The committee approved a last-minute change that would allow the state to draw from the reserves, but only as a last resort.
The plan would still short public schools by about $4 billion.
But the cuts aren't as severe as those approved by the House, which didn't plan to use any reserve money for the next two years. The two chambers will work out their differences after the full Senate has voted.
Three Democrats and one conservative Republican voted against the proposal.
