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Chicago Board adopts FY26 budget after contentious debate over pension payment and TIF funds
Summary
The Chicago Board of Education voted to adopt a balanced FY2026 budget that relies on anticipated TIF surplus and defers a $175 million pension payment the city typically covers, drawing sharp public and elected-official scrutiny and union warnings about cuts and layoffs.
The Chicago Board of Education adopted a balanced fiscal year 2026 budget on Aug. 28 after a heated public meeting that included hours of testimony, legal questions about meeting procedure and a roll-call vote that passed the measure by 12–7 with one abstention. The budget, presented by interim Chief Executive Officer Dr. Magalene King, relies on an assumed city-declared tax-increment financing (TIF) surplus and delays a $175 million Municipal Employees’ Annuity and Benefit Fund pension payment that several speakers said is the city’s obligation under state law. Board members and the superintendent emphasized the immediate goal of protecting classrooms and avoiding midyear cuts while urging advocacy for more state funding. “Passing a budget means protecting our schools from further cuts and unlocking the opportunity to…
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