Chicago School Board meets Thursday to address CPS budget shortfall

CHICAGO (WLS) -- The Chicago School Board meets Thursday to address the district's $734M budget hole.

The interim CEO is warning about possible cuts and the need to borrow money.

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Earlier this week, CPS wrapped up a series of public feedback sessions as it works to address the financial crisis.

The Interim Chicago Public Schools CEO believes that this will require a combination of solutions including possibly new revenue, cuts, and borrowing.

RELATED: New interim Chicago Public Schools CEO speaks on $736M budget shortfall: 'Protecting the classrooms'

The deficit includes a controversial pension payment Mayor Brandon Johnson wants CPS to absorb.

Dr. Macquline King told ABC7 she believes the payment should be included in the budget as a potential expense, but did not have an opinion who should pay for it.

Thursday's CPS board meeting starts at 10:30 a.m.

The school board has until the end of August pass a balanced 2026 budget. Classes begin August 18.