Chicago Public Schools close to eliminating $1 billion budget hole

Despite the lack of pension relief in Springfield, Chicago Public Schools has developed the outline of a plan to completely eliminate a projected $1 billion deficit for the school year that begins July 1.

CPS officials are confirming that the plan, which is not yet final, relies heavily on one-time revenues, especially an earlier-than-usual receipt of local property-tax and state revenues. The plan also is likely to include a property tax increase similar to this year’s $62-million hike.

Read more in Crain’s Chicago Business.