TN’s new K-12 funding formula proposal to be revealed next week

NASHVILLE, Tenn. (AP) — Gov. Bill Lee and Education Commissioner Penny Schwinn say they will soon unveil their plan to rewrite how the the state funds its multibillion-dollar K-12 education system.

According to the governor’s office on Tuesday, top state officials plan on sharing the new funding formula on Feb. 24.

More details about the presentation will be announced next week.

After first announcing plans to update the formula, Lee and Schwinn have pushed to get a proposal before lawmakers during this year’s legislative session.

The nearly 3-decade-old Basic Education Program uses 45 components to determine funding for each school for expenses including teacher salaries.

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