On Monday, the Illinois Governor, Bruce Rauner stated his intentions to prevent the money set aside for setting off the pension of teachers of Chicago Public Schools (CPS) as contained in a recent law. Rauner feels the money is too much of a financial rescue for a wrongly managed system.
Renewal of School funding system in Illinois
A bill was passed in May – the bill renewed Illinois school funding system and was passed into law by the General Assembly controlled by the Democrats but hasn’t forwarded it for approval to the Republican governor.
Rauner discloses reasons for his intentions
Rauner voiced his intentions to amend portions of the bill about CPS pensions using his veto – this amendment will result in about a half slash of a proposed $293 million funding boost for the pensions CPS would get as well state aid. According to finance data published on Rauner’s website, the movement will free up $145 million for other school regions.
In a statement, Rauner said that the reform bill is geared towards helping the students with low income across the state as well those in Chicago have the ideal education they are meant to have. And not to bailout the misappropriated CPS teachers pension program.
He added that increasing pension payments had caused debt dependency, drained reserves and discarded bond ratings for Chicago Public Schools which ranks as the third biggest public school in the nation.
Law enacted over Rauner’s veto
In line with Rauner’s veto, a new law was enacted this month. And it forbids the flow of money from the state to schools without a funding model with clear evidence. This increased the fears that some schools that rely on state funding may not resume next month for classes.
According to the Senate President’s spokesman, John Paterson, discussions on releasing the legislation were underway. However, CPS didn’t sit well with Rauner’s intention and contended that his intended acts are beyond the veto power vested in him according to Illinois Constitution. Contrary to the contention, the office of the governor disputed that.
CPS takes on Rauner’s intentions
According to CPS spokeswoman, Emily Bittner, CPS is unique with its pension fund, unlike other public schools in Illinois. CPS gets state’s minimal funding, and Rauner’s plans will not pass legal gathering. Instead, it’ll pose harm to the opening of many schools around the country.