPage, that raises zero dollars. The assessment levels alter the mix of who pays, it has no impact on how much CPS gets.
Comment by Juice Friday, May 13, 16 @ 1:17 pm
Most of CPS’ problem is teachers’ pensions, now running about $700M/yr. NOT counting the pick-up which is maybe another $200-300M.
If the State starting paying that $700M as it does for every other district in Illinois, about 2/3 of the hole would be filled.
Conversely, if we could get in the Way-Back Machine and go back to ca. 1980 and get rid of the pick-up, and then hop to 2000 and make actuarially sound pension contributions every year, that $700M+ would be more like $200M and the problem would be less than half as big.
After 5 years I suppose it’s fair to say Rahm “owns” the problem, but he didn’t create it.
The first ain’t gonna happen, and the second is impossible, so here we are.
Comment by Harry Friday, May 13, 16 @ 1:17 pm
When are the cuts coming for the Downstate Adult Employment Centers called prisons?
Wally World is bringing back greeters, cant they go work there?
Comment by Brooks Hatlen Friday, May 13, 16 @ 1:27 pm
The principals who have been briefed are confirming the cuts are well above 20 percent. Remember, almost all the money is in teachers and school staff. It’s ugly.
Comment by Chicago Schooler Friday, May 13, 16 @ 2:13 pm
All expected. The big question is how many privates must be sacrificed to retain the officers?
Comment by Carhartt Representative Friday, May 13, 16 @ 2:19 pm
==As always, the solution to this public school crisis is obviously additional privatization and more charter schools.==
many of the charter schools have ties to local politico big wigs and are havens for graft patronage. they need to be cut out. vouchers might better if they could also be used for local urban public schools such as New Trier as well as top schools on the northside . The basic problem in chicago is the ingrained segregation. If students can spread out to schools across the city and suburbs theu stand a better chance of getting an education. In the long depopulated areas of the city can recover with gentrification.
The 20 percent cut is probably not enough and taxpayers must not burden with every rising taxes.
Comment by atsuishin Friday, May 13, 16 @ 2:42 pm
–This reflects very poorly on the Speaker and the Senate President’s financial stewardship.–
Huh?
Daley and now Emanuel have run the schools for decades. Hand-picked boards, hand-picked supes, everything. And lap-dog City Councils, to boot.
For crying out loud, when you have dictatorial control, you’re accountable.
Comment by wordslinger Friday, May 13, 16 @ 2:59 pm
Municipal bankruptcy would solve this in a much more orderly fashion.
Comment by Tone Friday, May 13, 16 @ 3:00 pm
=Municipal bankruptcy would solve this in a much more orderly fashion.=
LOL, I suppose you have absolutely no problem if someone owes you a debt and skips out on paying the debt.
Actually, I bet you have a big problem if someone does that.
Comment by JS Mill Friday, May 13, 16 @ 3:16 pm
===For crying out loud, when you have dictatorial control, you’re accountable.===
Hmmm. That only apply in the city?
Comment by A guy Friday, May 13, 16 @ 3:52 pm