This amount would be in addition to the $950 million needed annually to finance the proposed changes in the SOQ proposed earlier by the Board of Education. (I summarized the policy changes in the SOQ being proposed by the Board of Education in an earlier post.)
The rebenchmarking process is a technical one in the sense that it involves no new policy changes in the SOQ. The rebenchmarking uses updated data for numerous inputs into the SOQ calculation. The most important ones are prevailing non-personal costs and support positions, salaries, and student enrollment. If you are feeling especially wonky, the 45-page PowerPoint presentation, with detailed graphs can be found here.