Chicago Public Schools faces a key budget vote on Thursday. Compounding that bind is the likelihood of another delay in receiving property tax revenue, Vanderperre said. In a May 4 credit opinion on the Chicago Board of Education, Moody's Ratings noted the district faced a large budget gap going into the fiscal 2027 budget process. The proposed budget , which is about 2% smaller than the FY2026 budget, closes a $732 million budget gap with $330 million of structural deficit reduction. "So for anyone who is claiming brinksmanship on the part of CPS, CPS is actually speaking about a reality," he said.