CHICAGO -- The Chicago Board of Education received approval over the weekend from its financial oversight authority for a $2.3 billion budget for fiscal 1992, but the plan could unravel if union employees do not agree to $78 million of salary and benefit concessions.

The budget approved Saturday by the School Finance Authority -- the state-created panel that must sign off on the board's budget -- assumes the Chicago Teachers Union will forego a 7% salary increase this year, the second year of a three-year contract, and that other unions will agree to benefit concessions.

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