Chicago School System's Budget Fix

Wochit Headline News - May 19, 2017

Chicago's public school system plans to seek up to $389 million in short-term loans.

This would help avoid closing schools early for the summer and would make required pension payments next month.

The loan will be secured through short-term financing against $467 million in delayed block grant funding.

The funding is by Illinois' fiscally stalled state government, which has not had a full-year operating budget in almost two years.

rising pension payments have contributed to exhausted reserves, and debt dependency for Chicago Public Schools..

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