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ben4.bsky.social @ben4.bsky.social · Aug 19

President Harden closes remarks with a further acknowledgement of the risks of relying on TIFs as these are not guaranteed until they are in the pockets of the district. He expresses the need for contingency plans.

ben4.bsky.social @ben4.bsky.social · Aug 19

Mr. Gutierrez echoes support for the budget that includes no further cuts in the classroom and no additional debt. He echoes his support in having the district avoid paying the MEABF.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Ms. Pope expresses her fears over TIF surplus availability.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Ms. Biggs celebrates the budget as a serious attempt to balance the budget. She supports the effort not to take out new loans and centers on the students.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Ms. Custer digs into debt refinancing and borrowing rates projected in the budget. CFO Kruf shares that all projections were made with an advisory group of financial advisors.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Mr. Sitkowski concludes by sharing that the budget will be formally presented to the Board on August 28, 2025. Mr. Bannon opens questions to Mr. Sitkowski by asking how further TIF surplus became available.

ben4.bsky.social @ben4.bsky.social · Aug 19

Kicking the can down the road with borrowing will only worsen the long-term view, Krug closes. Mr. Sitkowski, speaking again from the podium, celebrates that the newly proposed budget will eliminate future gaps.

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ben4.bsky.social @ben4.bsky.social · Aug 19

CFO Miroslava Krug takes over and argues against any new loans. She shares that FY2016 and FY2018 loans that were downgraded to junk have forced financial burdens on the district due to the ratings downgrades. Digging into projections, Krug predicts losses were the district to further borrow.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Mr. Sitkowski discusses how the budget fulfills labor commitments and avoids furlough days as a savings strategy. He outlines in detail why TIF should be counted on to fund the school given city law. MEABF funding is obligated by the city, not CPS, Mr. Sitkowski assures.

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ben4.bsky.social @ben4.bsky.social · Aug 19

One-time funding sources total $90 million for the year. MEABF Pension reimbursement will be contingent on available funding.

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ben4.bsky.social @ben4.bsky.social · Aug 19

$126 million in cuts away from the classroom were identified. Alongside cuts, Mr. Sitkowski outlines $149 million in additional revenue. This will come from city, state, and federal sources. $29 million in savings comes from refinancing debt.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Before unveiling strategies to close the remaining deficit of more than $500 million, Mr Sitkowski shares community findings.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Beginning with a $734 million deficit, the district made $165 million in deficit reduction over the summer.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Mr. Sitkowski emphasizes that the budget proposal comes from realistic expectations. No additional state funding and additional city funding through TIF are the main highlights. Loans are not under consideration according to Mr. Sitkowski.

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ben4.bsky.social @ben4.bsky.social · Aug 19

The meeting moves on to the FY26 Budget Presentation. Mike Sitkowski, the Chief Budget Officer, outlines a balanced $10.25 billion FY2026 budget. He warns of the urgency and importance of cutting more at already underfunded schools.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Continuing forward, Ald. Waguespack gives his guarantee that CPS will receive more than $300 million from the TIF surplus.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Ald. Waguespack of the 32nd Ward thanks the CPS staff for the budget proposed. The alderman supports protecting school budgets and trimming central office staff. Borrowing is "wrongheaded and fiscally irresponsible," Ald. Waguespack agrees. CPS revenue sources come from the Johnson admin not loans.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Ald. Vasquez of the 40th Ward speaks as a CPS alum asking for further funding from Springfield. Ald. Vasquez argues that using the CPS budget to pay pension dues will erode the district. TIFs will be necessary to solve the budget according to Ald. Vasquez, and loans must be avoided.

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ben4.bsky.social @ben4.bsky.social · Aug 19

A CTU member and 4th grade teacher speaks on his classroom experience. He wants the Board to humanize the budget and provide fully resourced classrooms for every school across the city.

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ben4.bsky.social @ben4.bsky.social · Aug 19

A CPS mother and parent leader on the Southeast side shares that schools in her part of the city have seen outsize burdens from budget deficits. She shares that black and brown communities are stretched financially and emotionally when cuts hit their schools.

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ben4.bsky.social @ben4.bsky.social · Aug 19

A special education teacher continues next in the public comment section. Cuts to special education programs target the most vulnerable among our CPS students, the speaker declares. Cuts to support staff are cuts to the classroom as they directly hurt students, the speaker concludes.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Next up is a speaker wearing the purple SEIU shirt. She asks the Board to demand more money for our schools in Springfield.

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ben4.bsky.social @ben4.bsky.social · Aug 19

A virtual speaker joins sharing her background as a teacher, alum, and parent at CPS. She frames the budget issue as a tax issue where the rich have the opportunity to fund the next generation.

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ben4.bsky.social @ben4.bsky.social · Aug 19

Next speaking, a woman who identifies as a CPS alum and parent, decries chronic disinvestment across CPS. "Hope cannot exist without resources."

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ben4.bsky.social @ben4.bsky.social · Aug 19

Our third speaker, a teacher at DePriest Elementary, shares that she was an Illinois Public School alum. She shares that further educator cuts threaten to sever relations with those teachers who remain.

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