Under the $5.7 billion budget released by the Chicago Public Schools on Monday, 479 teacher positions are being cut because of declining enrollment at schools. 

CPS teachers impacted by the layoffs could have an opportunity to apply for 1,450 open positions within the district.

Chicago's public school system is facing a $1.1 billion budget deficit in the coming academic year, driven in part by a nearly $700 million pension payment. The school district's 2016 budget depends on $480 million in pension savings from Springfield.

"We cannot cut our way to a balanced budget," said CPS CEO Forrest Claypool. "This budget closes a $1.1 billion structural operating deficit by relying on our leaders in Springfield to agree on a comprehensive solution.

"Unfortunately, if Springfield fails to do its part, we will be forced to close a $500 million gap later this year with a mixture of more unsustainable borrowing and even deeper cuts," he added.

Additionally, the district's fiscal plan calls for hiking property taxes to the highest level possible as well as about $255 million in "scoop and toss" borrowing, which is used to kick debt down the road.

Also on Monday, CPS announced it will not be changing the bell times at 34 schools, after concerns were raised by parents, students and educators about the schedule changes proposed by the district in an effort to save on transportation costs. Forty CPS schools are adopting the new bell times, however, and eight more have agreed to other schedule adjustments.

CPS says the new bell times will now save the district $5 million in transportation costs, rather than the original estimate of $9 million.

UPDATE (7:21 p.m.): During a press conference Monday, Chicago Teachers Union President Karen Lewis slammed the district's fiscal plan for containing "monies that they claim are there" that "aren't really there." Her comment was about the $480 million in state pension relief the district needs. 

CPS, meanwhile, has proposed having teachers cover the 7 percent that the district pick ups for their pensions. Lewis was asked whether she would push teachers to strike over the pension pickup issue.

"If they insist on a 7 percent all at once like a pay cut -- a 7 percent pay cut -- I don't have to call for a strike. I think our members will do that themselves," Lewis said.