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Board ratifies IGA with City tied to TIF surplus, authorizes contingent payment for municipal annuity fund
Summary
The Chicago Board of Education approved an intergovernmental agreement (EX2) with the City of Chicago to authorize up to $175 million for the Municipal Employees Annuity and Benefit Fund, contingent on the district receiving a 2025 TIF surplus exceeding $379 million; the vote was unanimous.
The Chicago Board of Education unanimously ratified an intergovernmental agreement with the City of Chicago on Oct. 30, 2025, authorizing a contingent payment not to exceed $175 million to the Municipal Employees Annuity and Benefit Fund.
Board materials and staff explained the payment is contingent on the Board's receipt of the 2025 TIF surplus exceeding $379 million during calendar year 2026. Board members who supported the agreement framed the vote as keeping a prior budget commitment and meeting the district’s fiduciary obligations. One member summarized the choice as balancing support for city services with the district’s responsibility to students, staff and taxpayers.
The item was presented as EX2 and described as the fourth renewal and amendment to an intergovernmental agreement with the City of Chicago. Board staff said the payment is contingent on certification of the TIF surplus and on city council action that would allow distribution. The roll call vote was 20 ayes, 0 nays; the matter was adopted by the board.
What happens next: CPS finance staff will monitor the TIF surplus certification process and move forward on the payment only if the contingency is satisfied and required city approvals occur.
