* Last night…

* News coverage roundup from Isabel…

* Chalkbeat Chicago | Seeking to reverse layoffs, Chicago school board approves budget, assuming more state money will come: Bucking warnings from Chicago Public Schools CEO Macquline King, the school board amended and narrowly passed a roughly $10 billion budget proposal Thursday that assumes the district will receive $150 million more in state funding than projected. Eleven board members voted to reverse hundreds of school-based staff layoffs included in King’s proposal, heeding the demands of the Chicago Teachers Union and the principals union.

* WBEZ | Chicago School Board approves budget that reverses layoffs, but counts on shaky state funds: Emila Zoko, the district’s acting chief budget officer, issued stark warnings in her presentation to the board about the consequences of approving a budget that includes more money from the state than has yet to be appropriated. She said the budget would not be seen as balanced, which is required under state law, and could result in a credit downgrade. That could, in turn, make it more expensive for the district to borrow money and pay off debt. And if state lawmakers don’t come through soon, the school district would have to cut spending midyear.

* Tribune | After divisive debate, Chicago school board passed $9.96 billion budget banking on uncertain state funding: CPS CEO Macquline King warned the budget amendment may leave the district vulnerable to midyear school cuts if the money doesn’t come through. Lenders will also “not look favorably” at unconfirmed revenue, which could lead to credit downgrades and higher borrowing costs, officials said. “We need to learn from our mistakes instead of repeating them,” King said.

* NBC Chicago | Chicago School Board approves amended budget that relies on more state funding: Board members debated the amendment proposal for hours after Illinois House Speaker Emanuel “Chris” Welch told CTU members that he would fight for the additional funding in November’s fall veto session. “I strongly support in the veto session committing to a supplemental funding bill,” Welch said. Welch is trying to shore up his own political base and facing calls to resign his speakership because some members question how he’s handled sexual harassment allegations against disgraced former state Rep. Harry Benton.

* WGN | Chicago Board of Ed votes to pass amended $10 billion CPS budget: “If we are not including the state in this conversation, then we are fooling ourselves and we are robbing our kids of opportunities,” Board Member Michilla Blaise said. Many of those who supported the amended budget proposal that passed on Thursday have demanded a special session in Springfield, where the district’s woes could be ironed out while pressing state lawmakers to fully fund the district. “The only way this works is if Springfield figures out how to meet the state law and fund Chicago Public Schools by 20% more,” Chicago Teachers’ Union President Stacy Davis Gates said on Thursday.

* Chicago Teachers Union | What Today’s Vote REALLY Means: For the First Time Ever, CPS is Budgeting for A Piece of What Springfield Owes: As incredible as it is to see people on the board standing up for children outnumber individuals who are there to cut, the reality is that anything done today is magical thinking until Gov. Pritzker joins the team. Gov. Pritzker has been in office for eight years and owes the state’s students $6.4 billion dollars from pre-K to PhD. CPS is owed $2 billion by Springfield’s own formulas. Today, the board voted today to assume the legally required funding from the Illinois General Assembly.

* Press release | Statement from the Civic Federation on Chicago Public Schools’ Budget: “We strongly support the CEO’s objection to this amendment and commend her commitment to presenting a budget grounded in realistic financial assumptions. “By adopting a budget that relies on uncertain State revenue, the Board has increased the District’s financial risk. If these funds do not materialize, CPS will likely need to enact mid-year cuts and layoffs and further delay the long-term reforms needed to restore the District’s financial stability. Ultimately, it is Chicago’s students and their families who bear the immediate consequences of today’s decision.”