CHICAGO — The Chicago Board of Education unanimously approved a $6.6 billion budget for fiscal 2014 that closes a nearly $1 billion deficit through a property tax increase, spending cuts and the use of $700 million in unrestricted and restricted reserves, including a first time draw on a debt service account.

The use of reserves, a non-recurring revenue source, leaves the district with a structural imbalance and projected $900 million gaps again in fiscal 2015 and 2016. The district's reliance on one-shots like reserves and debt restructuring to balance recent budgets has driven several rounds of downgrades.

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