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updated: 10/5/2012 4:37 PM

Chicago school district outlines plan to pay for teacher contract

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Associated Press

Chicago school officials say they've come up with a plan to pay for the first year of a new teacher contract.

Officials say salary increases will amount to $103 million in the first year of the three-year contract ratified this week by Chicago Teachers Union.

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The plan released on Friday doesn't include classroom cuts. Instead, most of the money will come from restructuring debt, selling surplus properties and capitalizing interest from a bond sale. The rest will come from reducing costs and not filling nonteaching vacancies.

The contract includes a new evaluation system and an agreement that some teachers can keep their jobs if schools close. It also includes an agreement on implementing a longer school day.

Teachers went on strike Sept. 10, idling about 350,000 students for seven days.

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