Chicago Schools Budget Uses Pension Overhaul to Close Gap
- District relies on $215M of aid contigent on Illinois fix
- Spending plan also assumes that union will agree to contract
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Chicago school officials presented a budget that relies on the state of Illinois passing an overhaul of its underfunded pension system and assumes that the teachers’ union will agree to pay more into their retirement funds.
The $5.4 billion operating budget for the fiscal year that began July 1 is more than $230 million smaller than last year’s spending plan, district officials said. The plan relies on the state providing the district with an additional $215 million for its pension bills, which lawmakers and Governor Bruce Rauner have agreed to shell out only if the state comes up with a plan to restructure its own retirement system.