CPS released the details of its 2017 budget today.
CPS spending at least $5,444,641 on assessment contracts (Acct #A54125). Slightly more than budgeted FY16 despite smaller student pop.
— More Than a Score (@MTAS_Chicago) August 9, 2016
17 music positions cut at elem level. Only 153 f/t music pos left for elem scls. #cpscuts
— Raise Your Hand (@ILRaiseYourHand) August 9, 2016
In case you missed it, WBEZ is reporting that $1300 dollars per student is going to pay the debt on borrowed money.
All together, Chicago school officials proposed a $6.3 billion spending plan for the 2016-2017 school year. That includes $5.4 billion for operations, $522 million to pay down a growing debt load, and $338 million for new school construction.
The total budget is slightly smaller than last year’s $6.4 billion, but District Chief Forrest Claypool says there will be more new construction announced at a later time this fall.
Claypool insisted that this budget does not rely on gimmicks, as did past budgets. He also noted that the district is not doing any long-term borrowing for operating expenses.
However, the district has $6.7 billion of outstanding long-term debt and plans to spend $522 million this year on debt payments–that’s about $1,300 per student.
When CPS CEO Forrest Claypool complained yesterday that everybody has sacrificed except the teachers, it was a lie.
Teachers have sacrificed plenty.
But the banks and the bond holders?