Our recently released report, “Educating Illinois: A Look at the Evidence-Based Funding Formula,” shows the EBF is working as intended. Under the EBF, the state increased its funding of education by $1.6 billion between FY 2018-FY 2023. These new state investments have benefited students in every geographic region of Illinois—and have helped close funding gaps by income, race, and ethnicity. That’s a great start. But, public education funding remains $3.6 billion less than what the evidence indicates is needed for all kids to get a quality education.
Under the EBF, Illinois is supposed to increase K-12 funding annually by at least $300 million. At that rate, after accounting for inflation, the EBF won’t be fully funded until FY 2038—meaning another generation of school children will be lost to an underfunded system. Increasing annual funding to $500 million would fully fund the EBF by 2030. That would be much better for children across Illinois—and help reduce the reliance on property taxes to boot.
Executive Director, Center for Tax and Budget Accountability
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April 3, 2023 at 04:32PM