Tentative Budget Agreement ReachedAt a press conference in the late afternoon of May 24, Governor JB Pritzker stood with Senate President Don Harmon (D-Oak Park) and Speaker Chris Welch (D-Westchester) to announce that a budget agreement had been reached (SB 250). It was not all smooth sailing to get to the final product, but in the end the Fiscal Year 2024 budget for the State of Illinois will include an additional $350 million for the Evidence-Based Funding model. Not only was there investment in elementary and secondary education, higher education and early childhood education will also see greater funding in FY24. The budget spends just over $50 billion in total.
Missing the original adjournment deadline of May 19 resulted in the leaders of both chambers coming together to pass a budget in a way that involves a great deal of trust. The Senate filed the budget on Senate Bill 250 late on the night of May 24. The Senate then filed several more amendments on the budget on May 25 before passing it over to the House. After taking up a few additional measures, the Senate adjourned early in the morning of May 26 and is not scheduled to be back in Springfield until the fall veto session. While the budget bill is still several steps from final passage, it is expected to pass the House just after midnight on May 27. IASB staff will continue to monitor the process and update members upon final passage.
The Fiscal Year 2024 State of Illinois budget currently contains significant education spending including:
- $8.3 billion in total Evidence-Based Funding
- $56 million additional for transportation
- $4.6 million increase for Career and Technical Education
- $75 million additional funding for Early Childhood Education
- $45 million for Teacher Vacancy grant
- $16 million for school mapping grant
- $3 million for Computer Science grant
- $2 million for Asian American History implementation grant
- $1.6 million for Dolly Parton Imagination Library grant