Chicago Schools Pay Pension Obligation; Classroom Cuts Likely

• Chicago schools pay pension obligation; classroom cuts likely

“Asked whether the district would have enough money remaining to keep classrooms open and pay teachers, the Chicago Democrat responded: “I don’t know.””
Also: Chicago Public Schools to Cut 1,400 Jobs Wednesday

The interim CEO of Chicago Public Schools says approximately 1,400 jobs will be impacted after the district had to borrow money to make a $634 million pension payment.

Jesse Ruiz said Tuesday in a statement that the district must make $200 million in cuts. He blamed Illinois lawmakers he said failed to address CPS’ financial crisis.

“Springfield has failed to address Chicago Public Schools’ financial crisis, so today CPS made its 2015 pension payment by borrowing money,” Ruiz said. “As an immediate consequence of driving the district further into debt and our need to address the existing structural deficit – which is also driven by decades of pension neglect – CPS will make $200 million in cuts. As we have said, CPS could not make the payment and keep cuts away from the classroom, so while school will start on time, our classrooms will be impacted.”