Contract talks between the Chicago Teachers Union and the Board of Education ended Thursday with no agreement in sight, union officials say.

CTU President Karen Lewis said the union’s latest proposal was cost neutral—no annual raises, no cost-of-living increases—but did ask the Board to continue picking up 7 percent of the 9 percent employee pension contribution.

“We’re very clear that they have a serious fiscal issue,” Lewis told reporters. “We’re willing to work within that.”

Lewis said the proposal would’ve been a one-year deal that would have eliminated some paperwork and excessive standardized tests.

But the Board apparently didn’t bite.

Mayor Rahm Emanuel issued a statement that he’s encouraged “both sides finally acknowledge that CPS is in a fiscal crisis and lacks the resources to provide additional compensation.”

He urged CTU leadership to come back to the bargaining table.

According to the union’s lawyer, Robert Bloch, there are no bargaining meetings scheduled.

CPS officials could not be immediately reached to comment on the latest proposals, but the district has so far not commented on the most recent round of negotiations.  

The current teachers’ contract is set to expire next Tuesday.