The cash-strapped Chicago Public Schools (CPS) system is making $1.7 million in cuts to its executive budget, which will include some executive layoffs.

Two staffers for CPS CEO Forrest Claypool are being laid off as well as nine CPS executives who have combined annual salaries of $1 million. In all, the school district's executive budget is being cut by 20 percent.

The cuts come as CPS grapples with a more than $1.1 billion budget deficit in the coming school year, which is partly driven by a $700 million pension payment. 

Public schools in the city are also facing a net funding loss of $31 million in the school year starting next month.