The Chicago Board of Education last week unanimously approved a new $5.9 billion budget that eliminates a $712 million deficit through cuts, use of reserves, and a property tax hike.

The spending plan includes a $5.1 billion operating fund, $391 million in capital projects funding, and $410 million for debt service. The budget is the first under Jean-Claude Brizard, who Chicago Mayor Rahm Emanuel chose as chief executive officer of Chicago Public Schools after he was elected this year.

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