PORTAGE PARK — Chicago Public Schools officials informed principals Friday evening that the budget ax will not fall on schools with fewer students than school officials expected.

This is the second year that Chicago Public Schools CEO Barbara Byrd Bennett opted not to fully implement the district’s highly touted new budget system, which funds schools based on the number of students enrolled.

Last year, Bennett said schools needed another year to transition to the new system. District officials did not return repeated phone calls and messages Friday evening about what prompted the change for the 2014-15 school year, which avoided another steep round of budget cuts at schools throughout the city.

Portage Park Elementary School had been bracing to have its budget slashed by approximately $400,000 because of a steep decline in enrollment.

“I’m so relieved and excited for the kids,” said Portage Park Elementary School Local School Council Chairwoman Victoria Benson, who added that the reprieve brought tears to her eyes. “Larger class sizes are never a good thing.”

Principal Maureen Ready expected to lay off three teachers next week and consolidate grades to make ends meet.

While CPS officials say the new system will give principals more flexibility and replace an outdated formula, critics contend that it has made it almost impossible to offer students a well-rounded education.

Each school will get about $4,700 for each student in kindergarten through third grade and $4,400 for students in fourth through eighth grade, slightly more than last year.

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