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Chicago Public Schools deficit up to $720 million

Interim Chicago Schools CEO Terry Mazany Wednesday delivered bad news — followed by more bad news.

The estimated Chicago Public School deficit for next school year is $720 million, Mazany said. That’s up $20 million from just before his predecessor walked out the door in late November.

Mazany called for “shared sacrifice,’’ including from teachers. Their pay raises will cost $80 million but, Mazany said, any successor to him appointed after Rahm Emanuel is seated as mayor May 16 will have to decide whether to try to re-negotiate the teachers’ contract to trim that tab.

via Chicago Public Schools deficit up to $720 million – Chicago Sun-Times.