Watchdog Criticizes CPS Budget For Using One-Time Accounting Measure To Fill Deficit
(CBS) — The Chicago School Board passed a budget with a one-time bump, which gets it by this year but not next according to the fiscal watchdog the Civic Federation.
Civic Federation vice president Sara Wetmore explains when it’s all said and done, the board has increased spending $400 million, leaving a $900 million deficit plugged by recognizing 14 months of tax revenue in the 12 month fiscal year.
“They are certainly spending money that is not going to be there next year,” Wetmore said, “It is a one-time revenue bump, so they are using it to close a huge budget deficit this year but it won’t be available next year when they have an even larger projected budget deficit.”
Access Living says the school board has placed its budget balancing bets on pension cut savings coming out of Springfield and being approved by the court.