Teacher Layoff Warning

Shields, Yvette
January 2006
Bond Buyer;1/25/2006, Vol. 355 Issue 32305, p27
Trade Publication
This article reports that according to Arne Duncan, chief executive officer of Chicago Public Schools, Illinois, the school district faces a $328 million deficit in its budget for 2007. And this deficit could lead to teacher layoffs without more help from the state. The deficit is higher in comparison to those faced in recent years because a pension payment of $70 million is due by June 2007. School officials are planning to tap $75 million from a cash reserve to deal with the deficit. They also may seek the maximum hike allowed on the district's property tax levy.


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