CHICAGO (FOX 32 News) - Just as a new semester starts, Chicago Public Schools has slashed $85 million from the budget for the rest of the year. That is $20 million more than had originally been proposed.
CEO Forrest Claypool says the cash problems are getting worse everyday. CPS is looking at a billion dollar hole, with no income coming from the state. Plus, teachers are ready to go on strike in the spring.
Tuesday, Claypool announced just how devastating the latest budget cuts will be.
Due to the $120 million in budget cuts, schools throughout the district lost an average of 1.5 percent of their budget. But some schools will lose more cash than others.
Lane Tech College Prep will lose the most cash from its budget, and Northside College Prep will lose the highest percentage of its overall budget. About 50 schools in the system will actually end up getting more money in the deal.
CPS Principals were told to free up some money by next week by moving jobs or programs that are funded with student-based budgeting dollars to accounts fed by federal funding, according to the Chicago Tribune.
CPS teachers say these cutbacks are a bargaining tactic and an "act of war."