Chicago Public Schools is proposing a $6.4 billion budget for the upcoming school year. And the district plans on balancing that budget in part by using its reserve fund.

CPS estimates it has $190 million in its reserves. And schools chief Ron Huberman says the district has no choice but to use every penny to help balance the district’s budget.

HUBERMAN: Given how tough these budget times are, if there’s ever a time to utilize a reserve, particularly one where we have a game plan to restore it over time, we believe is the responsible choice here to do.

Huberman says that game plan includes replenishing the fund with more than $200 million owed to the district by the state.

The district is also proposing additional teacher layoffs, cutbacks in consulting contracts and program reductions. Community hearings on the budget plan begin next week.