Thursday, October 8 - Agenda Review Standing Committee Meeting - Finance & Audit

The Chicago Public Schools Finance and Audit Committee met on October 8, 2026. An invited coalition presented on Illinois school funding and advocated for additional state revenue to fully fund the Evidence-Based Funding formula, citing a statewide adequacy gap of about $6.96 billion and an estimated $1.9 billion needed for CPS. Presenters discussed the recently passed 10% digital advertising revenue tax and other proposed measures, including worldwide combined reporting for corporate taxes and a tax on billionaire wealth. These were advocacy and informational discussions; the committee took no procurement action or funding-allocation vote.

The committee considered two student-fee policies, each reported to have no financial implications. The proposed student-fee policy would establish a standardized fee schedule and review process, require fees to be recorded in Aspen and posted on school websites, and encourage online payments. The companion waiver policy would clarify eligibility, provide an appeal process, and require waiver information with fee notices. The committee recommended both items for consideration by the full Board at its October 22 meeting; the transcript does not indicate that the Board adopted them at this meeting.