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
CPS will vote on a list of proposed school closures today.
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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.
The proclamation of a balanced budget comes on the same day that nearly 100,000 Chicago Public School students begin attending year-round classes.
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