CHICAGO (WGN) - An important deadline is looming around Chicago Public Schools and City Hall.

The first draft of the CPS Budget is due for public review in less than 10 days, but the school district is facing a budget shortfall of more than $700 million.

"The people of Chicago are counting on us to have a budget tat reflects our values," Mayor Brandon Johnson said. "There's no secret here that we have dealt with financial challenges for a long time in the city."

By law, the Chicago Board of Education has to pass the next CPS Fiscal Year Budget by Thursday, Aug. 28.

This summer, CPS laid off more than 1,400 employees as part of their annual staff adjustments, but they are still searching for $569 million in savings or revenue.

"There's no secret here that we have dealt with financial c

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