Chicago Public Schools Budget Deficit Rises To 734 Million, Interim CEO Says

Chicago Public Schools must confront a $734 million budget deficit, a significant increase from the previously reported $529 million, as revealed by interim CEO Macquline King. This deficit includes a $175 million pension payment and $30 million for integrating five Acero charter schools into the district. King, who presided over her first board meeting after being appointed, promised to prioritize transparency and collaboration while focusing on student needs. With the new school year set to begin on August 18, the district may have to make staffing cuts or consider high-cost loans if revenue sources are not identified. The previous administration had called for increased funding from the state and city, but recent budgets showed little change in education funding.

During rallies, union leaders stressed the need for sustainable solutions and urged the state to increase financial support for public education. Board members expressed confidence in King's leadership and called for revenue strategies rather than budget cuts. As the district prepares for the upcoming school year, the urgency of the budget situation looms large.