FUND EDUCATION FIRST ACT

Creates the Fund Education First Act. Beginning with fiscal year 2004, and in each fiscal year thereafter, provides that until the sum of State and federal spending for elementary and secondary education for the fiscal year represents 50% of the total revenues that the State Superintendent of Education estimates are available from local, State, and federal sources for elementary and secondary education for that fiscal year, the amount appropriated by the General Assembly from general funds for educational programs for that fiscal year shall be at least equal to the sum of (1) 51% of total new general funds available for spending from certain sources during that fiscal year, plus (2) the total amount appropriated from general funds for educational programs during the preceding fiscal year. Requires the Governor, beginning with fiscal year 2005, to include in his or her annual budget an allocation for education that conforms to the provisions of the Fund Education First Act. Effective immediately.