Chicago Public Schools’ budget problems could go from bad to worse. That comes after Illinois lawmakers rejected a plan for the schools to delay pension payments. IPR’S Tony Arnold explains.
Three years ago, the Illinois state legislature gave Chicago Public Schools what critics would call a pension holiday where the district could stall on making payments to its retirement system. That’s set to expire at the end of this month meaning Chicago’s schools will have to make room for an extra 400 million dollars in its budget to pay for teachers’ pensions.