The Chicago Board of Education last week adopted a $5.4 billion fiscal 2010 budget that eliminated a $475 million deficit by dipping into reserves, boosting property taxes, cutting jobs, requiring nonunion employees to take unpaid furlough days and using $190 million of federal stimulus funds.

The district included a 1.5% increase in its property tax rate to raise $43 million. It could have sought up to a 4.1% increase under state tax caps. It will also eliminate 1,000 positions, including 536 previously announced cuts. It will require non-union employees to take six unpaid furlough holiday days and will dip into its fund balance of $432 million for $61 million.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.