NBC Chicago: CPS Outlines Plan to Pay for New Teacher Contract

Courtesy of Education Nation:

The plan released on Friday doesn't include classroom cuts. Instead, savings and revenue identified to fund the first year of the contract, according to the district, include:

• Operations: Reduce lunchroom costs and general fund subsidy ($11 million); Achieve additional procurement savings ($10 million) 
• Administration: Delay or cancel filling vacant, non-teaching positions ($8 million); Additional administrative reductions, targeting savings from printer consolidation, limiting equipment purchases, subscriptions and professional memberships ($4 million)
• Financial: Capitalize interest on FY12 bond sale ($13 million); Sell surplus properties ($15 million); Debt restructuring ($42 million).

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.

Salary increases amount to $103 million of the first year of the contract.