Lee signs new Tennessee public school funding formula into law

(The Center Square) – A new funding formula for public education in Tennessee was signed into law by Gov. Bill Lee on Monday.

Lee said, “it’s long overdue that we make this change” before being joined by legislative leaders and Department of Education Commissioner Penny Schwinn on the stage of Franklin High School, where Lee attended.

The bill passed both the Tennessee House and Senate on April 28.

“This is a very special day,” said bill sponsor Sen. Jack Johnson, R-Franklin.

The new formula, known as the Tennessee Investment in Student Achievement, sets up a new formula for Tennessee’s schools to be funded beginning in the 2023-24 fiscal year.

TISA will provide a base per-student cost of $6,860 and add weights based on a students’ learning needs, whether the student lives in a low-income household or area or if the student lives in a rural area.

Additional funding also goes to schools for student achievement or participation in programs such as career technical education.

The formula will replace the Basic Education Program, a district-based formula that funded staff based on student-to-staff ratios, which was created in 1992.

“Students in this state will be better off than they were before,” Schwinn said.

Lee said that the $1 billion in additional funding that will go into the TISA in its first year will be the largest increase in state education funding the state has ever made, even if that number was adjusted for inflation.

“What’s unique about this piece of legislation is that it focuses on students,” Lee said.