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School funding reform bill signed into law

Gov. Bruce Rauner signed a new education funding formula into law Thursday in Chicago. (WRSP)

School districts can be expecting their General State Aid payments in a matter of days.

Gov. Bruce Rauner signed a new education funding formula into law Thursday in Chicago.

Three of the four legislative leaders and Chicago Mayor Rahm Emanuel were among those in attendance. House Speaker Michael Madigan was not there.

This is the first time in decades Illinois has made a major reform in how it funds schools.

Those who spoke Thursday admit that getting to this day wasn't easy.

"Today we ensure that in the future, every child in Illinois has an equal chance at an excellent education," Rauner said.

The law takes effect immediately.

Under the new formula, districts will get state funding based on the needs of the children they teach.

For example, districts with a high number of students living in poverty will get more state dollars.

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