Chicago Public Schools Hosts Community Roundtables on FY2027 District Budget

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CHICAGO -- Chicago Public Schools (CPS) is hosting a series of community engagement sessions to discuss the District's FY27 budget, ongoing fiscal challenges, and the strategies being implemented to address them. Building on the work undertaken over the past year, these sessions are intended to provide transparency about the District's planning process and ensure attendees leave with a clear understanding of how CPS is responding to financial pressures while continuing to invest in students and schools. The sessions come as the District works to finalize its estimated $10 billion FY27 budget, which will be submitted to the Chicago Board of Education for approval later this summer.

"Creating the space to share and listen to our families and community members across the city helps the District make the best possible decisions for today's students and those yet to walk through our doors," said CPS Superintendent/CEO Dr. Macquline King. "Our focus remains on providing a high-quality education despite the projected fiscal challenges."

School Budgets
The District operates on a fiscal year that begins July 1 each year. The District has nearly completed the first phase of the FY27 budget development by making allocations for the District's 635 schools, including more than 500 District-managed schools. Principals submitted their budgets earlier in June, and the District continues to review budgets in preparation for submission to the Board of Education as part of the final budget approval process.

Financial Challenges
CPS faces several fiscal challenges, including inadequate and declining federal and state funding. Illinois had set a goal of funding each district at 90 percent adequacy by FY2027; currently, the State's Evidence-Based Funding Formula is only funding 73 percent of what the formula calls for to achieve adequate funding. At the same time, the costs associated with educating our highest-need student populations continue to grow, and CPS is facing higher costs in several key areas, including maintenance of our aging facilities, labor contracts, and employee pensions. The District has identified more than $16.2 billion in necessary maintenance, repair and replacement projects to maintain aging facilities that are an average of 86-years-old.

The District carries more than $9 billion in debt which translates to more than $900 million in annual payments, the majority of which are covered by unrestricted state and local funding the District could otherwise spend in classrooms. The District ranks below investment grade or "junk rated" which means it costs the District more to borrow for routine capital investments. CPS also relies on $1.2 billion in short-term debt to make payroll, pay vendors and meet other obligations before funding arrives. This is due to a lack of available fund balance to support day-to-day cash requirements and the fact that local revenue under property taxes generally arrives late in the fiscal year.

As part of the FY2027 budget, CPS will continue to prioritize funding according to student needs but will also adjust school budgets for enrollment changes.

Last year, Chicago reported a record-breaking Tax Increment Financing (TIF) surplus of $1.01 billion, from which CPS received more than $550 million, or about 52 percent of the surplus as designed under law. As of mid-June, the District is estimating $100 million in TIF surplus. Any final TIF figure is contingent on the City's budget process which generally takes place closer to the start of the City's fiscal year which follows the calendar year and begins January 1.

Community Sessions
The sessions will start with a brief overview of the budget, followed by small group discussions and a series of questions aimed at gathering important input from the CPS community. Participants will have the opportunity to hear directly from CPS leaders, ask questions, and provide their input. Spanish interpretation will be available at all budget public learning sessions and community roundtables. Members of the media are welcome to attend for B-roll and photos, and must confirm with CPS Communications at [email protected].

Tuesday, June 23, 2026 | 5:30 p.m. - 7:30 p.m.
George Westinghouse College Prep, 3223 W. Franklin Blvd.

Saturday, June 27, 2026 | 10 a.m. - 12 p.m. **Spanish Presentation**
Back of the Yards College Preparatory High School, 2111 W. 47th St.

Tuesday, June 30, 2026 | 5:30 p.m. - 7:30 p.m.
Walter Henri Dyett High School For The Arts, 555 E. 51st St.

Wednesday, July 1, 2026 | 5:30 p.m. - 7:30 p.m. **Virtual**

Tuesday, July 7, 2026 | 5:30 p.m. - 7:30 p.m.
Theodore Roosevelt High School, 3436 W. Wilson Ave.

Monday, July 13, 2026 | 5:30 p.m. - 7:30 p.m.
Gwendolyn Brooks College Preparatory Academy, 250 E. 111th St.

CPS will welcome students back to school on Monday, August 24, 2026. The Board of Education must approve a balanced FY2027 budget by August 29.