Plan to fund Chicago teacher contract heavy on one-time measures


The Chicago Public Schools would rely mainly on one-time measures to cover the $103 million, first-year cost of a new teachers’ contract, under a plan the school system released on Friday, Reuters reports. The plan calls for saving $42 million through a restructuring of about $100 million of outstanding debt later this year or early next year and tapping $13 million in the current budget set aside for interest payments for bonds the district sold in August, according to a spokeswoman for the district. The school system would also raise $15 million through property sales.

“At times of financial challenges, it makes sense to use strategies like capitalizing interest or restructuring debt, particularly when interest rates are low, to bridge short-term budget pressures,” said spokeswoman Robyn Ziegler.

Recurring measures in the plan include $12 million in administrative savings such as delaying or not filling vacant non-teaching positions and $21 million in reduced operational costs…

Click here for the full story

Sign up for our K-12 newsletter

Newsletter: Innovations in K12 Education
By submitting your information, you agree to our Terms & Conditions and Privacy Policy.

Want to share a great resource? Let us know at submissions@eschoolmedia.com.

New AI Resource Center
Get the latest updates and insights on AI in education to keep you and your students current.
Get Free Access Today!

"*" indicates required fields

Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Email Newsletters:

By submitting your information, you agree to our Terms & Conditions and Privacy Policy.

eSchool News uses cookies to improve your experience. Visit our Privacy Policy for more information.