CPS budget vote set for Thursday amid $734 million shortfall

CHICAGO — The Chicago Board of Education will vote on Chicago Public Schools’ proposed budget on Thursday.

The district is presenting a budget that will close a $734 million budget gap. The district says its confident in this proposed budget.

Community hearings and a survey were issued to solicit input.

The district is submitting a $10.25 billion budget to the board of education, saying it aims to support continued academic growth and achievement from preschool through high school.

The budget gap sits at $734 million. The district says it found savings through a combinaton of central department and operational reductions and efficiences totaling $320 million.

• applying $45 million in higher-than-projected evidence-based funding from the state
• increasing the district’s fiscal TIF revenue by $79 million
• repurposing $65 million from its debt service stabilization fund
• leveraging a $25 million donation receved in 2023
• leveraging $25 million in projected money grant carryover

The district has $9.1 billion in outstanding long-term debt.

The Chicago Teacher’s Union held a press conference ahead of Thursday’s vote.

Members say it is urgent that Governor JB Pritzker bring the state’s overdue debt up to date to repair damage from the cuts already baked into the current budget and prevent further impacts.

“We invite our governor to play on a team of educators who love children. We invite our president to stop playing and send the money he is using to militarize our country against itself to our school district so young people can play basketball. So young people can learn another language. So young people can figure out that school a safe, fully resourced space,” said CTU President Stacy Davis Gates.

The fiscal year 2026 budget states that CPS will reimburse the City of Chicago for the municipal employees annuity and benefit fund.

This vote will be held Thursday afternoon.

Per state law, the deadline to hand over a balanced budget is Friday.