Chicago public school officials last week said they have revised the school system's projected fiscal 1996 budget deficit to $290 million from $325 million, based on improved estimates of its revenues.

Charley Gillispie, the Chicago Board of Education's chief financial officer, said in a release that the revision does not take into account teacher salary increases. He noted that each 1% rise in salaries would increase the shortfall by $12 million. The board's contract with the Chicago Teachers Union expires on Aug. 31, 1995.

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