To say that there is a financial mess at CPS is to resort to understatement. Here are but a few of the problems; first, pensions are taking a growing bite out of the budget; second, poor borrowing policy/debt repayment woes has the district in a bind; and third, the yearly budget is running in the red. There are other problems to be sure but these are among the major ones facing CPS, the city and the State of Illinois.
What will be done? Likely, a fix involving many moving parts. More revenue might be generated, CPS cuts are likely, getting a 'pension holiday' granted from the state is a real possibility, putting off hard choices seems sure to take place (kicking the can down the road if you will) and more. There is even talk of filing for bankruptcy.
Whatever the solutions, it will be incumbent for Mayor Emanuel, CPS, the CTU, state legislature and Governor Rauner to sit down and work this out. Unless everyone mentioned comes to the table to solve the problem, well, good luck. People will have to face this dire situation with the aim of solving the problem rather than merely protecting their turf.
Dick
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