MEMPHIS, Tenn. — Gov. Bill Lee and state educational officials unveiled details Thursday on a proposed new funding formula that would direct more investment into students in Tennessee schools.
The Tennessee Investment in Student Achievement Act (SB2396/HB2143) would transition Tennessee’s K-12 public schools to a student-based funding approach, replacing the complicated Basic Education Program currently in place.
The state Senate and House still must approve the bill.
If approved, starting in the 2023-24 school year, the TISA would invest an estimated $9 billion in education funding for the state, including state and local funds, a release from the governor’s office stated.
This is the state’s breakdown of the increased investments:
- $6.6 billion for base funding for every public school student.
- $1.8 billion in additional funding to be allocated based on weights to address specific student needs.
- $376 million in direct funding for students to receive additional funding allocations to support specific programs, like tutoring.
- $100 million in outcomes funding to be awarded based on achievement to empower schools to help all students reach their full potential.
According to reporting in The Tennessean, Memphis-Shelby County Schools would see a 12% boost from the funding formula. Other large metro districts like Nashville and Knoxville also would see increases.
“Updating our public education funding model is an investment in our state’s students and our state’s future,” said Education Commissioner Penny Schwinn.
Barbara Hyde, chair and CEO of the Hyde Family Foundation in Memphis, praised the governor’s proposal.
“We believe shifting to a more transparent and student-based funding model will not only offer more Memphis students a high-quality education, but it should also bring additional resources, especially in addressing the needs of economically disadvantaged and historically underserved students all across the state,” Hyde said in a statement. “A modernized funding formula will play a key role in closing achievement gaps and preparing all students for a lifetime of success.”
