Chicago Public Schools officials had an opportunity to enact serious reforms addressing the district’s dire financial condition, but they instead opted to further burden Chicago taxpayers without offering any change.

Illinois had the fourth-highest combined state and local tax burden as a share of state income in the country.

Chicago’s pension funds’ debt grew by two-thirds to $34 billion in 2015. That’s $33,000 of pension debt per Chicago household.

A law passed by the Illinois General Assembly in June allows Chicago to create new transit-based super TIFs, adding more opportunities for city-run slush funds to divert and hoard property-tax dollars.

A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014.

The stopgap budget passed by the General Assembly provides six months worth of funding for government services such as road construction, as well as a full K-12 education budget for the 2016-2017 school year, property-tax-raising authority for Chicago, and more state funding of pensions for Chicago Public Schools teachers.

Until CPS passes necessary spending and pension reforms, giving any additional money to the system will only reward officials’ mismanagement and reckless behavior.

Pension funds aren’t immune to the volatility of the stock market. Even before Brexit, Moody’s warned that low investment returns are already putting Chicago’s pension funds at risk. A major stock market correction or another recession just might put Chicago and CPS over the edge if their already-underfunded pension systems collapse.

Illinois House Speaker Mike Madigan’s insistence that Chicago Public Schools receive more than its fair share of state education funding is putting any stopgap budget deal at risk.