IL HB5302

Amends Illinois School Code Section 18-8.05 to establish the framework for calculating and distributing general State financial aid to school districts based on a Foundation Level formula that combines State aid with required local resources.

Sets Foundation Level per-pupil support amounts ranging from $4,225 for 1998-1999 school year to $6,119 for 2009-2010 and subsequent years, with specified increases for intervening years.

Provides supplemental general State aid grants to school districts with specified concentrations of children from low-income households, with grant amounts varying by low-income concentration level and ranging from $355 to $2,080 per eligible pupil depending on the school year.

Requires large school districts (50,000+ average daily attendance) receiving supplemental aid to distribute a minimum of $261,000,000 to individual schools proportionally based on free or reduced-price lunch eligibility, with funds to support early childhood education, reduced class size, remedial assistance, and attendance improvement programs.

Establishes an Education Funding Advisory Board of 5 members appointed by the Governor to make recommendations to the General Assembly regarding foundation level and supplemental aid grant levels for districts with high concentrations of children from poverty.