CPS 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.

Chicago Public Schools is set to finalize its fiscal year 2026 budget this week, but questions remain about how the cash-strapped school district intends to plug a $734 million shortfall.

CPS leaders said they crafted a budget proposal to keep cuts out of the classroom, but the plan leans heavily on one-time funding, raising questions about long-term stability.

The letter came after several board members voiced concerns about the district’s proposed spending plan, one CPS officials have pledged would keep any cuts out of the classroom.

“I step into this role with a deep sense of responsibility and an unwavering commitment to the students, families and the educators who make this district extraordinary,” interim CPS CEO Macquline King said Thursday.

Late last year, Mayor Brandon Johnson’s handpicked school board fired Martinez without cause after he refused to take out a $300 million loan to cover the cost of a new teachers’ contract — but he remained on the job for the last six months, as dictated by his contract.

The board on Wednesday voted to approve Macquline King, Mayor Brandon Johnson’s senior director of education policy and a former CPS principal, as Chicago Public Schools’ interim CEO.

The Chicago Board of Education on Thursday approved a new two-year charter renewal for Urban Prep Charter Academy, which operates a pair of South Side high schools predominantly serving Black male students.

Martinez on Thursday reflected on his time as Chicago’s schools chief during what will be his final monthly meeting of the Board of Education before he exits to take over as Massachusetts’ next school board commissioner.

The Chicago Board of Education this week announced a series of public meetings to be held over the coming days in order to “engage the public in shaping the future of Chicago Public Schools.”

Thirty members of the City Council signed a letter this week urging the board to stand by a resolution it passed less than two months ago requiring that the CPS CEO hold a licensed superintendent credential.

The 21-member board voted to approve the deal during its monthly meeting at Chicago Public Schools’ Loop office Thursday — the last step necessary to finalize the new labor agreement.

The decision to delay the vote is an acknowledgment that budget amendment does not have the support of at least 14 of the 21 CPS board members.

“None of these issues that they need to settle will be worth the consequence of six, seven days or how many ever days out of school,” Mayor Brandon Johnson said.

The new 21-member, partially elected CPS board is set to vote Thursday on whether to make that pension payment and figure out how to pay for new contracts with the unions representing teachers and principals.

The 21-member board at its monthly meeting Thursday voted to amend language in a revised resolution that would now aim to save five Acero schools: Cisneros, Casas, Fuentes, Tamayo and Santiago.