Chicago Schools Face A "Pension Tsunami"?

This article is about the Chicago Public School plan to raise property taxes in order to deal with a growing deficit. Our Berwyn school districts face many of the same financial issues mentioned in the article including lost tax dollars due to Tax Increment Financing Districts (TIFs), pension obligations, and union contracts that include pay raises unmatched by additional revenue. Chicago Public School CEO, Ron Huberman, admits it may take more than a property tax increase to fill the budget hole in Chicago. From the article:

"...even worse news is ahead. The next budget deficit, in fiscal year 2011, could top $900 million — a hole so big the system would have to increase class sizes and eliminate teachers unless “cost containment on the pension and wage fronts’’ is achieved, Huberman said."