Good afternoon, Chicago.
Mayor Brandon Johnson’s proposed city budget includes about $285 million for Chicago Public Schools — in line with what the school board budgeted in late July, but only half of what the cash-strapped district received last year.
The roughly $285 million comes from a surplus of funds from special taxing districts, known as tax increment financing, or TIF. When officials declare a surplus, they return the money proportionally to the taxing bodies, with about half going to CPS and a quarter to the city. This year, Johnson’s budget proposal includes a total TIF surplus of $520 million, officials said at a news briefing Tuesday.
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