CPS spending without any money

 (Photo credit: Wikipedia)

Chicago Public Schools 2013 budget projects a $431.8 million deficit. State funding was cut by $56.8 million and GSA funding was cut by $44 million.  Its largest federal revenue source, Title 1 declined from $9.7 million to $286.6 million.  To make up some of the difference they plan on using their reserves, funding they have put aside for that rainy day, money that once its gone, its gone.  This does not even include the nearly $8 billion in pension debt.
Mayor Emanuel and the Chicago Public School Board, laid off nearly 3000 Chicago public school employees, 1456 of them teachers, and they then closed 50 Chicago schools because of the financial crisis.  Oh yes, they also cut $9 million from the Early Childhood program. 

Yet, this week Mayor Emanuel announced the plans to build a new $35 million elementary school, a $15 million school annex to be built on Wildwood Elementary on the north side, and refurbishing of East Garfield Park high school and two feeder schools, at the price tag of $24 million. And they just put out over $16 million on their school safe passage program.

With all the spending of money, it's hard to believe that the Chicago public school system is being run on a deficit. It's hard to believe that CPS is projecting only a $1 billion deficit for 2014.  And never mind about that fact that CPS just had their credit rating lowered again and is very close to a junk-bond rating that means higher interest if anyone would even borrow them money.

2014 is looking even more insolvent as they keep adding more and more debt without no way of paying. Even if they push to raise property taxes again – this last increase only provided $62 million in new revenue for 2013 – it would not be enough. And why should taxpayers who do not or have never used the system have to pay without any benefits?  Maybe it is time to start charging tuition and putting the burden more on those using the system and getting all the free benefits from it or maybe everyone on the Chicago School Board should work at a salary of only $40,000 a year – maybe the struggle of living on those wages would be a constant reminder of the struggle of the taxpayer.