Chicago schools far deeper in red than expected

The Chicago Public Schools actually need $596 million to keep schools open the rest of the school year, and not just the $129 million officials have publicly discussed, a top aide to Mayor Rahm Emanuel said Tuesday.

The larger figure takes into account delays in receiving block grants from the state, according to Carole Brown, Emanuel's chief financial officer.

Brown said all options are on the table to find the cash needed to stave off an early closing of schools that eductation CEO Forrest Claypool has warned might be needed. Emanuel has ruled that out to preserve the longer school year that cost the mayor a teachers' strike to achieve.

Brown wouldn't even rule out another tax increase - in addition to the $250 million already imposed for teacher pensions and the $45 million for school construction.

For more, click chicago.suntimes.com.