On top of that colossal shortfall, the city’s budget for the current year is deep in the red because of lower-than-expected corporate tax revenues and the decision by leaders of the Chicago Public Schools not to make a $175 million payment to its employee pension fund. The city must fill a $222.9 million deficit by the end of the year, officials said…
CPS has made that payment since 2020, but declined to do so this year, as it grappled with a $505 million deficit of its own.
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