Details of a potential state budget compromise are starting to emerge.
Gov. Bruce Rauner and legislative leaders met behind closed doors most of the day Wednesday (June 29). They were crafting a stopgap budget and education funding plan for the fiscal year that begins Friday (July 1).
The Chicago Tribune reports the education funding plan would add about $250 million for districts with low-income students, with about $100 million of that for Chicago Public Schools.
According to legislation filed Wednesday, Chicago city leaders would be allowed to raise property taxes to help pay down CPS' pension debt.
And the state would pick up about $200 million a year of CPS' pension costs starting next year. Multiple news sources report that the money is contingent on pension reforms. CPS' pension fund is separate from the statewide teacher pension fund.
Lawmakers are scheduled to begin hearing the bills at 7:45 a.m. today (June 30).