(Chicago News Cooperative) — Chicago’s public schools face “fiscal calamity” unless administrators take steps to shore up the district’s underfunded teacher pensions and get spending under control, the Civic Federation said in its annual budget analysis released Monday. While the Federation said it supports the district’s $5.9 billion budget for fiscal year 2011, the report noted other threats to the district’s long-term financial position, including its repeated reliance on a reserve fund to deal with budget deficits. CPS managers also “must continue to emphasize cutting costs if they are going to head off an enormous fiscal crisis in just two years,” Federation President Laurence Msall said.
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