Chicago Public Schools CEO Pedro Martinez to speak before City Council committee on budget Wednesday

CHICAGO (WLS) -- There will be a City Council committee meeting on the Chicago Public Schools budget Wednesday at City Hall.

CPS CEO Pedro Martinez will speak before Council members in an Education Committee hearing to discuss the district's budget.

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Martinez said there has been a plan in place for months to use the city's Tax Increment Financing, or TIF, surplus dollars to help fund CPS. Martinez said there was a formal ask for $462 million in TIF funding to pay for pensions and union contracts, including one for the teachers union, that included 4% raises.

Mayor Brandon Johnson wants the district to take out a high-interest loan to help pay for a new teachers union contract, which Martinez and the outgoing school board members refused to do.

The battle is what led to recent fallout, with calls for Martinez to resign, and the mass resignation of Chicago School Board members.

Mayor Johnson already revealed his nominations for some board seats last week.

CPS said the vetting process is underway now for those interim board members. It includes things like background checks, financial inquiries and conflicts of interest.

CPS does not know when the vetting process will be complete.

Meanwhile, a majority of the city's aldermen have signed onto a statement denouncing the recent board instability and the high-interest loan.

Education Committee Chair Janette Taylor said new and old board members were invited to Wednesday's committee meeting, along with CEO Martinez. But, none of the board members responded to the invitation.