CPS chief bucks mayor on $200M loan
Why it matters: When King was appointed interim CEO/superintendent, many assumed she'd act as a proxy for the mayor, who'd been her city hall boss since 2023 and wants CPS to cover the city pension payment, in part, by taking out a loan.
The big picture: Forgoing the loan could save taxpayers millions. And King's move to make the pension payment contingent on additional state support or TIF funding could attract more money to the district.
Some who rallied near or spoke at the Wednesday CPS board meeting where King was presenting the plan applauded the moves as ways to help the district's financial health.
What they're saying: "It looks like our superintendent is not a rubber stamp superintendent," elected school board member Che "Rhymefest" Smith told Chalkbeat this week. "She heard the community loud and clear."
The other side: When asked about loan concerns on Tuesday Johnson snapped, "No parent has ever come up to me and asked that question, not one. This is about the long-term solvency and sustainability of a school district that overwhelmingly services working people, overwhelmingly brown and Black."
He called CPS debt, "a focal point for a couple of people."
Reality check: At a CPS public budget meeting last month, many attendees expressed shock that the district spends $800 million a year in debt payments and they strongly advised against adding to that burden.
Between the lines: Johnson and the Chicago Teachers Union are calling on state lawmakers to pony up more cash for the district.
They point to a state funding formula program, aimed at providing 90% adequate funding by 2027, that suggests a fully funded CPS would need $1.6 billion in additional state support. But even if the state approved more funding in the veto session, it would come too late for this budget process.
What's next: The 21-member CPS board — with 11 members appointed by Johnson — must review and approve a budget by Aug. 28.
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