Board of Education of the City of Chicago

The Board of Education approved a fiscal 2024 budget amid warnings about the need for more state help to manage a gap of up to $700 million in fiscal 2026.

CPS expects to close the current fiscal year with a clean slate on short-term borrowing for a second year in a row but it will still rely on TANs to manage liquidity throughout the next fiscal year.

Headwinds remain, despite the S&P upgrade, as the district warns of a $600 million gap once federal COVID-19 aid runs out with its governance poised to change.

The bond markets are witnessing a rare situation that could hinder spending on infrastructure projects around the country, said Amanda Hindlian, president of fixed income and data services at ICE.

Chicago's school district will tap its investment-grade dedicated capital improvement tax credit for the first time in five years in a $529 million deal.

While the legislation heading to Gov. J.B. Pritzker's desk will not affect CPS' rating in the short-term, the district's ability to manage labor conflict could affect credit quality over time, Fitch said.

A report digs into the fiscal "entanglements" between CPS and the city as the district moves from mayoral control to an elected school board.

CPS' federal windfall aided the district's fiscal progress with plans to use $700 million in the next budget before exhausting the pot in fiscal 2025.

Moody's raised the Chicago Board of Education's rating by one notch to Ba2.

The junk-rated Chicago Public Schools sold $872 million of new-money and refunding bonds into a rockier market for high-yield paper Thursday.