Posts tagged tax increment financing
Chicago schools count on $435M in unrealized taxes to balance budget
August 7, 2026 // Stacy Davis Gates, president of the Chicago Teachers Union, asked the board before the vote to roll more assumed funding from other sources into the budget to prevent teacher layoffs and expand funding for schools. “The way that you're going to assume it for the mayor of Chicago. He signed up and he said, ‘yes,’ to the tune of a billion dollars. Who else can you assume as partners in this? Can you assume Maria Pappas? Can you assume Tony Preckwinkle? Can you assume J.B. Pritzker? Because we have people who assume it every day,” Gates said. The union repeatedly called on lawmakers to return for a special session to pass supplemental funding – a request made during the spring session, but not addressed before it ended.
Pritzker says he won’t support new state taxes for CPS
August 3, 2026 // The final version included an amendment from board members aligned with the Chicago Teachers Union, which agreed the state should provide the district with an additional $150 million to assist in covering the district’s deficit. Illinois House Speaker Emanuel “Chris” Welch told members of CTU a day before the board’s vote that he’s committed to putting forward legislation to give CPS more state funds, but didn’t mention how much he thought the state could provide. “I will lead that effort in the veto session. We got two weeks in November that we can get it done and you got my support 100%,” Welch said.
CTU contract: Union’s tentative agreement with CPS will cost $1.5 billion; how will the city pay?
April 3, 2025 // The Civic Federation weighed in on the budget back-and-forth Tuesday. "That's the million-dollar question — or rather, the hundreds-of-millions-of-dollars question," the Civic Federation sad in a statement. "As of now, we don't have any further insight into how CPS plans to pay for the contract beyond the first year." Mayor Brandon Johnson was asked about that $175 million pension payment. "The contract is paid for by a separate entity of government, the Chicago Public Schools. And that, in part, is the responsibility of the CEO to be able to come up with mechanisms to be able to satisfy that," said Mayor Johnson. Martinez's suggestion to cover the pension payment is a tax levy.
Chicago Teachers Union urges city to end TIF districts, send $1 billion in funds to Chicago Public Schools
October 10, 2024 // TIF districts essentially freeze property taxes collected from a specific area, with the extra tax money generated from improved property values going to a fund intended to support development projects in blighted communities. But critics of TIF districts have said they amount to slush funds for elected officials to subsidize real estate developers without properly addressing the needs of low-income communities. CTU officials said their plan to sweep TIF funds back to CPS would help the district avoid mass program and personnel cuts, but it doesn't end there. They also said it would prevent school closures and staff furloughs, all of which they insist are currently on the table under CPS CEO Pedro Martinez's leadership.