The amended plan will now included $150 million in additional funds from Springfield. However, that funding has not been secured.
It was a contentious debate as board members backed by the Chicago Teachers Union supporting that amendment and a nearly equal number opposing what they called phantom budgeting.
A vote to rely on that money to close the budget gap passed 11 to 7 Thursday evening, with one abstention.
The Chicago Teachers Union and supporters say the $150 million is money that is owed to the district anyways.
The CTU posted a response the budget approval on the CTU website.
However opposition came from several fronts. CPS district officials are warning the amended budget threatens the district's ability to cover payroll.
Chicago Public Schools issued the following statement:
"Today's amended budget threatens the District's ability to secure the short-term financing (Tax Anticipation Notes) required to cover early September payroll. Our District must now present these modified terms to lenders, but market viability remains uncertain.
"Simply put: we cannot guarantee that CPS will receive financing in time for the September 4 payroll.
"Failing to meet payroll is unacceptable. This places the District at significant risk of being in violation of the law and collective bargaining agreements. It may also damage our credit rating and severely restrict our future borrowing capacity for capital projects and operational needs.
"Most critically, any disruption in pay directly threatens the stability of our schools, impacting our students, families, and dedicated staff. CPS teachers and students belong in the classroom-not in limbo.
"We remain committed to full transparency and will provide updates as we navigate this financial challenge."
The school board by law must pass a balanced budget.