Chicago Public Schools has released a proposed $423-million capital plan that is nearly triple what the district proposed this time last year in spending to upgrade its schools. This year’s projects include building the new Barack Obama College Prep and annexes for four overcrowded schools.
The financially strapped district — with a $1 billion projected deficit next year — will pay for much of the work in the 2014-15 school year by issuing up to $260 million in bonds, CPS officials said. Another $134 million will come from “outside funding and other revenue sources.”
Initially, the capital budget for 2013-14 was $162 million. CPS later added $145 million in projects before the full budget was approved.