President Sean Harden of the Chicago Board of Education on Dec. 29 convened a special meeting to consider an amendment to the district's fiscal year 2026 property tax levy and to ensure the levy is finalized before state deadlines. After a presentation from acting CFO and treasurer Wally Stock explaining cash‑flow pressures from delayed county tax disbursements and short‑term borrowing costs, the board voted to adopt Resolution RS 1.

Wally Stock, the district treasurer and acting chief financial officer, told the board that CPS ended fiscal 2025 with a substantial negative cash position and that the county's modernization and delayed property tax payments have forced CPS to borrow short‑term. He said the district had received roughly 20% of the December installment and that the combination of short‑term borrowing and interest owed to pension funds had produced about $33 million in additional interest expense (which he stated was costing roughly $220,000 per day). Stock said the proposed amendment would increase the gross FY26 levy to about $4.126 billion, representing a 4.78% increase over the prior year's final levy and slightly above the 2.9% CPI figure used for the tax cap calculation to allow for new property growth.

Board members asked for and received explanations about why CPS had returned to the board for an amendment after the August levy vote. Stock said county timing and late finalization of the county's property calculations required a correction now to align the levy with actual new property value; he said the county is expected to finalize the tax calculations months after the board's levy action and that doing nothing could result in permanent, compounded revenue loss in future years. He said that, as of his presentation, CPS estimated it was still owed more than $1.3 billion in property tax receipts for the period in question and that the amendment could yield an incremental $25–30 million or more in revenue, depending on the final county calculation.

Members who supported the amendment framed it as protecting classrooms and core services, preserving fiscal stability and enabling the district to continue advocating for equitable state funding. Member Pope said the amendment was a "rightsizing" of the August decision and noted the visible impact on district programs if revenue is lost. Supporters emphasized the modest per‑home estimated impact Stock provided: an $8 annual increase on a $250,000 home (and $16 on a $500,000 home), presented by Stock as an illustrative estimate.

Members who opposed the increase raised concerns about the cumulative burden on homeowners, especially on the Southwest, South and West sides, and urged more aggressive internal cost reforms and transparency about promised budget cuts. Member Gutierrez read a prepared statement opposing further CPS property tax increases and cited neighborhood tax increases in recent years. Member Roosevelt urged the board to show the public promised cuts (he referenced a $50 million initial cuts benchmark) and warned that additional revenue would not address underlying structural issues.

After discussion, the board secretary read Board Report/Resolution RS 1, "Resolution authorizing and approving the amendment of Board Report 250828 RS3, resolution levying property taxes and authorizing and directing the filing of a controller certificate for the fiscal year 2026 for school and capital improvement purposes of the Board of Education of the City of Chicago." A motion to adopt the resolution was made and seconded; the roll‑call vote produced 15 ayes and 5 nays and the board adopted RS 1.

The board did not specify exact allocations for the newly available revenue during the meeting; Stock said how the additional dollars would be used remains "a work in progress" and would be determined as the administration refines budget priorities. The meeting record shows the board also recessed earlier in the meeting for 40 minutes and heard public comments, including one about Gately Stadium renovations. The board adjourned after adopting RS 1.

Vote at a glance: Resolution RS 1 adopted by roll call, 15 ayes, 5 nays. (See meeting minutes for full member vote record.)

Next steps: The amendment will be filed as the controller certificate for FY26 and the county will complete its final tax calculations in the coming months; CPS finance staff said they will report back as additional budgetary decisions are made.