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New K-12 funding formula proposal to be revealed next week

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Gov. Bill Lee introduced his school funding rewrite during his annual State of the State speech to the Tennessee General Assembly in Jan. 2022.

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

Top state officials plan on sharing the new funding formula on Feb. 24.

Supporters say the goal is to finalize the overhaul by the end of the legislative session.

However, many inside the Republican-dominant General Assembly have not yet had a chance to pore over the new proposal.

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