CHICAGO — Chicago Public Schools unveiled a proposed $5.9 billion fiscal 2012 budget on Friday that closes a $712 million deficit through a mix of administrative and program cuts, a property tax increase, and with $241 million in reserves.

The operating budget totals about $5.11 billion, up from $4.94 billion in fiscal 2011. Another $391 million will go to fund capital projects and $410 million is earmarked for debt service.  The budget is the first under Jean-Claude Brizard Brizard who was picked by Mayor Rahm Emanuel to serve as chief executive officer of the district soon after the mayoral election earlier this year.

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