The Emanuel budget proposed yesterday includes a surprise call for CPS to give the city back pension money the city has been paying for certain CPS employees: "Chicago taxpayers would no longer subsidize pensions for non-teaching employees of the Chicago Public Schools, under a surprise plan tied to Mayor Rahm Emanuel’s 2012 budget." ( City wants CPS to pay for pensions for its non-teaching employees Sun Times). On the same day, CPS announced it would issue $400M in bonds: "Chicago Public Schools officials today announced $400 million in bonds will be sold for ongoing construction, renovation and maintenance projects." (CPS issues $400 million in bonds Tribune)
More on budgets and pensions:
Emanuel Budget Cuts Deep, But Some Sacred Cows Untouched CNC: Under Emanuel’s proposal, the corporate fund that covers day-to-day spending on government operations would shrink by 5.4 percent next year, to about $3.1 billion.
Illinois taxpayers kick in $400 million for teachers’ pensions Statehouse News: The report added that 139 school districts paid a portion of teachers’ contributions to TRS for the 2009-2010 school year. Teachers in the remaining 312 school districts contributed to TRS directly from their paychecks.