CHICAGO — Chicago Public Schools must close an up to $700 million shortfall in its next budget with a more than $1 billion deficit looming in 2014 due to mounting operational, pension and debt service costs amid dwindling federal funds.

The district’s administration — led by chief executive officer Jean-Claude Brizard — laid out a bleak picture of the fiscal challenges plaguing the system as it launches into budget season at a Chicago Board of Education meeting Wednesday.

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