CPS has balanced its budget for this year, but it's been forced to drain its reserves to do it.
Chicago Public Schools Chief Ron Huberman said the school district used all $190 million of its reserves this year.
It also increased class sizes from 31 to 33 students and made budget cuts.
They're expected to layoff about 800 classroom teachers and 400 classroom support personnel.
Officials say the state still owes CPS $236 million in state funding from last year, and it is counting on that money to replenish its reserves.
Meanwhile, It's back to school time for some CPS students.
Year-round schools, also known as Track E schools, start back up Monday.
Nearly 100,000 elementary and high school students are enrolled in the program.
Students in a Track E school actually attend the same number of days as students who attend a regular calendar school, but instead of one long summer break, those students have shorter, more frequent breaks.