Click here to see the agenda for the August board meeting, which took place yesterday.
Below is the CPS press release about what happened -- what's being cut and what's being expanded with the new budget.
Click here to see the actions from the previous month.
Press Secretary, Chicago Public Schools
FOR IMMEDIATE RELEASE
Aug. 27, 2008
the Line on Property Taxes
The Chicago Board of Education today unanimously approved
its Fiscal Year ’09 budget, which includes no property tax increase while
still investing more than $45 million in expanding classroom programs that are
driving systemwide improvements.
“Mayor Daley challenged us this year to find a way to
continue supporting our key programs without raising taxes,” said Chicago
Board of Education President Rufus Williams. “These are very tough
economic times, and this year—due to the hard work and careful planning
of our Board and our budget team over the past several years—we were able
to draw from our reserves and not further burden taxpayers, despite our continuing
need for more funding for our children.”
In order to balance the budget, the CPS is taking $100
million from its reserve fund, delaying a bond sale that will save the district
$35 million in debt-service payments, and saving about $12 million through
efficiencies in transportation and other non-classroom, operational costs.
“We cannot continue down this path,” said CPS
Chief Executive Officer Arne Duncan. “We cannot continue to take $100
million from our reserve fund beyond this year. Going much deeper than this can
jeopardize our financial security and the solid standing we’ve worked so
hard to secure with the rating agencies. We need a more stable state-funding
structure that meets the needs of school districts across the state.”
The key classroom programs that are being expanded for the
new school year are High School Transformation ($16 million), Turnaround
Schools ($7 million), Freshman Connection ($6.6 million), Reading Initiative
($6 million), and critical-language programs ($1 million—covering
Chinese, Arabic, and Russian.)
Filed under: 125 S. Clark Street