House and Senate leaders Thursday unveiled long-awaited legislation to overhaul the state’s antiquated school-funding formula that they say would pump an additional $1.4 billion in local aid to schools over the next seven years.
The proposal — jointly announced by House Speaker Robert A. DeLeo, Senate President Karen E. Spilka, and other legislative leaders — aims to bridge the divide in educational opportunities between poor and affluent systems by directing more money to districts that serve greater concentrations of students living in poverty or those with language barriers.
“While we are all proud that Massachusetts is top-rated nationally in education, we want to extend that success to all students,” said DeLeo, a Winthrop Democrat.