Replaces everything after the enacting clause. Provides that the Act may be referred to as the Better Funding for Better Schools Act. Amends the Economic Development Area Tax Increment Allocation Act, State Finance Act, Property Tax Code, Illinois Pension Code, State Pension Funds Continuing Appropriation Act, Innovation Development and Economy Act, County Economic Development Project Area Property Tax Allocation Act, County Economic Development Project Area Tax Increment Allocation Act of 1991, Illinois Municipal Code, Economic Development Project Area Tax Increment Allocation Act of 1995, School Code, Educational Opportunity for Military Children Act, and Illinois Public Aid Code. Sets forth provisions concerning the basis for apportionment of primary State financial aid to the common schools for the 2016-2017 and subsequent school years. Makes changes concerning pensions, block grants, a system for accounting for revenues and expenditures, school district report cards, special education, transitional bilingual education, the transfer of moneys, tax levies, summer school grants, and transportation, and makes other related changes. Effective immediately.
Senate Floor Amendment No. 2 Includes laboratory and alternative schools in the definition of "Hold Harmless State Funding". Defines "Residential Boarding School Program". In provisions concerning supplemental grants, provides that provisions concerning the calculation of operating tax rates by the State Board of Education become operative in the 2018-2019 school year and decreases various thresholds for receiving supplemental adequacy grants. Provides for hold harmless State funding for laboratory and alternative schools in school years 2016-2017 through 2019-2020. Adds provisions concerning an average daily attendance count adjustment for a residential boarding school within certain school districts. Makes other changes.
Senate Floor Amendment No. 3 Makes changes concerning the primary State aid provisions. With respect to additional weights, changes certain references from "statewide average percentage" to "statewide weighted-average percentage". With respect to available local resources per pupil, removes the language providing that the calculation of available local resources for the Chicago school district shall exclude up to $250,000,000 of any amounts actually paid by the board of education into a Public School Teachers' Pension and Retirement Fund.