According to NBC Chicago, Chicago Public Schools (CPS) is facing an estimated $700 million budget gap for fiscal year 2013, Yahoo! News reports. The announcement came after the CPS board met on Wednesday to talk about the major budget shortfall. Additionally, it is estimated that the CPS budget gap will only widen to about $1 billion by 2014. These numbers come even after CPS made numerous changes last year, including cutting jobs and restructuring various areas of the department to increase efficiency, in hopes of reducing the budget deficit. CPS isn’t the only department or agency in the city facing tight budget constraints…

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staff and wire services reports