- Chicago Public Schools’ new financial team unveiled a $5.91 billion budget for 2012 that eliminates a record $712 million budget gap by raising property taxes to the maximum levels allowed by law, making deep cuts to the central office and middle management, scaling back police patrol on school campuses, re-drawing bus routes, and likely scores of layoffs in schools.
The tally includes nearly $87 million in cuts to teaching positions, mentoring programs for at-risk students, bilingual education, literacy initiatives, extra-curricular math, science and technology clubs and other afterschool programs, and reduces academic services for some of the district’s lowest-performing students.
As if the tax hike and the litany of cuts weren’t enough, officials said Friday they will also have to drain the district’s reserve fund by $241 million.
The beancounters claim it will be an additional $84 on a house valued at $250,000, but no word on how the housing market devaluation is affecting all of that.