CPS finishes year with budget surplus -- just in time for CTU contract talks

Chicago Public Schools administrators on Wednesday offered some rare positive news about the cash-strapped district’s finances — a year-end budget surplus that Chicago Teachers Union leaders were quick to latch onto as contract negotiations begin.

The district ended the 2018 fiscal year with $324 million left over in CPS’ general operating fund, the first time in three years that fund hasn’t concluded in the red, CPS Controller Melinda Gildart told Board of Education members at a committee meeting on Wednesday.

That was a net change of nearly $600 million compared to the end of the 2017 fiscal year, which ended with a $275 million deficit.

“That’s a drastic change over the last year,” Gildart said.

Read more: https://chicago.suntimes.com/news/cps-finance-ctu-teachers-union-contract-budget-surplus/