Post by macrockett on Jun 16, 2010 14:36:38 GMT -6
www.suntimes.com/news/education/2384906,CST-NWS-cps12.article#
CPS to borrow $800M, boost teacher pay 4%
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June 12, 2010
BY ROSALIND ROSSI Education Reporter
Chicago Public Schools officials revealed Friday that they plan to borrow up to $800 million to pay their bills -- even as they pledged to give teachers a promised 4 percent pay hike, a move designed to head off a strike.
CPS revealed its latest plans on how to confront its record deficit within hours of teachers concluding their vote on whether Chicago Teachers Union President Marilyn Stewart or challenger Karen Lewis, a King College Prep teacher, should lead them through tough times ahead. Election results are expected early today.
CPS announced plans for a special School Board meeting Tuesday to take up the borrowing, teacher raises and a controversial plan to raise class size for the first time since Mayor Daley's 1995 city school takeover.
One resolution at the meeting will indicate that the system "will be unable to balance its budget'' unless it increases class size from, on average, 30 students to "up to 35.'' About 2,700 teachers would be laid off as a result, at a savings of $125 million.
However, in another resolution, CPS officials say they expect to have the money to pay promised 4 percent raises to teachers and seven other unions, for a cost of $100 million.
If School Board members do not pass such a resolution by June 15, the teachers union could open talks that might lead to a strike.
"We can't risk the uncertainty of putting our kids in a situation where they may not be able to go back to school because there's a strike," a CPS official said. "You take that off the table by saying, 'We're going to fund the 4 percent [raise].'"
The union has not struck since Daley's school takeover. One CPS official said many parents still remember "how many strikes there used to be. ... We can't put our students through this."
Also Tuesday, board members are expected to approve a resolution allowing them to borrow up to $800 million to cover late payments from the state. A CPS official said the line of credit is intended to help pay bills in the face of $437 million in late state payments this school year and the possibility of similar problems next school year.
CPS to borrow $800M, boost teacher pay 4%
Comments
June 12, 2010
BY ROSALIND ROSSI Education Reporter
Chicago Public Schools officials revealed Friday that they plan to borrow up to $800 million to pay their bills -- even as they pledged to give teachers a promised 4 percent pay hike, a move designed to head off a strike.
CPS revealed its latest plans on how to confront its record deficit within hours of teachers concluding their vote on whether Chicago Teachers Union President Marilyn Stewart or challenger Karen Lewis, a King College Prep teacher, should lead them through tough times ahead. Election results are expected early today.
CPS announced plans for a special School Board meeting Tuesday to take up the borrowing, teacher raises and a controversial plan to raise class size for the first time since Mayor Daley's 1995 city school takeover.
One resolution at the meeting will indicate that the system "will be unable to balance its budget'' unless it increases class size from, on average, 30 students to "up to 35.'' About 2,700 teachers would be laid off as a result, at a savings of $125 million.
However, in another resolution, CPS officials say they expect to have the money to pay promised 4 percent raises to teachers and seven other unions, for a cost of $100 million.
If School Board members do not pass such a resolution by June 15, the teachers union could open talks that might lead to a strike.
"We can't risk the uncertainty of putting our kids in a situation where they may not be able to go back to school because there's a strike," a CPS official said. "You take that off the table by saying, 'We're going to fund the 4 percent [raise].'"
The union has not struck since Daley's school takeover. One CPS official said many parents still remember "how many strikes there used to be. ... We can't put our students through this."
Also Tuesday, board members are expected to approve a resolution allowing them to borrow up to $800 million to cover late payments from the state. A CPS official said the line of credit is intended to help pay bills in the face of $437 million in late state payments this school year and the possibility of similar problems next school year.
