The Civic Federation is warning Chicago Public Schools about its long-term financial health. The school system made an ambitious and controversial push for the 2011-2012 budget earlier this month, with plans to close the $712 million gap by raising property taxes, in addition to millions in cuts. The measures were slammed by the Chicago Teachers Union and by city aldermen.

While the Civic Federation supports the budget proposal, the non-partisan watchdog group is also looking ahead to 2014, warning CPS of a "growing financial storm" which lies in their underfunded pension system.