Chicago Board of Education adopts FY26 property tax levy amendment amid delayed county disbursements

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…