Chicago schools officials say a one-time revenue stream found to plug hole in 2015 budget

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CHICAGO — Chicago Public Schools officials say they've found a one-time revenue stream to plug a hole in its nearly $5.8 billion 2015 budget

Schools CEO Barbara Byrd-Bennett says the district will use $650 million of property tax revenue expected to arrive in August 2015 to fill the current fiscal year's deficit of $876.3 million. The money will cover $647 million in pension requirements.

Chief Financial Officer Ginger Ostro says the rest of the money for the deficit will come from reserves created by less-than-expected spending in fiscal 2014.

Sarah Wetmore of the Civic Federation tells the Chicago Sun-Times the district is "propping up the 2015 budget with money for the following year." She says the district could be a very difficult situation next year when it faces a $1 billion deficit.

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