Chicago's High Property Taxes Not Enough:Chicago Public Schools Beg For $180 Million More

Crain's Chicago Business reports:

Crain’s) — Chicago Public Schools officials said Thursday they need an additional $180 million in state aid to balance the fiscal 2009 budget. But they stopped short of threatening to shut schools, lay off teachers or take other severe steps if the money doesn’t arrive.

In a news conference that provided the first peek at finances for fiscal 2009, which starts in September, schools CEO Arne Duncan said the system faces a hole of $340 million in its $5-billion budget — mostly due to rising costs, but also because of a few new spending initiatives.

Mr. Duncan said he’s already identified $90 million in achievable administrative cuts, partly by shrinking support staff to mirror declining enrollment. CPS would take in $50 million from drawing down reserves and $20 million in proceeds from a higher property tax. That leaves a potential shortfall of $180 million.

Mr. Duncan called on state lawmakers to “step up and do the right thing.”

Amazing,since Chicago's losing children at an alarming rate.