Chicago Public Schools will get $193 million more in tax revenue than was included in this year’s $10.2 billion budget after the City Council passed its own budget Saturday, declaring a $1 billion surplus Saturday from city tax increment financing districts.
But the additional dollars will not result in a windfall for classrooms as the school system continues to adjust spending, eliminate vacant positions, and account for increased interest payments on debt.
The TIF surplus amount is unchanged from what Chicago Mayor Brandon Johnson proposed in October. By law, CPS gets a little over half of any TIF surplus declared by the city. City budget documents released in October said the school district would get $552.4 million, which is $193 million more than the $379 million the school board budgeted to get from those special taxing districts, known as TIF…