August 23, 2012
On July 19, 2012, the Civic Federation released its analysis of the proposed FY2013 budget for Chicago Public Schools (CPS) in anticipation of the Board of Education’s vote on the budget scheduled for the following week. However, two days before the meeting, CPS announced that the Board vote would be postponed until negotiations between the District and the Chicago Teachers’ Union (CTU) were complete and a contract agreement is reached.
According to the Illinois School Code, the Board of Education has 60 days from the start of the fiscal year to adopt a budget. CPS’ fiscal year begins on July 1; therefore, the deadline for budget adoption falls on August 29.
The agenda for the August 22, 2012 CPS Board of Education meeting included a resolution to adopt the FY2013 budget. While some of the Board members expressed concerns with CPS’ proposed plan to balance the budget using the entirety of the District’s operating funds reserves, the Board ultimately approved the budget. The press release announcing the budget approval also notes that of the $50 million originally set aside in the budget for 2% teacher salary increases, $46 million will be used to fund the 512.5 new teaching positions necessary to implement a longer day without extending most teachers’ workdays, according to the agreement made between CPS and the CTU in July. 
In a presentation at the Board meeting, Chief Administrative Officer Tim Cawley reported that the administration will develop a revised FY2013 budget after an agreement has been reached between CPS and the CTU. Mr. Cawley stated that the revised budget will undergo a public review process similar to that of the initial proposed budget and public hearings will be held. However, he noted that the revised budget review process timeframe will likely be more condensed than the initial review process. The revised budget will likely be available as early as September.
 Presentation from CPS Board of Education meeting, August 22, 2012. The Chicago Tribune article dated July 24, 2012 reports that 477 new teachers will be hired per the agreement between CPS and the CTU while, according to the presentation given by Chief Administrative Officer Tim Cawley at the CPS Board of Education meeting on August 22, 2012, 512.5 new teaching positions will be added.