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The right of Illinois public schoolchildren to an adequate education hangs in the balance as Gov Jim Edgar meets with the four legislative leaders Thursday to begin serious negotiations on school funding reform.

And they begin not a moment too soon. Fundamentally changing the state’s arcane and inequitable method of financing public education is the single most important responsibility facing the General Assembly, and the clock is ticking on this legislative session.

To that end, both Democratic and Republican leaders would do well to follow the exemplary framework for reform proposed Wednesday by a bipartisan committee of eight legislators appointed by the governor. Though one may quibble over details, the proposal goes a long way toward meeting the critical goals of meaningful funding reform. Here’s how:

– Raising the state’s share of school funding by increasing the income tax. State money now accounts for only 32 percent of education funding, compared to a national average of almost 50 percent. That builds gross inequities into the system by forcing districts to rely on local property taxes to educate their children.

At the same time, Illinois has one of the lower state income tax rates. A modest increase would be the fairest way to provide new money for education without imposing undue hardship. And though the committee is coy about suggesting an increase, all its figures are based on an individual income tax increase of .75 percent. That’s a good place to start.

– Guaranteeing a “foundation level.” That’s the amount of money it takes to adequately prepare a child to become a productive member of society. The committee’s plan guarantees a minimum spending level of $4,225 per pupil, based on the recommendation of the Governor’s Commission on School Funding.

Right now, fewer than half the school districts in Illinois can meet that level, while some wealthier districts are spending $10,000 or more.

– Providing property tax relief. By allowing a 30 percent homestead exemption on property taxes for schools, the plan eases what has been a steadily growing burden on homeowners throughout the state.

That’s the financial outline on the table. It’s a long way from being a bill and an even longer way from being the law–but it’s a worthy beginning.

Most important of all, the principles it embodies must serve to guide Senate President James “Pate” Philip, House Speaker Michael Madigan and their colleagues as they map the educational future of the children of Illinois.