Anyone See a Problem Here?
- Chicago Public Schools officials are moving ahead with plans to add hundreds of millions of dollars in debt to the district's books, setting up a blitz of construction projects.
The Chicago Board of Education on Wednesday is expected to approve borrowing as much as $840 million. But CPS won't tell the public what it plans to spend the money on until after the district goes to market for the new bonds.
In addition, the school board also is set to vote on issuing an additional $160 million in bonds to re-finance some of its old debt.
Exhibit B - we seem to recall this was a big deal a years or two ago:
- Chicago officials finally announced what was widely rumored: They will close 54 under-enrolled schools this year in the country’s third largest district to help close a $1 billion budget deficit. It is the largest mass district closing of schools ever in the United States, and it is fiercely opposed by many teachers, parents and education activists.
Exhibit C - just last month:
- Chicago Public Schools student enrollment dropped by 3.5 percent this year compared with last, according to information provided by the district.
That could mean layoffs for 300 teachers and support staff members.
That was something like 13,000 students. Where are the students going?
- Nearly half the respondents — 47 percent — would leave Illinois if they could, while 51 percent would stay.
The hierarchy of dissatisfaction: Taxes, 27 percent; weather, 16 percent; government, 15 percent; jobs and schools, 13 percent.
“People often feel they don’t get good value for their tax dollars,” Yepsen says, “and with frequent stories of public corruption or the large number of government units, it’s no wonder they feel that way.”
The urge to bid Illinois adieu is strongest — 58 percent — among people 35 to 50. Millennials under 35 are next at 57 percent.
That would be families with school aged children and those about to start families. But hey, another $840 million on the debt ledger? It's not like it's being wasted.
Labels: money questions