CPS will make $676 million teacher pension payment, then what?

The Chicago Public Schools will make a $676 million payment to the Chicago Teachers Pension Fund due Thursday even though that massive payment will leave the nearly bankrupt school system with just $24 million in the bank - enough to cover just 1.5 days of payroll.

"Chicago Public Schools will make that pension payment ... In the last two years, the city of Chicago has made more pension payments to the Chicago Teachers Pension Fund than the preceding 15 years. Payments weren't made by Springfield or anybody else, and that was wrong," Mayor Rahm Emanuel said Monday.

Emanuel said CPS would "not have a financial challenge" if Chicago taxpayers were not paying twice - through property taxes for the pensions of their own teachers and through income taxes for the pensions of teachers outside the city.

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