Chicago School Board Delays $175M Pension Payment Amid Union Negotiations

The Chicago Board of Education has postponed a critical vote on a budget amendment that would facilitate a $175 million pension payment to the city and help fund a new labor contract for the Chicago Teachers Union (CTU). The decision to delay came after board members indicated they would not support the amendment, which had been anticipated to require additional borrowing. President Sean Harden stated the postponement was due to ongoing negotiations with the CTU, which are reportedly nearing completion. Union leaders emphasized the need for a fair contract while raising concerns about remaining disagreements regarding pay and teacher evaluations. Meanwhile, Mayor Brandon Johnson expressed support for the delay, which may impact his 2024 budget plans that rely on the pension payment. The situation raises questions about the financial implications for both CPS and the city ahead of the upcoming budget deadline.