New Tennessee education funding act proposes to invest $9B in 2023-24 school year
NASHVILLE, Tenn. (WMC) - Tennessee Governor Bill Lee and state education Commissioner Penny Schwinn proposed a new student-based funding formula -- the Tennessee Investment in Student Achievement Act (TISA).
Starting in the 2023-2024 school year, the TISA would invest $9 billion in education funding for the state, including $1 billion in new recurring state funds and $750 million in one-time state funds this year.
The TISA will include the following proposed investments for each of these components:
- $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.
“The Tennessee Investment in Student Achievement formula will be a powerful tool the state can use to ensure we are putting all students on a path to success,” said Lee. “By serving our students well and giving the public greater insight into how their tax dollars are supporting students, the TISA represents an exciting opportunity to improve educational outcomes, strengthen our workforce and propel Tennessee forward.”
Lee first called the funding formula under review in October 2021 after 30 years without any “meaningful” updates.
Soon after the Tennessee Department of Education and the General Assembly held 18 funding subcommittees and gathered input from thousands of Tennesseans including school leaders, elected officials, families, education stakeholders and members of the public regarding the formula.
TISA will have to be voted on by the Senate and the House and be signed by Lee, if passed, before coming into law.
Click here to learn more about TISA.
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