IL SB0577

Amends Section 14-7.02b of the School Code to establish funding for school districts based on IDEA child count multiplied by 17.5% of the general State aid foundation level, with appropriations beginning in fiscal year 2005.

Guarantees individual school districts receive minimum "hold harmless" payments: no less than fiscal year 2004 amounts through fiscal year 2007, and no less than fiscal year 2007 amounts for fiscal year 2008 and thereafter.

Allocates remaining funds to districts with 85% based on average daily attendance and 15% based on low-income eligible pupil count.

Beginning in fiscal year 2014, dedicates $15,000,000 in gaming revenues from the State Gaming Fund to the Education Assistance Fund to support hold harmless payments if the State authorizes additional electronic gaming or riverboat gambling licenses.

Provides state reimbursement from unexpended IDEA discretionary funds for costs exceeding 4 times a district's per capita tuition rate for individual students with disabilities, with programs pre-approved by the State Superintendent of Education.