August 22, 2011
The Civic Federation supports the Chicago Public Schools proposed $5.9 billion budget for FY2012, which is an increase of 1.5%, or $87.0 million, from the year-end estimates of FY2011. The proposed budget is a reasonable short-term plan to fund the District’s core educational mission through its difficult, deepening financial crisis. The Civic Federation is very concerned about the District’s long term fiscal health. CPS will face enormous budget shortfalls in future years, particularly with the expiration of the partial pension contribution holiday in FY2014. It is imperative that CPS move quickly to develop a long-term financial plan that will implement significant structural changes to its expenditures and long-term obligations.