Local taxpayers should not be worried about a large local tax increase in four years if a new public school funding formula is enacted, Tennessee Department of Education (DOE) Commissioner Penny Schwinn said.
An introductory overview of the proposed new formula, which would replace the current Basic Education Program (BEP) created in 1992, from the DOE showed “local contributions are set to be lower in FY24, FY25, and FY26 and begin to increase again in FY27, in an amount similar to prior years so that the new state investment does not overwhelm local requirements.”
During discussion in the House K-12 Subcommittee, however, Schwinn pushed back on the notion there would be a four-year cliff where local governments would see a heightened required local expense for public schools.
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