Chicago Tribune
On July 6, Chicago Public Schools announced its proposed 2012-2013 budget, which covers a $665 million deficit through a combination of cutting operations, raising property taxes and using $432 million in reserves to avoid significant program cuts. The Civic Federation is concerned the District would have no way to absorb unforeseen costs if the reserves are emptied, and said the plan leaves no savings to cover increased pension contributions when the District’s pension holiday ends in 2014.