Imaginary Money

CPS, following the lead of government agencies everywhere, is proposing an expanded budget that doesn't match up with revenue streams:

• Outgoing Chicago Public Schools CEO Pedro Martinez and his team are moving forward with a precarious budget for next school year that is based on $600 million that is not lined up — a move that could result in thousands of teacher and support staff layoffs this summer or even mid-year.

  The principals’ union and the mayor’s office blasted Martinez, saying that he is putting politics above the needs of students. Principals are expecting to get their school-level budgets on Thursday, but the Chicago Principals & Administrators Association called those budgets “false” and “magical.” School Board President Sean Harden also criticized Martinez last week for presenting the board with “unsatisfactory and incomplete” budget options. Harden called for Martinez, who has been terminated with an end date of June 19, to step aside immediately.

  The school-level budgets assume a best-case scenario in which the city gives CPS $300 million in surplus from special taxing districts called TIFs, and either the state or the city come up with an additional $300 million. Both the city and state are cash-strapped and are not planning any big boost in revenue for CPS. Last year, the city gave CPS a record $298 million in TIF surplus funds, but it was based on the premise that the school district would cover a $175 million municipal pension payment. Martinez rebuked the mayor’s demand that CPS pay it.

The well is dry morons. Stop spending money that doesn't exist. Chicago is broke, Illinois is broke, taxpayers are tapped out and leaving in droves. Start cutting spending instead and closing underutilized facilities.