CPS announces plan to pay for new CTU contract

October 6, 2012 (CHICAGO) (WLS) -- Chicago Public School officials have put forth a plan to pay for the first year of the new contract that was ratified this week by the Chicago Teachers Union after a seven-day strike last month.

Most of the $103 million needed for salary increases over the first year will come from selling surplus properties, capitalizing interest from a bond sale, and restructuring debt.

The rest will come from a cost reduction plan and by leaving non-teaching staff vacancies unfilled.

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