The district said delays in the county's collection of property taxes have left CPS short about $250 million this year.
"During the course of the school year, that money eventually will come in," said David Greising, president of the Better Government Association. "That said, it's a significant amount of money for a school system that needs every penny it can get."
As previously reported by ABC7 Chicago, the delayed revenue is tied to ongoing issues with Cook County's years-long technological upgrade of its property tax system. While CPS is not the only government entity waiting for tax revenue from the county, the delay comes as the district seeks to pass a balanced budget and is proposing staffing cuts and furloughs to address its deficit.
School Board member Jitu Brown said the district's financial challenges extend beyond the delayed payments.
"The problem goes way beyond the county. The problem goes, again, to a structural deficit that needs to be fixed at the state level," Brown said.
Brown opposes the proposed cuts and is urging Springfield lawmakers to call a special session to fully fund CPS. It is unclear whether that could happen before the start of the school year.
The district is aiming to approve a budget by the end of July, earlier than usual, in order to secure loans that would help cover operational costs.
School Board member Jennifer Custer, writing in a Chicago Tribune op-ed, warned of the consequences of failing to approve a budget this month.
"If we do not pass a budget this month, CPS will not be able to talk to banks to secure the money to pay any of its bills," Custer wrote.
Greising said the situation highlights the district's financial constraints.
"It just speaks to the kind of thin margin for error that the school system has," he said.
CPS is calling on Cook County to release all outstanding tax revenue, arguing that every dollar spent on borrowing could instead be directed to classrooms.