Education
Interim CPS CEO Macquline King on Budget Proposal, Borrowing and City Pensions
Chicago Public Schools isn’t just facing a budget crunch — there’s also a time crunch.
The Chicago Board of Education is set to vote on the district’s budget proposal Thursday, just one day before the state’s deadline.
Officials have laid out a plan that aims to fill a $734 million budget gap. But there’s still debate over whether a loan should be a part of the final plan — and whether the district should take on a $175 million pension payment.
There’s also pressure from the Chicago Teachers Union, which has been raising concerns about the impact of budget uncertainty on students and parents.
The current budget doesn’t include the much-debated pension payment. But 11 Chicago Board of Education members wrote a letter to interim CPS CEO Macquline King demanding it be included.
King joined WTTW News’ “Chicago Tonight” to discuss the budget process and pensions.
On concerns about future budget cuts:
“The budget that we presented is balanced, and it is a responsible budget,” King said. “It protects the budgets that school principals received in the spring. It protects labor agreements. It also protects the post-COVID gains that students have received. As it’s written, there is no need for additional cuts.”
On tax increment financing (TIF) funding:
Last year’s budget included TIF funds that didn’t come, something for which Mayor Brandon Johnson blasted former CPS CEO Pedro Martinez. But King said the assumed amount of TIF funds are needed to help balance the budget.
“The TIF funding that’s assumed in the budget — that’s normal,” King said. “Each year, there’s an assumption of the amount of TIF the school district will receive. The amount that’s assumed in this budget is the amount the district received last year. So it’s reasonable. Historically, in the city of Chicago, there’s a TIF surplus. We’ve just used the historic trend of funds received from the city.”
On the possibility of the district borrowing money:
Johnson pushed for the district to pay for the city’s pensions as City Hall deals with its own budget challenges. King said the district would make the city’s pension payment if more funding became available.
While 11 school board members are pushing for the budget to include a pension payment or an optional loan if needed, King said the budget plan doesn’t include borrowing in the near future.
“With the current budget, there is no need for an immediate loan,” King said. “However, we do recognize that in the event of an emergency, the district does have the ability and flexibility to borrow.”
On her relationship with the Chicago Board of Education:
“I feel confident that all board members and the mayor — we all really want the same thing for students,” King said. “We want students to succeed. We want to ensure that students have the best possible experience. The pathway forward and how we get there is different. We see different paths forward. I respect the board members; they’ve had a lot of information put in front of them. I’m sure that they’re going to make the best decision for our students.”
On her first two months on the job:
King started as interim CEO in June. In regard to pursuing the permanent job, she said she’s remaining open.
“I entered with two main goals — present a balanced budget and open schools smoothly — and I have accomplished those two goals,” King said. “I’m working really hard just to nail those accomplishments as of tomorrow and then we’ll see where it takes me.”
