What is the city of Chicago school budget?

This budget, which totals $9.4 billion, includes an increase of $243 million in school-based funding — for a total of more than $450 million in new funding for schools over the past two years.

How much does Chicago spend on schools?

The Chicago Board of Education approved a flat $9.4 billion spending plan for the next school year on Wednesday — and warned of looming deficits as federal COVID money runs out. The 2024 budget is a fraction of a percent larger than last year's, and allocates roughly half — or $4.8 billion — directly to schools.

What is the capital budget for Chicago public schools?

The FY2024 budget for Chicago Public Schools (CPS) includes a capital budget totaling $155 million of investments that will focus on priority facilities needs and includes leveraging $55 million in outside funding.

What is the budget deficit for Chicago public schools?

The District is expecting to see a $391 million budget shortfall next fiscal year once the remaining $300 million of federal COVID relief dollars are spent. The District has received a total of $2.8 billion in COVID relief dollars since FY2021 and used $1.82 billion, or 65% of the funds through FY2023.

What is the revenue of Chicago public schools?

Finances at Chicago Public Schools

Chicago Public Schools spends $17,953 per student each year. It has an annual revenue of $6,933,320,000.

City of Chicago Budget Basics

What is the budget for Chicago Public Schools 2023?

This budget, which totals $9.4 billion, includes an increase of $243 million in school-based funding — for a total of more than $450 million in new funding for schools over the past two years.

How are Chicago schools funded?

The majority of this comes from local property taxes, replacement tax and TIF surpluses. CPS also generates revenue from other local sources such as philanthropic donations, interest income, lunchroom fees, and school rental fees. State income accounts for 23 percent of our revenue.

What is the budget shortfall for Chicago in 2024?

We face a projected $538 million budget gap for the 2024 fiscal year that must be addressed in order to invest in the betterment of Chicago and the lives of our residents.

What is the education crisis in Chicago?

The Illinois State Board of Education recently released test data from spring 2023. It shows Chicago Public Schools students are not receiving the preparation they need to perform proficiently in core subjects. This problem is even more acute among low-income students and Black and Hispanic students.

How much does Chicago spend on students?

CPS plans to spend $9.4 billion in the 2023 school year on 321,000 students. That comes out to $29,307 per student – a new record. Just four years ago the district spent $7.5 billion on an enrollment that was 40,000 students higher.

What state has the highest school budget?

In 2022, New York spent around 29,897 U.S. dollars per pupil on public elementary and secondary schools - the most out of any state.

How is the city of Chicago funded?

Revenues are primarily derived from property, business and income taxes, and federal and state grant funds.

What is the budget shortfall for Chicago?

City of Chicago projects $538 million budget deficit in 2024.

Are Chicago schools funded by property taxes?

Each year, CPS levies property taxes to fund the operations of the public school system.

How big is Chicago's budget?

The Chicago City Council approved Mayor Brandon Johnson's $16.6 billion 2023 spending plan on Wednesday after a debate shaped by an intense focus on the amount of money the city expects to spend on housing, feeding and caring for the men, women and children sent to Chicago from the southern border.

What is the number 1 ranked high school in Illinois?

Payton College Prep School in Chicago, which ranked 4th overall in the country, topped the list of best schools in Illinois. 12 other Illinois public high schools made the Top 100 list of best public high schools in the USA.

Does Chicago have a good school system?

Chicago Public Schools is an above average, public school district located in CHICAGO, IL. It has 329,836 students in grades PK, K-12 with a student-teacher ratio of 15 to 1. According to state test scores, 17% of students are at least proficient in math and 21% in reading.

How many homeless students are in Chicago public schools?

According to the Chicago Coalition for the Homeless, Chicago Public Schools (CPS) reported serving nearly 18,000 homeless students during the 2021-22 school year, a 60 percent increase from the 2020-21 school year.

Why is Chicago in so much debt?

The city's pensions are underfunded, so the fear is that those retirement benefits won't be there when workers retire. Pensions affect nearly everyone — even if you're not a public employee. Taxpayers have already been footing the bill to alleviate the pension debt.

How much is Chicago in debt?

TIA's Taxpayer Burden™ measurement incorporates all assets and liabilities, including retirement obligations. Chicago only has $13 billion of assets available to pay bills totaling $51.4 billion.

What financial company is leaving Chicago?

Driving the news: Billionaire Ken Griffin announced he was moving the headquarters of his hedge fund, Citadel, from Chicago to Miami last week. It was the third large corporate departure from Illinois announced this month, after Boeing and Caterpillar trumpeted moves to Virginia and Texas, respectively.

What is the Chicago public schools scandal?

Chicago Board of Education Inspector General Will Fletcher reported 470 sexual complaints against Chicago Public School employees from students in 2022. The report details students being abused, groped, groomed, assaulted and threatened by school officials.

What is the most funded school district in the US?

Of the 100 largest school systems by enrollment, the districts with the highest spending per pupil in FY 2021 were Boston City Schools in Massachusetts ($31,397), New York City School District in New York ($29,931), Washington Schools in District of Columbia ($24,535), Atlanta School District in Georgia ($18,492), ...

Who runs Chicago schools?

Pedro Martinez, Chief Executive Officer | Chicago Public Schools.