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.