CHICAGO -- The financial oversight authority for the Chicago Board of Education yesterday approved the board's $2.9 billion fiscal 1995 budget, which is balanced with $203 million of bond proceeds.

The budget, approved unanimously by the Chicago School Finance Authority, includes a $50 million surplus from the current fiscal year. Of that, $26 million will go toward "critical needs," including special education and computer and science equipment. The remaining $24 million will be placed into a budget reserve fund.

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