(The Center Square) – Mayor Brandon Johnson is not ruling out a loan to cover a Chicago Public Schools deficit of $500 million.
There is no official answer on how the mayor will fill the budget gap, after he rejected cuts proposed by CPS administrators.
“I have not changed my mind about investing in our children. I will never change my mind,” Johnson said.
The mayor was asked if he would consider a long-term, high-interest loan.
“I’m not going to tolerate cuts to our children. I’m not going to tolerate it. And so, there are a number of considerations that we have to make to ensure that our children get what they deserve,” Johnson answered.
Truth in Accounting reports that the City of Chicago has a debt load of nearly $40 billion, or about $43,000 per taxpayer.
Johnson said the state of Illinois owes the children and the families of Chicago $1.1 billion.
The mayor said the state also owes public schools outside of the city.
“They’re gonna owe the second-largest school district, U-46, more resources. School districts in Waukegan, Tamms, Illinois, East St. Louis: all of us are going to require the state of Illinois to up its investments in our young people,” Johnson said.
The Illinois General Assembly passed legislation in 2017 that switched the state to Evidence Based Funding of schools.
Wirepoints reports $8.5 billion in new funding for K-12 schools in Illinois since the change.
According to the Illinois Policy Institute, CPS spent $29,028 per student in the 2023-2024 school year, among the highest in the U.S. In 2014, CPS spent $15,011 per student, a nearly 100% increase.
