Mayor Rahm Emanuel has increased the amount of TIF(tax increment financing) funds that will be made available to Chicago Public Schools next year. Parent groups and local school councils across the city have expressed a desire for the release of additional TIF funds to help schools impacted by budget cuts this year. This increase of $49 million isn't the amount the parents had asked for but is a big increase from years past. This is good news--any additional funding for schools and programs is a great thing.
Fed up Chicago Public Schools parents who demanded every penny of the city’s TIF surplus to reverse major budget cuts this year aren’t getting their wish.
But their push has clearly paid off. Over two years, CPS is on tap to get as much as $74 million.
Mayor Rahm Emanuel, who released his 2014 budget on Wednesday, will declare a surplus in tax-increment financing funds of $49 million, about $24 million of which will go to the schools. By law, CPS gets about half the surplus. This is on top of $20 million in TIF surplus cash the city last year allocated for CPS in 2014.
That $49 million surplus figure isn’t all the unallocated cash in the city’s 151 TIF districts. The city says the total is about $167 million. CPS parents wanted CPS to declare a much larger total surplus and wanted CPS to get far more than $24 million.
That didn’t happen.
But CPS got more than it usually gets. (Read more here)