Maybe we shouldn't be surprised, given their willingness to spend like crazy on cappuccino machines, but it seems the Chicago Public Schools is the next entity that is facing one helluva budget shortfall for the 2009-2010 school year: $475 million, to be exact. And how does the CPS propose to close the budget hole? Why, with a property tax hike, of course. CPS used $100 million in reserve funds last year to avoid a tax hike and, coincidentally, last year was also the first time since Mayor Daley took over the schools (in 1995) that a property tax hike to benefit schools wasn't put on taxpayers. more ›