Chicago schools planning 2 percent pay raises, big dip into reserves

Chicago schools planning 2 percent pay raises, big dip into reserves - Chicago Sun-Times
 Facing a $665 million deficit, Chicago school officials released a budget plan Friday for the coming year that relies on the school system’s most drastic raid on its reserve funds in 17 years and includes 2 percent raises for everyone from teachers to central office workers.

The $5.162 billion spending plan draws down a “rainy day” fund to zero, while raising property taxes for schools to the maximum $62 million allowed by law — costing the average homeowner $28.