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Chicago Board of Education approves amended FY2026 property tax levy, 15–5
Summary
At a Dec. 29 special meeting, the Chicago Board of Education voted 15–5 to amend the FY2026 property tax levy, citing delayed Cook County disbursements and short-term borrowing costs; the levy was revised to an estimated 4.78% above last year.
The Chicago Board of Education on Dec. 29 approved an amendment to its fiscal year 2026 property tax levy, voting 15 in favor and 5 opposed. Board members said the change is needed to offset cash-flow shortfalls tied to delayed county tax disbursements and the interest cost of short-term borrowing.
Acting Chief Financial Officer and district treasurer Wally Stock said the county’s modernization and timing delays left the district short of expected property-tax receipts, forcing CPS to borrow on short-term notes and producing roughly $33,000,000 in interest expense. “It’s $220,000 a day,” Stock said when describing the daily cost of the delays. He said the board’s amendment requests roughly $40,000,000 more than the levy…
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