The Chicago Board of Education has passed the 2012 budget for Chicago Public Schools.

Chief Administrative Officer Tim Cawley and CEO Jean-Claude Brizard presented the proposed budget at Wednesday’s school board meeting. Cawley says the proposal fixes the deficit woes for 2012, but after that, things look grim.

“I have to tell you I’m tired and embarrased of responding to questions on this in saying I don’t know how we’re gonna close that $860 million gap two years from now. We’ve got to develop a plan and share it with you soon,” Cawley said.

Cawley says the board had to pull $241 million from reserves, as well as make $400 million in cuts to fill the 2012 budget hole. Taxpayers will also have to front some of the costs - CPS said the average homeowner will be paying $84 a year in additional property taxes.

Karen Lewis, president of the Chicago Teacher’s Union, said CPS shouldn’t tax residents until they find more sources of revenue.

“My biggest problem with the budget is that there’s no work towards increasing revenues, because that’s what it’s gonna take not just taking things away from people that are working in this system. And this is obviously an issue that needs to be dealt with,” she said.

The board voted unanimously to pass the budget. Cawley says there will still be more cuts announced over the next month.