>> Chicago public schools isn't just facing a budget crunch, but also a time crunch.

The Chicago Board of Education is set to vote on the district's budget proposal tomorrow just before the state deadline on Friday, officials laid out a plan that aims to close the 734 million dollar budget gap.

But district leaders are still debating whether alone should be a part of the final plan.

And if the district should take on the city's pension payment.

Joining us now is Chicago Public Schools, interim CEO Macklin King.

Congrats on the new position.

Thank you for joining us.

Thank you for having me, So let's start with pension payment last night we heard from 2 board members who tell us that the district has already scaled back as much as it can without affecting the classroom with this budget proposal and that it's the CPS budget were to take on that much-debated pension payment.

It would certainly lead to classroom cuts.

What what those cuts look like in the classroom.

Well, the budget that we present, it is balanced and it is a responsible budget and it protects the.

>> But just this school principal's received in the spring.

It protects labor agreements and it also protects the post COVID games that students have received.

So it's it's written there would there is no need for additional cuts.

And we've added a provision that the immediate payment of the pension payment would be made if additional resources were made available to them to clarify.

And for folks who are speculating on this does not mean.

>> This budget means there are no.

Midyear cuts to be concerned about.

Agreed.

Yes, so we this budget was created with going line by line.

We looked at all the different possibilities for savings.

>> And in addition to that, a lot of the savings were structural.

So these are savings that we can realize in the future as well.

>> The 2025 CPS budget to last year's budget.

It relied on additional to dollars that didn't come, which the mayor blasted.

Former CEO Pedro Martinez over rely on to funding again with this budget.

The release that you all sent out this afternoon demonstrates that you can expect more to in the coming year's budget.

>> So the to funding this assumed in the budget that's normal.

Each year.

There's assumption of the amount of tips that the school district will receive and the amount this assumed in this budget is the same amount that the district received last year.

So it's reasonable and historically us that the city of Chicago, there's a tough surplus.

And so we've just use the trend from funds received from the city.

Do believe 2 funds to be a reliable source of funding for the district.

There is a need for, you know, state support and reform of how CPS is a fund.

It.

So we recognize that, however, in this moment, you know, to close this budget gap that we do need additional assistance.

That's the media.

>> top Reid is reporting that your CFO has advised the board that it could authorize emergency Burley after this budget has passed with just a simple majority versus the two-thirds majority that is needed for budget amendments.

How likely is more borrowing for the district?

>> With the current budget, there is no need for the immediate alone.

However, we do recognize that in the event of an emergency, the district does have the ability and flexibility to borrow emergency.

What came urgency there for school district?

federal impacts if there were additional federal cuts, you know, that could be something that could impact our budget.

Got it.

The district also says its debt service is more than $28,000 per student at 800 million dollars per year.

>> Chocolate is reporting that the district is only one of 3 districts across the country whose revenues are below their debt or whose debt service exceeds its revenue.

Head of CPS get a handle on this.

I think the budget that we presented as a start and that's with the structural changes that we've made so we we can assure that.

>> Those savings will roll over and that the deficit that we're facing in years to come is reduced by the amount of the structural savings that we found has been result of the impacts that we had to make.

You are appointed with the mayor's backing, of course, and approved by the board with an 11 to 8 vote.

>> Previous CPS CEO Pedro Martinez, he was fired by the previous board, particularly over disagreements over borrowing to cover expenses.

What impact might this dispute over whether or not to take out a loan?

What impact might it have on your relationship with the mayor and city Hall?

>> Since 9, this is starts my 33rd year serving the students of Chicago and in my capacity as a principal in advising first center, Mayor Lightfoot and Mayor Johnson, I worked construct constructively in collaboratively.

And so this decision will not affect my relationship with Mayor or Labor partners.

It is the students and the families rely on me to ensure that those relationships are strong so that we can continue to face any of the challenges that are ahead of us as a district.

>> 11 board members have written you a letter saying that they find it difficult to support this current budget proposal without either the pension payment included and or the option for a loan if it's needed.

Do you really do feel comfortable that you've got the votes for tomorrow?

>> I feel confident that all board members and the mayor, we all really want the same thing for students week.

We want students to succeed.

We want to ensure that students have the best possible experience the Pathway forward and how we get there.

different.

You know, we we see different paths forward and I respect the board members.

They've had a lot of information put in front of them.

And I'm sure that they're going to make the best decision for our students.

What would happen if board members decided to make amendments tomorrow and they do push through either alone and order the pension payment.

>> Or authority for a loan.

I respect the board members decision.

If that's >> this past I would implement that.

But you can continue to work constructively with those board members.

All board members in the city and community partners.

What concerns do you have about the impact of this budget?

Uncertainty on parents and students?

>> I think with the opening day of school, that's the why.

And I feel like the parents are trusting the board members myself all of our labor partners to do the right thing.

And I believe as a result of some of the community meet round tables that we attended.

I think that they'll see themselves in this budget, the one that that I propose, I think they'll see themselves within budget and that they can rally around and support us.

There's also, of course, is going to be pressure as you said, your Labor Partners, Chicago Teachers Union in particular.

He's a bit of their response to the budget plan earlier today.

>> We want to make sure that we have a real plan for Chicago.

Public schools moving forward.

These cuts that you have been hearing about and some of the cuts that you haven't heard about as a result of decades of disinvestment.

>> In our state and Chicago public schools to the tune of 2 billion dollars per year legislator after legislator, governor after governor has failed Chicago public school students.

>> you're an educator as well, of course, what is your relationship like with CTU and its leadership?

>> work well with all of our labor partners.

You know, again, we all want the same thing for our students.

We all have different roles, but we equally as responsible for the success of our students.

And so I respect their opinions about how do we know how they see this budget?

But the budget that we put forth was one that was not just a lot of by line looking at the budget, but also it represents the feedback they received from parents and community members and teachers and principals.

So I feel What what we see with this budget represents what's best for our students.

>> You are about 2 months into this job has the interim it's good that you're finding your way around the building.

Are you interested in having this job permanently?

I entered with 2 main goals.

Present a balanced budget.

>> open school smoothly and I have accomplished those 2 goals.

But we'll see as of tomorrow, right?

However, I'm working really hard just to kneel those 2 accomplishments as of tomorrow.

And then we'll see where it takes OK, best of