Governor Donald L. Carcieri signs the education funding formula into law, surrounded by (left to right) Senator Hanna Gallo, Senate President M. Teresa Paiva Weed, House Speaker Gordon D. Fox, Rep. Steven M. Costantino, and RI Department of Education Commissioner Deborah Gist.

The education funding formula - the first in Rhode Island in 15 years - was formally signed into law earlier this afternoon at The Rhode Island Foundation by Governor Donald L. Carcieri.

Dignitaries present for the signing, in addition to the governor, included House Speaker Gordon D. Fox, Senate President M. Teresa Paiva Weed, bill sponsors House Committee on Finance Chairman Steven M. Costantino and Senate Committee on Education Chairwoman Hanna Gallo, Board of Regents Chairman Robert Flanders, RI Department of Education Commissioner Deborah A. Gist, and other education leaders.

In hosting the ceremony, Foundation President & CEO Neil D. Steinberg stated, "This is a real victory for Rhode Island's schoolchildren. The Foundation is proud to have played a role with many other partners in the development of a fair and equitable funding formula, which fits perfectly with our signature initiative in public education. We salute Rhode Island's elected officials for their vision and dedication to providing equal educational opportunities for this generation and generations to come."

Foundation President & CEO Neil D. Steinberg (right) poses with key leaders in the passage of Rhode Island's first education funding formula in 15 years.

The funding formula was developed by the RI Department of Education with assistance from education experts at Brown University and supported by The Rhode Island Foundation.

A news release issued earlier today by the Governor's office states, "The formula takes into account both the needs of Rhode Island students and district capacity while providing much needed predictability into the education funding the state provides to its local communities.  It will be fair to Rhode Island's local school systems given it is based on actual student enrollments and will provide a core instructional amount as well as additional funding to support student needs beyond the core services."