Public Schools Face Major Deficit

Not to make light of Ron Huberman's impending exit as Chicago Public Schools CEO, but he's probably leaving at the most opportune time... for him.

CPS is facing a budget deficit for next year of $700 million. The news came during a meeting of CPS' newly formed Finance and Audit Committee. The reasons for the deficit are the same: the state owes the school system money: $164 million from last year and $206 million so far this school year. The expiration of one-time revenue streams that helped balance the budget also plays a factor.

The system's bond rating also dropped from A+ to AA-. Despite the drop in bond rating, the School system is still considered an investment.