The value of these raises is estimated at $26 million. CTU wanted the education labor board to compel CPS to pay out, even though the district and the union hadn’t agreed to a labor contract.

Chicago taxpayers to pay a significant premium and fees in connection with the $725 million Chicago Public Schools borrowed on Feb. 3.

The district’s borrowing does take pressure off of the district’s immediate cash-flow problem. However, it does nothing to solve the CPS’ long-term financial crisis and its structural imbalances – in fact it only makes things worse.

Mere months after passing the largest tax hike in modern Chicago history, Mayor Rahm Emanuel vows to hit residents with even higher property-tax bills, this time to bail out pension mismanagement by Chicago Public Schools officials – behavior tacitly endorsed by the Chicago Teachers Union.

Amid CPS’ postponed $875 million bond sale, Chicagoans should question whether the district can fill its budget hole and whether Emanuel will stand up for Chicago taxpayers or give in to more teachers union demands.