Chicago school system delays budget, seeks $1.13 billion of notes

Reuters News
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Posted: Jun 22, 2015 5:15 PM

CHICAGO (Reuters) - The lack of a final Illinois budget is delaying a fiscal 2016 spending plan for the Chicago Public Schools (CPS), a spokesman for the district said on Monday.

Bill McCaffrey said CPS, which begins its new fiscal year on July 1, is "waiting for clarity on state education (funding) levels before producing our budget."

In the meantime, the nation's third-largest public school system will ask its board of education on Wednesday to approve $1.13 billion of tax anticipation warrants and notes for cash-flow needs in the current and next fiscal year.

(Reporting by Karen Pierog; Editing by Matthew Lewis)