The Chicago Board of Education last week unanimously approved a $5.14 billion budget for fiscal 2009 that closed a looming deficit through cuts, the use of reserves, and interest rate savings by delaying a planned new-money bond sale.

The budget also provides an additional $45 million to expand classroom programs aimed at improving academic results, and it’s the first budget in recent memory in which Chicago Public Schools officials did not seek a property tax increase.

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