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• January 15, 2025
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CPS perched on financial cliff, state financial takeover an option: report

‘The amount of money we’re talking about involves a deficit of well north of $750 million, may be as much as a billion dollars’ CHICAGO (WLS) — The nation’s fourth-largest school system is perched on a financial cliff, and will fall if something is not done soon, according to the Civic Federation. The budget watchdog group released a comprehensive report detailing the dire financial situation Chicago Public Schools faces, especially next year. ABC7 Chicago is now streaming 24/7. Click here to watch “The amount of money we’re talking about involves a deficit of well north of $750 million, may be as much as a billion dollars,” Civic Federation President Joe Ferguson said. Ferguson says the report is a reality check for CPS’ new hybrid-elected school board: 21 members will be sworn in on Wednesday. Ferguson warns the board the financial situation is so serious, a state financial takeover is a possibility as a last resort. “If you put guardrails on the system fiscally, I think that opens the door to the state saying, ‘OK, let’s reexamine some of the inequitable kind of funding practices from the state,’” Ferguson said. SEE ALSO: CPS Inspector General investigated 300 cases, including sports fraud, annual report says Ferguson says CPS cannot afford even the minimum cost of a new teachers contract. He says revenue ideas from the Chicago Teachers Union, like a short term loan or using reserve funds, would result in downgrades and tip the district into insolvency. Besides the state fully funding CPS, Ferguson…