Synopsis As Introduced Creates the FY2008 Budget Implementation (Education) Act. Provides that the purpose of the Act is to make changes in State programs that are necessary to implement the Governor's FY2008 budget recommendations concerning education. Amends the State Finance Act and the School Code. Makes changes concerning the SBE Federal Department of Education Fund, the SBE Federal Agency Services Fund, the SBE Federal Department of Agriculture Fund, and the State Board of Education Special Purpose Trust Fund; transfers among line item appropriations; targeted intervention strategies; grants to non-public schools under the School Safety and Educational Improvement Block Grant Program; the creation of a new superintendent mentoring program, a Rural Learning Initiative, an enhanced teacher compensation system, a severely overcrowded schools grant program, and the Salary Incentive Program for Hard-to-Staff Schools; the School Technology Revolving Loan Program; transitional assistance payments; a Lincoln's Challenge Academy study; the conversion and formation of school districts; reporting on contracts; incentives for district reorganization and annexation; reimbursement for special education personnel; and the State aid formula (the foundation level of support and the minimum supplemental general State aid grant amount). Effective immediately.