All Articles Tagged "reserve fund"
(Chicago News Cooperative) — When Chicago Public Schools officials started talking about the district’s 2012 budget, they repeatedly directed the public eye to one number: a $712 million deficit. Officials cited the number when denying teachers a 4 percent contractual raise, making unpopular cuts to programming and, just last week, when announcing plans to increase property taxes to the maximum amount allowed by state law. But a number that went unadvertised until the final budget details became public last Friday was the $470 million reserve fund that the district recently built up through the arrival of unanticipated state payments and other sources. The district plans to use a portion of the reserve to plug the budget gap. CPS officials say the $712 million deficit figure was based on numbers known at the time, and that the district received unexpected money as recently as July, allowing it to start the fiscal year with the $470 million in reserve.