Everything seemed to be going well. Thanks to a new state funding formula passed in 2017, followed by a one-time infusion of aid from the federal government in the wake of COVID-19, Chicago has been able to add teachers and other staff while raising salaries.
At the end of the last school year, with the teacher contract expiring, the union released an extensive list of demands, asking for even more staffing and a minimum of 9% annual raises for the next four years.
But over the last few months, the budget reality has started to hit home. The district is considering taking out a high-interest $284 million loan to cover this years operating budget. And next year, the city will face a shortfall of $982 million.
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