$1300 per student of the budget going to CPS pensions? Nope. It’s going to the banks.

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CPS released the details of its 2017 budget today.

You can find a copy of the budget here.

Raise Your Hand, More than a Score and WBEZ have been tweeting and posting some details.

 

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?

 

One thought on “$1300 per student of the budget going to CPS pensions? Nope. It’s going to the banks.

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