Comptroller: Illinois On Pace To Rack Up $5B DeficitMunger's office said Tuesday it doesn't have enough money to write timely checks to service providers even on court-ordered payments.
Analyst: CPS Has 'No Choice' But To Borrow $1B Amid Cash CrunchA top financial analyst said bond rating agencies probably won’t be troubled by the Chicago Board of Education’s vote to borrow more than $1 billion to help the Chicago Public Schools address a massive budget crunch in the coming year.
Budget Watchdog: City's Junk Bond Status Could Cost Up To $300 MillionRalph Martire, director of the Center for Tax and Budget Accountability, said the latest downgrade to junk bond status will cost the city an additional $200 million to $300 million, on top of its existing budget deficit and employee pension fund shortfalls.
Topinka: Looming $2B Drop In Revenue A 'Heart Attack' For State FinancesIllinois Comptroller Judy Baar Topinka is warning of "a $2 billion collapse" next year when the state's temporary income tax increase begins to roll back.
Child Advocacy Group Warns Of Impact Of Expiring Tax HikeWith a 2011 state income tax increase set to expire at the end of the calendar year, the governor and Illinois lawmakers are facing a huge drop in state revenue, which would affect many social service groups that rely on the state for funding.
CPS To Cut Classroom Spending By $68M, Hike Property TaxesHomeowners, prepare to dig deeper. Schoolchildren -- especially high schoolers -- prepare to get less.
CPS Announces $21 Million In Non-Classroom CutsChicago Public Schools officials have announced nearly $21 million in new cutbacks as it continues work to close a $1 billion budget deficit. The latest cuts come on top of more than $31 million in central office cuts earlier this year.
Teachers Union Fears Massive Layoffs Due To School Closings, Pension CostsWith 49 elementary schools set to close this summer, and the district facing an additional $412 million in pension costs, the Chicago Teachers Union estimated hundreds – if not thousands – of teachers could be laid off to reduce district spending.
CPS To Issue Preliminary List Of School Closures Next WeekNext week, Chicago Public Schools officials will release a list of schools it is targeting for possible closure, after an independent commission issued a preliminary report recommending which schools should stay open, and which should be considered for closure.
City Budget Deficit Falls To $300 MillionThe City of Chicago's 2013 budget gap now stands at $298 million--after belt-tightening knocked $71 million off the total.
Illinois Budget Crisis Worst In Nation, Auditor FindsIllinois budget deficit skyrocketed to almost $44 billion, the worst in the nation, the state's auditor said in report released this week.
School Board Unanimously Approves Longer School YearDespite complaints from teachers that it would lead to student burnout and decreased teacher morale, the Chicago Board of Education has unanimously approved Mayor Rahm Emanuel's plan to extend the school year by 10 days starting in the fall.