The road from CPS $734 million deficit to $0

CPS approved a budget on Aug. 28

Spring to Aug. 1
Aug. 13 CPS budget plan
$0M
$200M
$400M
$600M
$734M
$165M in cuts
Jobs cut: 500 custodians, 250 lunchroom workers, 102 crossing guards, 67 central and network office workers
Debt refinancing: $29M
Refinancing debt to get $29 million in savings this year rather than next year
Pension fund payments: $175M
CPS won't make a payment for the city’s municipal pension fund unless CPS gets extra revenue from the state or the city beyond the $379 million it's expecting in TIF surplus funds.
More cuts: $126M
These include reductions in central office staff and a hiring freeze; delaying IT projects; eliminating food and travel budgets; increase in health care contributions for employees making over $90,000
Additional revenue: $149M
This includes an increase in what CPS expects from city TIF surplus funds by $79 million (for a total of $379 million).
One-time funding: $90M
Tapping into $90 million in one-time funding sources, including up to $65 million from a debt service stabilization fund; using $25 million from a major donation to CPS

Source: Chicago Public Schools Graphic: Andjela Padejski/WBEZ