Chicago Public Schools cancels presentation to pension fund
Chicago Public Schools has backed out of the public presentation the district planned to give to the Chicago Teachers' Pension Fund board later this week, a fund spokeswoman said Tuesday, as city and CPS officials continue to meet over a financial rescue plan for the school system.
CPS did not respond to a question on why it canceled the presentation. Last week, Mayor Rahm Emanuel's top finance officials said CPS has the cash it needs to complete the school year but lacks funds to pay the bulk of a more than $700 million contribution owed the pension fund by June 30.
Chicago Chief Financial Officer Carole Brown acknowledged officials discussed the possibility of withholding hundreds of millions of dollars for the pension contribution as they tested school budget fixes with bond rating agencies to see which would do the least additional harm to the district and city's low credit ratings.
Fund officials said the district had asked to deliver a presentation Thursday to the pension fund's board but then followed up with an email to pension fund Executive Director Chuck Burbridge to say district officials would not be attending.
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