HB2722 Summary

• Appropriates $21.8 billion total for Illinois State Board of Education and teacher retirement for fiscal year beginning July 1, 2021, consisting of $15.0 billion General Funds, $71.7 million Other State Funds, and $6.7 billion Federal Funds.

• Allocates $7.2 billion for Evidence-Based Funding distributed from Education Assistance Fund ($328.5M), Common School Fund ($3.0B), General Revenue Fund ($3.1B), and Fund for the Advancement of Education ($790M).

• Provides $1.0 billion in specialized education funding including disabled student transportation ($387.7M), private tuition ($152.3M), career and technical education ($43.1M), and early childhood education ($543.7M).

• Appropriates $5.7 billion from Common School Fund to Teachers' Retirement System as the State's contribution for teacher pensions and retirement benefits.

• Act becomes effective July 1, 2021.