Chicago Public Schools’ financial future is in question after making a massive into its pension system.
The financially struggling school system paid a $634 million lump sum into its retirement fund. The district was hoping for a reprieve, but the House of Representatives -- led by Democrat Speaker Michael Madigan -- rejected CPS’s request.
The interim CEO of Chicago Public Schools says about 1,400 jobs will be affected after the district had to borrow money to make a $634 million pension payment.
Jesse Ruiz says the district must make $200 million in cuts. He blames lawmakers for failing to address CPS's financial crisis.
Madigan says he doesn’t know how that money affects the schools’ ability to open in the fall.
“There are open questions going forward in terms of paying the bills at the Chicago Board of Education,” Madigan said.
In the meantime, the head of the Chicago Teachers Pension Fund says political leaders need to change how schools are funded.