CPS short more than half a billion dollars

CHICAGO -- Chicago Public Schools is short more than half a billion dollars.

CPS and city officials say the state still owes CPS $467 million in aid.  It's been held up by the state budget impasse.

That money is needed for the teachers pension fund and it's due by June 30.  CPS also has a $129 million budget gap.

Officials say without an infusion of cash, CPS will fall short of making its' pension contribution. That could violate state law and affect its credit rating.