World | Wed May 4, 2016 11:26pm EDT

Chicago teachers sidestep strike date, tout $502 million funding plan

CHICAGO | BY DAVE MCKINNEY

The Chicago Teachers Union withheld the threat on Wednesday of imminent strike action, instead floating a $502 million revenue package as part of a “self-help” plan to stabilize finances in the United State's third largest school system.

The revenue plan, which Mayor Rahm Emanuel's office and school administrators criticized, emerged as the union made clear its members would not walk off their jobs on May 16th over stalled contract negotiations.

“We have identified half a billion dollars that can triage the bleeding at CPS,” CTU Vice President Jesse Sharkey said in a statement.

The union blueprint comes after the city struck out in trying to win $480 million from the state to fund teachers’ pensions, and a proposed school-funding overhaul that could mean more money for Chicago schools is left languishing at the Illinois statehouse.

Among the largest components of the union’s proposal to raise funds is a plan to set the assessed valuation of commercial buildings at 25 percent of their sale prices rather than leaving valuations up to the Cook County assessor.

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