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Chicago Board of Education OKs $175M pension payment to city
The Chicago Board of Education unanimously approved a $175 million pension payment to the city on Thursday, according to reports.
CHICAGO - The Chicago Board of Education unanimously approved a $175 million pension payment to the city on Thursday, according to reports.
What we know:
The payment had been the subject of debate over whether Chicago Public Schools or the City of Chicago was responsible.
State law requires the city to cover the cost because CPS employees are part of the city’s pension fund.
In its budget, CPS noted it would make the payment "contingent on additional revenue," such as tax increment financing funds.
EPIC Academy vote :
Also during Thursday’s special meeting, the board did not take a vote on the potential closure of EPIC Academy.
Some board members said they had too many unanswered questions about what would happen to students and educators.
The discussion grew tense when one board member proposed adding an amendment to create a plan to wind down operations.
The amendment failed and that is when they moved to discuss the issue at a later meeting.
The school has 250 students and it's struggling with rising costs and lower enrollment. It's set to close at the end of the school year.
The Source: The information in this article was reported by FOX 32 News.