Chicago Tribune references CTBA’s EBF report, “Fully Funding the Evidence-Based Formula: FY 2025 Proposed General Fund Budget “ in its CTU story.
Due to inflation and state lawmakers holding K-12 funding flat in 2020 during the height of the COVID pandemic, districts would not be adequately funded until 2034 if the state continues to only add $350 million to the evidence-based funding formula, according to a report from the Center for Tax and Budget Accountability. “I think school districts will have to make some tough financial decisions in the next coming years,” said Elaine Gaberik, one of the co-authors of the report. “This goes back to showing how important the state funding is going to be in these next couple years.”
CapFax shares CTBA’s EBF, Volume IX report finds that at the current rate of state funding - $300 million per year – Illinois’ Evidence-Based Funding for Student Success Act (EBF) will not be fully funded until FY 2034 as well as its Educating Illinois: Volume II report, which shows that Illinois’ funding formula for K-12 Education has worked towards its promise of closing the drastic funding gaps between school in property-rich and property-poor districts, as well as between schools in predominantly white communities and schools that serve predominantly Black and Latinx students.
Center for Tax and Budget Accountability Executive Director Ralph Martire explained how the new higher education funding formula seeks to shift the costs away from students, with state taxpayers taking on the responsibility for paying tuition costs.
Terry Savage, nationally syndicated financial columnist and author, joins Lisa Dent to talk about a new report released by the Center for Tax and Budget Accountability.
New report from the Center for Tax & Budget Accountability examines Chicago’s four public employee pensions.
Ralph Martire's column shows that data does not support allotting public funds to sports stadiums.
A new proposal to revamp the state’s funding of higher education aims to create a more equitable approach to the process, but it’s been met with some pushback. As part of the plan, certain metrics would determine the amount of money universities would get. But it would also set up equity adjustments giving extra money for schools based on student’s income status and race. Ralph Martire, the executive director for the Center for Tax and Budget Accountability, told WCIA “It just makes it more likely that additional students from these backgrounds that are traditionally underrepresented, rural, Black, Latino, low-income, will be enrolling and not just enrolling but successfully completing their degree in five years.”
"Creating a funding formula that both invests in all of our institutions and generates positive economic activity across the state, while stabilizing higher ed funding and addressing historic racism against Blacks seems like the logical, fair and right thing to do,” said Martire.
Ralph Martire, executive director of the Center for Tax and Budget Accountability, told Chalkbeat that the district shouldn’t have plugged the federal money into operating costs, such as salaries, because that created a cliff – a sudden loss of money that could mean the loss of programs and staff that directly impacts students.