CPS to cut $85 million, lay off 62 employees

Chicago Public Schools announced $85 million in cuts on Monday, saying that in all, 62 employees - including 17 teachers - are being laid off.

In a statement, the district said its hand was forced by the lack of a funding solution from state government.

"The reductions will come through layoffs, closing vacant positions, reallocating funds held in reserve and changing programs," CPS said in the statement. "Next year, the reductions will amount to $120 million on an annualized basis."

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