Per-pupil classroom funding will be cut by nearly 5 percent, CPS officials announced Tuesday. View Full Caption Talcott Fine Arts Academy

CHICAGO — Facing stalled negotiations with the Chicago Teachers Union, Chicago Public Schools officials announced Tuesday that the district will have to impose $120 million in cuts — $20 million more than CPS CEO Forrest Claypool had originally proposed.

The move will amount to a 4.87 percent cut to per-pupil funding in district-run and charter schools across the city, according to the announcement. Combined with other cost-cutting measures, officials said, the move could save the district up to $325 million each year.

Lane Tech College Prep stands to lose the most cash from the cuts, according to CPS numbers released Tuesday evening. The school will lose $542,951, a reduction of 2.77 percent of its budget.

The school losing the highest percent of its overall budget is Northside College Preparatory High School in North Park, which will lose $218,407, or 3.48 percent of its overall budget. Ten other schools lost at least 3.3 percent of its overall budget, according to the district's numbers.

District-wide, schools lost an average of 1.5 percent of their budget, a CPS spokeswoman said.

Here's the school-by-school impact (story continues below):

Despite these cuts, many schools have been preparing for the worst and will use rainy day funds to avoid laying off teachers or cutting programs. Still, even after factoring in federal grants and leftover state funds from previous years, many schools will have hundreds of thousands of dollars taken away.

The district's 2015-16 budget included a $480 million hole Claypool hoped could be plugged through state funding by the new year. But with few signs of movement in Springfield, the schools chief said, he and his central staff have no choice but to take drastic action.

“These painful reductions are not the steps that we want to take, but they are the steps we must take as our cash position becomes tighter every day — especially as the District relies on short-term financing to pay its bills," Claypool said in a written statement Tuesday. "We are doing everything in our power to sustain the gains our students are making in their classrooms.”

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