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Chicago Public Schools seeks $1.55 billion credit line
Reuters ^
| Aug 22, 2016
| Karen Pierog
Posted on 08/22/2016 4:04:21 PM PDT by upchuck
CHICAGO The cash-strapped Chicago public school system will rely on a $1.55 billion line of credit in fiscal 2017 to boost cash flow, up from $1.065 billion in fiscal 2016, according to a briefing document released by the district on Monday.
The bigger credit line will be on the agenda for the Chicago Board of Education's Wednesday meeting, along with a $5.4 billion operating budget, a $250 million property tax hike earmarked for teacher pensions and authorization to issue up to $945 million of general obligation bonds for capital projects.
The nation's third-largest public school district said it needs access to $485 million more in short-term funding as it ends the practice of restructuring outstanding bonds to push off debt payments and because its receipt of property taxes will be a few weeks later next year.
Chicago Public Schools (CPS) said it was working to finalize deals with lenders. Interest costs for the credit lines are budgeted at $34 million in fiscal 2017. The district tapped a bank line of credit in June to complete a $676 million fiscal 2016 contribution to its teachers' pension fund.
(Excerpt) Read more at reuters.com ...
TOPICS: Business/Economy; Crime/Corruption; Culture/Society; News/Current Events
KEYWORDS: education
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Only a fool would be willing to grant the RAT bankrupted Chitown Public Schools a credit line.
1
posted on
08/22/2016 4:04:22 PM PDT
by
upchuck
To: upchuck
Only a fool would be willing to grant the RAT bankrupted Chitown Public Schools a credit line.That's racist!
2
posted on
08/22/2016 4:07:01 PM PDT
by
Maceman
(Screw the Party. Save the Country.)
To: upchuck
"Only a fool would be willing to grant the RAT bankrupted Chitown Public Schools a credit line...."
There's a lot of fools out there.
3
posted on
08/22/2016 4:08:13 PM PDT
by
mass55th
(Courage is being scared to death - but saddling up anyway...John Wayne)
To: upchuck
Privatize, put all the teachers and the NEA on a boat headed for Niagra Falls. Problem solved.
4
posted on
08/22/2016 4:08:40 PM PDT
by
Fungi
(Make America America again.)
To: upchuck
Crappy stupid fools. Typical Democrat way to solve problem, borrow others money and never intend to pay back.. Damn idiots.
To: upchuck
I wouldn’t loan the Chicago Public School District yesterday’s newspaper.
6
posted on
08/22/2016 4:10:30 PM PDT
by
Oldeconomybuyer
(The problem with socialism is that you eventually run out of other people's money.)
To: upchuck
You beat me to the punch and took words out of my mouth. Who the hell would lend Chicago anything. This would be like loaning $100 to you crack addicted homeless brother in law.
7
posted on
08/22/2016 4:10:59 PM PDT
by
Tenacious 1
(You couldn't pay me enough to be famous for being stupid!)
To: upchuck
Any fools that lend them the money deserve to lose it all...
8
posted on
08/22/2016 4:12:43 PM PDT
by
2banana
(My common ground with terrorists - they want to die for islam and we want to kill them)
To: upchuck
$1.5 bln for a school district. Something’s wrong there.
9
posted on
08/22/2016 4:16:11 PM PDT
by
virgil
(The evil that men do lives after them)
To: upchuck
They have a $5.4 billion budget, but need a credit line of $1.5 billion to make ends meet??
Something is way out of whack.
Then how the heck does that $1.5 billion credit line ever get repaid???
To: virgil
$1.5 bln for a school district. Something’s wrong there
Yea should read, $1 bln for salaries of non working people
.5 bln for subcontractors working on building repairs
11
posted on
08/22/2016 4:20:41 PM PDT
by
Jolla
To: Dilbert San Diego
The revenue stream will be much better down the road when they pay this line back...
12
posted on
08/22/2016 4:22:04 PM PDT
by
zek157
To: Dilbert San Diego
Rahm Emmanuel loves to move money under his own belt...IMO...not to mention Chicago is a huge 'slush fund city'...
13
posted on
08/22/2016 4:22:18 PM PDT
by
caww
To: upchuck
They are counting in hillary to win and pay them.
14
posted on
08/22/2016 4:22:26 PM PDT
by
dp0622
(The only thing an upper crust conservative hates more than a liberal is a middle class conservative)
To: upchuck
The cash-strapped Chicago public school system will rely on a $1.55 billion line of credit in fiscal 2017 to boost cash flow, up from $1.065 billion Have the metaphorical Fuzzy Math, Common Core chickens...
...have come home to roost?
N'est ce pas?
>
15
posted on
08/22/2016 4:25:12 PM PDT
by
Seaplaner
(Never give in. Never give in. Never...except for convictions of honour and good sense. W. Churchill)
To: caww
WE NEVER LET A CRISIS GO TO WASTE....
16
posted on
08/22/2016 4:25:45 PM PDT
by
caww
To: Seaplaner
17
posted on
08/22/2016 4:27:22 PM PDT
by
caww
To: upchuck
Chicago public schools sure doesn't teaches math.
18
posted on
08/22/2016 4:28:45 PM PDT
by
JPG
(Go Trump!)
To: upchuck
They are already mortgaging future expected tax flows.
Our progressive-left government in all areas, and all their cronies and dependents are mortgaged to the hilt. Its why the Federal Reserve must push interest to zero and why they simply can not allow another recession to happen.
19
posted on
08/22/2016 4:30:05 PM PDT
by
PGR88
To: upchuck
with collateral of... what?
20
posted on
08/22/2016 4:32:58 PM PDT
by
Chode
(You Owe Them Nothing - Not Respect, Not Loyalty, Not Obedience, NOTHING!)
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