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.

According to the district’s proposed budget leaders say they were able to close the deficit through a combination by repurposing funding in the district, like central office department reductions and increasing the district’s TIF revenue.

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.

“What’s frustrating to me is that this didn’t just show up,” Alderman O’Shea said. “We’ve seen this coming and people have failed to look at this, to address this and find alternatives. We can’t afford to be borrowing this kind of exorbitant amount of money at time like this. We need to do everything we can to support our children, teachers, and live with what we can afford.”

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

Both Mayor Brandon Johnson and the Chicago Teachers Union have been pushing the state to step in to help but Governor JB Pritzker says that’s just not an option right now.

The Board of Education is required by state law to pass a budget by the end of the month. Board members are expected to vote later Thursday afternoon.