Chicago Public Schools interim CEO says district's deficit is over $200 million more than reported

CBS News

27-06-2025

Chicago Public Schools CEO says district's deficit is over $200 million more than reported
Chicago Public Schools CEO says district's deficit is over $200 million more than reported
Chicago Public Schools CEO says district's deficit is over $200 million more than reported
The interim CEO of Chicago Public Schools said the district's budget deficit is $734 million, more than $200 million more than previously reported.
Macqueline King made the announcement at a Thursday school board meeting.
Officials said the increase of $205 million from the previously reported $529 million is due to a $175 million payment to a city pension fund that covers some district staff.
CPS has yet to finalize a budget, which is typically released at this time of year. The board has 60 days to finalize a budget or face major cuts.
Chicago Teachers Union President Stacy Davis Gates recently called on the district to take out a loan to address the shortfall and avoid cuts.
She also said the district needs to do more to persuade Illinois lawmakers to provide CPS more money in the annual budget, arguing the state's education funding formula calls for the district to receive $1.2 billion more each year.