Chicago Public Schools just passed a $9.9 billion budget that spends nearly $30,000 per student. Despite receiving most city property taxes, boosted state funding and about 40% of federal aid, the new teachers contract will put the budget in the red.

The Chicago Teachers Union is seeking a $543k property tax cut that would take about $301K from the schools where its members teach. CTU’s also making over $10 billion in contract demands, which would certainly drive up Chicagoans’ tax bills.