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.
Across the state, only 36 percent of third-grade black children read at grade level in 2014, while only 39 percent of Hispanic children met the standards. Yet state education rules force 4th grade children to advance to the next grade – whether they’re reading-ready or not.
School districts in 14 Illinois counties are pushing for countywide increases in sales tax rates. These counties are utilizing the 2007 Illinois County School Facility Tax Act, or ICSFTA, which allows school boards representing 51 percent of a county’s population to put a referendum on the ballot for a countywide sales tax increase to fund...
Illinoisans’ average property tax rates as a percentage of home value have soared to 2.28 percent in 2012 from 1.93 percent in 2010. This is the second highest rate in the nation. Many Illinois residents are asking why their taxes are so high, and are curious as to where all this is money going. One organization,...
When House Speaker Michael Madigan issued a press release about his new tax proposal yesterday – which levies a 3 percent surcharge on income over $1 million, which Madigan said will provide funding for schools – he highlighted the struggles of districts across the state to balance their books. Unfortunately, he neglected to mention these...
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.