CHICAGO (WLS) — The Chicago Board of Education will meet to vote on a balanced budget Thursday with a day left to do so.

This is all happening as the district faces a $734 million budget shortfall.

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The Chicago Public Schools proposed $10.25 billion budget closes that massive deficit and eliminates any mid-year cuts.

District leaders claim that the deficit was addressed by reallocating resources within the district, such as cutting central office department budgets and boosting the district’s TIF revenue, according to the proposed budget.

SEE ALSO: CTU, Mayor Johnson speak out against Governor Pritzker saying no state funding for CPS

But the board is still divided on the means of balancing the budget.

Mayor Brandon Johnson’s appointed-members support taking out a loan while the elected members do not.

READ MORE | Board of Education deeply divided over proposed CPS budget with days left to close $734M shortfall

Nineteenth Ward Alderman Matt O’Shea was among more than a dozen City Council members who signed a letter demanding the budget be passed Thursday.

“It is frustrating to me because this issue is not new,” Alderman O’Shea expressed. “We’ve known this was coming, yet some have failed to address it and find solutions. We can’t keep borrowing such large sums during these times. We must prioritize supporting our children and teachers while living within our means.”

READ MORE | $734M Chicago Public Schools budget deficit looms as students return to class

Efforts by both Mayor Brandon Johnson and the Chicago Teachers Union to involve state assistance have been made, but Governor JB Pritzker has stated it isn’t feasible at the moment.

State law mandates that the Board of Education approves a budget by the month’s end. Board members are scheduled to vote on it Thursday afternoon.