Synopsis As Introduced Creates the Fund Education First Act. Beginning with fiscal year 2017, requires the General Assembly to appropriate for the general State aid formula under the School Code an amount that is equal to or exceeds the sum of: (i) the total amount appropriated for the general State aid formula during the fiscal year immediately preceding the fiscal year for which the appropriation is being made; and (ii) 55% of total new general funds available for spending from estimated growth in revenues and funds available because of budgeted program growth and decline in the fiscal year for which the appropriation is being made; but in no event shall the sum be less than a certain percentage required under the Act. Requires a continuing appropriation if the General Assembly fails to make sufficient appropriations to fund the general State aid formula. Amends the Illinois Pension Code. In the Downstate Teacher Article, changes the funding goal to 100% and shifts certain costs accruing after July 1, 2016 to local employers. Amends the School Code to make changes concerning a system for accounting for revenues and expenditures and general State aid. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.