Chicago school budgets could be cut "in excess of 20 percent" in the upcoming academic year if the state fails to come through with funding for the district.

Chicago Public Schools is facing a $1 billion budget deficit in the new fiscal year, which starts in July. 

"Over the past few weeks, CPS officials have been meeting with principals to discuss the District's $1 billion budget deficit to get their feedback on how schools can manage steep cuts and mitigate classroom impacts should Springfield fail to provide equal funding for Chicago students," reads a statement from CPS spokeswoman Emily Bittner.

"CPS officials have been discussing school budget cuts in excess of 20 percent with principals in order to prepare school communities for devastating cuts next year. These meetings have taken place individually and in small groups," Bittner added. 

A measure designed to overhaul school funding in Illinois and steer additional financial assistance to CPS cleared the state Senate on Tuesday. The bill still requires approval from the House, where lawmakers are also crafting school funding reform legislation.