CPS

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Chicago Public Schools wants to borrow up to $500 million for the new fiscal year, in addition to nearly $400 million in short-term loans to finish out this year and make a pension payment.

  

The Board of Education meets Wednesday to consider the plans.

A spokeswoman for the nation's third-largest district says the half-billion dollars of bond debt would be used in the upcoming budget year starting July 1.

Mayor Rahm Emanuel announced plans for the short-term loans last week. He blames lawmakers for putting CPS at a financial disadvantage.

Republican Gov. Bruce Rauner's chief education adviser says the governor won't support an overhaul of the Illinois school-funding formula if it benefits Chicago Public Schools "at the expense" of others.

The Illinois Senate approved legislation Wednesday aimed at eliminating the disparity in spending between affluent school districts and those serving poorer communities. Similar legislation has been introduced in the House.

Both Democratic proposals would establish a funding target for each school district that reflects the needs of its students.

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Despite a judge's decision Friday to toss Chicago Public Schools' civil rights lawsuit against the state, Mayor Rahm Emanuel declared late Friday that classes will not end early as CPS officials had threatened.

"The children of the city of Chicago will be in school until the end of the school year," Emanuel said at news conference late Friday afternoon.

The mayor did not say where the city will get the money to keep schools open.

Flickr user / alamosbasement "old school" (CC BY 2.0)

New information about Illinois senate Republicans’ school funding plan were revealed Wednesday.

One week after State Sen. Jason Barickman held a press conference to announce his own school funding plan, he filed two amendments totaling 500 pages. Barickman’s plan echoes many of the themes contained in a measure filed by his Democratic colleague Andy Manar but eliminates the block grant for Chicago Public Schools​.

His plan also offers school districts a choice about certain unfunded mandates. The two senators had tried previously to craft a bipartisan plan.

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Grammy-winning artist Chance the Rapper met with Illinois Gov. Bruce Rauner to press for immediate funding for cash-strapped Chicago Public Schools, but says he left "flustered" over "vague answers."

  

Friday's unusual one-on-one meeting comes as the Republican governor and Democratic lawmakers are locked in a two-year budget stalemate.

The meeting was set after the rapper - real name Chancelor Bennett - won three Grammys last month. Rauner tweeted congratulations, and Chance, who attended Chicago schools, asked for a sit-down.

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