Monday, Wednesday and Friday at 5:30 a.m. Chicago, IL 60601 McDonald's is serving our crew and customers with safety first. $3.5 million for 35 social worker positions, which "the district does not anticipate being able to fill … immediately"', $3.6 million for 30 case manager positions for schools in high-need communities, with a high diverse-learner student population, and. FY2016 — CPS borrowed $725 million at a whopping interest rate of 8.5 percent to close the deficit. CPS is the only school district in Illinois whose teachers are not in the state-wide Teachers Retirement System (TRS). In the years to come, the state will continue to pick up the payment for the normal cost to the CTPF. CPS will draw down $62.6 million in reserves to cover the shortfall. I think we put a fulsome offer on the table, we are in fact-finding and we’ve got a preliminary ruling that will become official later in the month.”. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. [iv] CPS contributions are made up of contributions from CPS via local revenue sources and federal funds. However, CPS is still responsible for the debt payment on the unfunded liability for the pensions, and this makes up the majority of the pension payment (over 70 percent). Budget 2021 Budget 2020 Janice K. Jackson, Ed.D. What does this all mean? The union says it worries CPS will continue to govern via press release and wants to see minimum staffing numbers codified in the contract. Other highlights in the spending plan include: CPS is holding public hearings on the budget later this month. FY2015 — The District shifted the date it received property tax revenue; effectively taking 14 months of property tax revenue and applied it to 12 months of spending. Rigorous academic programs have also fueled students’ impressive gains, and this budget prioritizes proven programs that help students prepare for college. “Despite the rhetoric, there’s no reason why we shouldn’t get a deal done before school starts. Need-to-know stories from Crain's and around the web. Figure 3 shows the change in expenditures, as percentage of the total CPS budget, over the last seven fiscal years. But CPS will continue to be responsible for the debt payment, and as shown in Figure 2, the debt payment is rising faster than the payment for the normal cost. For others, it will mean renovated school buildings that are safe and ready for the new school year. During the Great Recession, CPS asked and was granted a partial pension “holiday” for FY2011-FY2013, hence the drop-in payments in those years. Until FY2018, CPS was responsible for the vast majority of this payment, again illustrated in Figure 2. Thursday. Please select at least one newsletter to subscribe. FY2014 — CPS “balanced” the budget by drawing down over $600 million in reserves. All the while, the growth of charter schools continues to make up a larger percentage of spending. Beginning this fall, more than 5,000 additional students will benefit from investments in STEM, International Baccalaureate (IB), magnet, and classical schools that will provide them with the skills and knowledge to be successful in college, career, and life. Chicago Public Schools CEO Janice Jackson, center. http://www.isbe.net/funding/html/gsa.htm#fy17. We will also expand our world language and Early College STEM programs to move the district closer to our goal of having 50 percent of students earn at least one college or career credential before graduating high school. Finally, spending on non-compensation items has increased by 4 percentage points. With increased state funding, CPS is also launching the first phase of our free, full-day Pre-K for 4-year-olds, with an initial group of 3,700 young people who come from the families with the greatest need. FY2017 — After the state allowed CPS to raise an additional $250 million in property taxes to cover part of the pension payment, lawmakers also created an Equity Grant which distributed money to school districts across Illinois and CPS received $102 million revenue. What could go wrong? Cooper's Hawk comes to the city. And to ensure we are providing our children equitable access to cutting-edge technology, we will invest $50 million in capital funds this year to increase internet bandwidth and purchase new classroom computers and devices for our highest need schools to bridge the digital divide and enhance instruction. This increase is almost entirely driven by the increase in spending on charter schools. The budget—click here to read it over—cements commitments Jackson and Lightfoot made last week on wraparound service staffing: These proposals fall short of contract demands from the Chicago Teachers Union. With an increase of more than $60 million in school budgets and additional increases in resources dedicated to low-income students and schools struggling with declining enrollment, Chicago schools will have the resources they need to continue the incredible academic progress they have made in recent years. http://www.chicagotribune.com/news/local/breaking/ct-chicago-public-schools-bonds-0204-20160203-story.html, http://www.bloomberg.com/news/articles/2016-02-05/chicago-schools-pay-bigger-bond-market-penalty-than-puerto-rico, http://www.isbe.net/funding/html/gsa.htm#fy17, States with graduated income taxes are more than twice as likely to cut taxes as to raise them, A brief budget retrospective: How Chicago’s spending and revenue has changed from Mayor Emanuel’s…, New Chicago mayor, lots of education questions, Tax Policy and Education Funding — Finding a Balance for Small Businesses, How the Fair Tax can Promote Small Business Growth, Understanding the Saratoga Springs, NY 2020 Police Department Budget. “The district is prioritizing renovations at neighborhood schools throughout the city to ensure all students can learn and grow in school buildings that support high-quality learning environments,” CPS said in a statement, in an effort to make every school “warm, safe and dry.”. In FY2012, 54.1 percent of all CPS spending was on teacher salaries at non-charter schools, while 17.2 percent of all spending was on benefits (healthcare and pension payments). As shown in Figure 1, the FY2019 proposed budget is expected to be $62.6 million short of what is needed to cover all of CPS’ expenditures. The Chicago Public Schools Budget Book is the financial and policy plan of the Chicago Public Schools for the fiscal years. Your source for actionable, exclusive and inside news and data on the health care industry. As recently as FY2001, the CTPF was 100 percent funded, but today it is only 50.1 percent funded. How is it? “That contract is the most important document there is about guaranteeing the way our working conditions look.”, Lightfoot said there was no reason both sides couldn’t finalize a contract before the first day of school. 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