CPS Taps Reserve Funds to Balance Budget

Many teachers and staff will lose their jobs this year

Monday, Aug 9, 2010  |  Updated 9:00 AM CDT
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CPS Taps Reserve Funds to Balance Budget

CPS will vote on a list of proposed school closures today.

Chicago Public School’s chief Ron Huberman managed to turn in a balanced budget despite an estimated $370 million hole. 

The path wasn’t comfortable.
 
Huberman was forced to lay off nearly 1,200 school workers, increase class sizes from 31- to 33-students-per-room and completely drain $190 million in reserve funds, the Sun-Times reports.
 
Huberman said it was necessary to dip into the reserve funds because the state owes CPS roughly $236 million.
 
Other cuts include: 
  • Imposing six furlough days and pay freezes on principals and assistant principals.
  • Eliminating 200 school buses.
  • Trimming bilingual programs.
  • Carving $16 million from supplemental magnet school programs.
  • Reducing supplemental security from schools by about $2 million. 
 
 

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