CPS to give $8M from $55M TIF surplus to charter schools

Nov 29, 2016 by

CPS officials will send charter schools $8 million in surplus tax increment financing money — part of $55 million used to fund a new teacher contract.

As special education advocates pleaded for enough money to serve their students, Chicago Public Schools officials said Monday they’ll send charter schools $8 million in surplus tax increment financing money — part of $55 million released to pay for the new teachers’ contract.

That’s what the district, which is still banking on $215 million in conditional aid from the state to pay for its pensions, announced at a new round of budget hearings necessitated by $55 million in changes to the school system’s operating budget.

Mayor Rahm Emanuel directed the extra $55 million in surplus TIF funds to the schools to avert a teachers strike minutes before the Chicago Teachers Union’s deadline to walk off the job in October.

Source: CPS to give $8M from $55M TIF surplus to charter schools | Chicago Sun-Times

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