Posted on 03/10/2016 6:28:50 AM PST by george76
Chcago Public Schools officials told principals on Wednesday that the district is "short of the necessary cash for the remainder of the school year" partly because of a pension payment of nearly $700 million due this summer.
...
Last month, principals had to absorb $26 million in midyear budget cuts to district-operated schools. Principals tapped internal accounts, cut planned technology and textbook purchases and didn't fill vacant positions to avert layoffs.
On Wednesday, principals were told to hold off on $45 million budgeted for "non-personnel" expenses. The district said it wants to save another $10 million through a limit on new hires.
...
The district started its budget year with a $480 million gap officials hoped to fill with help from the state. That money hasn't materialized, leading to the midyear cuts to school budgets and a $725 million bond issue. CPS also recently ordered three unpaid furlough days for all employees, which resulted in classes being canceled March 25.
CPS expected to save $65 million this year by eliminating the longstanding practice of paying the bulk of teachers' pension contributions. But with the teachers union threatening an April 1 strike, the district last week said it would continue the pension pickup until the end of a final phase of contract negotiations.
CPS is now in a similar spot as it was last year, when it had to scramble to make a $634 million payment to the Chicago Teachers' Pension Fund.
Pension fund officials said the district had paid slightly less than $8.9 million of its $688 million payment as of Wednesday, leaving a balance of $679 million. The district made no payments in January and February
(Excerpt) Read more at chicagotribune.com ...
They’re running out of other people’s money.
I’ve never heard anyone say “Were it not for the great schools I’d move out of Chicago.”
Who is it again who has run Chicago for the past 100 years? Oh, yes, it’s DemocRats.
CPS, feel the burn.
There’s a term for this: generational theft.
Resetting passwords to crack down on fraud? How about investigate and prosecute?
Detroit public schools will not be able to make payroll in less than a month from recent reports. Democrats: making sow’s ears from silk purses for over 100 years.
CC
During my adventures in urban schools there seemed to be a very high rate, not so much of theft (everything is locked up and tallied), but of destruction of supplies and physical things. That doesn’t change without there being very excellent discipline.
This is a serious problem for the Democrats.
The Shills are realizing that there’s been a Shortcake.
That’s how The Grifter loses Shills.
The Long Con is in serious trouble.
The most intelligent and well-adjusted kids I know come from a home-schooled background (either at home or in a type of co-op). Public schools have become a total waste as far as education is concerned. But they are effective as day care.
Washington is forcing the military into a 401K type of pension and doing away with the 50% at 20 years.
Time for public employees to go the same route.
Pensions for teachers have the teachers contributing to pay for it with a little from government.
Reduce pensions to the size of contributions. Unless the contributions were stolen then put those who took money into jail.
If pensions matched contributions there should never be a gap to fill.
I don't think so. Yet. You have to work a little harder at “thinking like a liberal”. Have they tried targeting a penalty tax at the families who have fled the Chicago Public School System? They could create a “privilege” tax on parents who send their children to private schools or who homeschool. Speaking of “privilege”, since white privileges is such a hot topic these days, perhaps they could simply create a “white privilege” tax. That should fill those Chicago Public School coffers in no time!
“The Shills are realizing that there’s been a Shortcake.”
Er...Wut?
Yes.
Elementary school is really where the problem is.
The unprepared child leaves the warmth of home for the emotional free-for-all of elementary school.
It helps civilize the children from homes with weak or no parents, but at a cost to the children who do come from homes with strong parents.
I suppose the hope is that the kids from strong homes will “socialize” the kids from weak homes. That’s an awful lot to ask of untrained 8 year olds.
The only way to understand the leaders of the Democrat Party is to understand “Confidence Games” (Con Games).
That entails a study of con games.
In that study, you will find that con men (and women) have their own language. They developed it to communicate quickly with each other and to keep outsiders from understanding what they are saying and doing.
The better we understand con men and con games, the better we will understand the Democrat Party.
And the better we understand the Democrat Party, the more easily we can defeat it.
Democrat = someone who will give your hard-earned gains to someone else, enslaving them with ‘just enough’, in order to get that person’s vote and thus perpetuate the Demcrat’s hold on power.
That’s all you need to know.
$725 million bond issue for ongoing operations. No wonder Chiraq’s bond rating is in the toilet. See tagline.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.