CHICAGO – For all of the panicky rhetoric coming out of Chicago, one would think the school district is on the verge of financial collapse.
Indeed, the Chicago Tribune recently published an editorial announcing that the financial emergency for CPS has arrived.
That may very well be, but one would never know it from the proposed increase in spending of nearly 10 percent.
Chicago Public Schools recently released a proposed budget of$5.6 billion for the 2013-14 school year. That’s up from $5.1 billion the previous year.
The dramatic increase in spending is largely due to a $405 million employee pension payment the district must make because the state failed to reform government retirement plans. It’s also tied to the raise that striking teachers received last year, which will cost the district about $95 million per year.
We fail to see how increased spending will help the district erase a deficit nearing $1 billion.
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