Interim CPS CEO Macqueline King adjusted the district’s deficit last week to $734 million, $200 million more than her predecessor Pedro Maritnez estimated.
Why it matters: It means deeper cuts or more borrowing for the nation’s fourth-largest school system, one already facing financial trouble and staff shortages.
The big picture: The increased deficit is driven by King’s willingness to take on the $175 million non-teacher pension payment that has traditionally been paid by the city and Martinez refused to shoulder.
Read more at Axios.
