When it rains in Chicago Public Schools land, it definitely pours: Interim Chicago Public Schools CEO Terry Mazany recently stated that the estimated deficit for CPS for the next school year is an extravagant $720 million, which is $20 million more than what the projected deficit was this past November. How does Mazany propose to control the deficit? Well, by going to teachers and their paychecks, for starters:

Mazany called for "shared sacrifice," including from teachers. Their pay raises will cost $80 million but, Mazany said, any successor to him appointed after Rahm Emanuel is seated as mayor May 16 will have to decide whether to try to re-negotiate the teachers' contract to trim that tab.

With both the state and city budgets resembling tumbleweeds, the State Legislature is once again targeting eliminating the free rides for seniors on public transportation that former Governor Rod Blagojevich signed into law up in order to sew up the support of one of the largest and influential voting blocs in Illinois. Blagojevich signed the measure into law two years ago in exchange for a small sales tax increase on mass transit. more ›

Much hay was made in the news yesterday on Mayor Daley's 2011 municipal budget, including headlines heralding his ability to "balance" said budget without "raising taxes." Unfortunately for Chicagoans, neither is true. more ›

Metra Chairwoman Carole Doris said it’s too early to say whether the agency will have to impose a fare hike for next year, but she would rather not. “We have to look at other ways to reduce expenses,” Doris said, adding that a fare increase would be difficult for riders in this economy.

State legislators approved a huge $29 billion public works program to create jobs and repair the state’s infrastructure, however roughly $500 million can be spent in legislator’s home districts on pet projects such as $50k for the Candlewick Lake Association, a gated lakefront community near Rockford with a 220-acre lake and a 9-hole golf course. The community did not ask for the money but according to Candlewick’s general manager, “We certainly will find good use for it,” he told WBBM. Other projects slated for grants include: more ›

Daley’s preliminary budget is expected to include a $400 million budget shortfall, the largest in recent history, and some are speculating it will lead to layoffs. One union leader said the City’s Chief Financial Officer Paul Volpe and Intergovernment Affairs Director John Dunn have tried to prepare him for the worst. more ›