Commissioner Cardenas Press Conference: CPS Financial Crisis

Commissioner Cardenas:

Good afternoon, and thank you all for being here today.

As we speak members of the Chicago Public Schools Board have turned in their resignations—they were forced out, plain and simple—to make way for rubber-stamp replacements who will do nothing more than carry out the wishes of Mayor Brandon Johnson and the leadership of the Chicago Teachers Union. I CAN TELL YOU THIS ACTION WILL BE A TURNING POINT. MANY OF US HAVE LOST FAITH THAT OUR CITY WILL GET BETTER. WHAT CAN WE EXPECT NEXT?

THESE MEMBERS WERE APPOINTED BY THE MAYOR, THEY WERE HIS ALLIES, THIS IS UNCHARTERED WATERS FOR SURE.

WHAT’S BEHIND THE TURMOIL??

MONEY, OR RATHER LACK OF IT. CPS HAS A BUDGET SHORTFALL OF 628 MLLION FOR THIS FISCAL YEAR. AND THE MAYOR WANTS TO BORROW MONEY TO FILL THE GAP. ITS LIKE USING YOUR CREDIT CARD WHEN YOU ARE BROKE.

SO BORROW 300 million in additional debt to "get the job done." This, despite the fact that CPS already carries more than $9 billion in debt.

Let me repeat that—$9 billion. How much more can our district afford to take on?

CPS CEO Pedro Martinez, to his credit, has pushed back against these dangerous ideas. He knows what we all know: further borrowing would only deepen the financial instability of our school district. It would drive us deeper into debt, force even more difficult decisions down the road, and put the future of our children’s education in jeopardy.

EVERY RESPECTED ORGANIZATION FROM BUSINESS, NON FOR PROFIT AND PHILANTROPHIC KNOW THIS IS WRONG AND THEY ARE SAYING. THEY KNOW THAT HAVING STABILITY IN THE SCHOOLS IS GOOD FOR THE STUDENTS AND THE PARENTS. THEY KNOW THAT FINANCIAL SOUNDESS GIVES YOU MORE FLEXIBILITY WITH PROGRAMMING.

AND I ASK, ALL THOSE MEXICAN AMERICAN AND LATINO PARENTS TO REJECT THESE DECISION THAT WILL HARM THEIR CHILDRENS EDUCATION.

Let me turn for a moment to another pressing issue that speaks to the broader financial mismanagement we are seeing from this administration—skyrocketing property taxes. Over the past few weeks, I’ve been sounding the alarm on these tax increases. Homeowners in our city are seeing their property tax bills soar by 20%, 30%, 40% and mixed residential over 100% in some areas, with increases of $500, $1,000, even $2,500 hitting families who are already struggling to make ends meet.

Today, I stand with CEO Pedro Martinez and every independent voice that remains on the CPS Board. I stand with the business community that is calling for financial responsibility. And I stand with the homeowners and families who are being pushed to the brink by these rising costs.

I CALL ON MAYOR JOHNSON TO REPRESENT ALL OF CHICAGO AND DEFEND US AT THE BARGAINING TABLE. STOP THE BORROWING AND WORK WITH THE BOARD AND ALL THE OTHER STAKEHOLDERS TO ENSURE LONG-TERM FISCAL STABILITY AND QUALITY EDUCATION FOR EVERY STUDENT IN CHICAGO.