Mayor Emanuel and his administration are trying to figure out how they will pay for the new contract between the Chicago Teachers' Union and Chicago Public Schools.
The union ended their strike on Tuesday, after the two sides agreed a three percent raise this year, a two percent increase in each of the next two years, and another three percent hike if they agree to a fourth year in the contract.
These raises don't include other salary increases for teachers with experience and obtaining a graduate degree.
“We cannot get a perfect contract. There’s no such thing as a contract that would make all of us happy,” said Chicago Teachers' Union President Karen Lewis.
Mayor Emanuel was asked about how City Hall can cover these costs during a visit to Frederic Chopin Elementary School on Wednesday.
“We inherited a fiscal problem. We cut already a half a billion dollars out. We are going to make major changes in the central offices and there’s no item we won’t look," said Emanuel.
There are concerns City Hall will close 100 schools, or introduce higher property taxes to pay for the contract.
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