FILE - Tennessee Gov. Bill Lee (Feb. 2022)

The language for a bill that would create a new K-12 public school funding formula in Tennessee, called the Tennessee Investment in Student Achievement (TISA), will be released in mid-February, Gov. Bill Lee said Thursday.

The funding formula would be put in place for the 2023-24 school year and moves the state from a school district-based funding formula to a student-based formula while correcting issues with the current Basic Education Program (BEP), which was created in 1992.

“We believe that it will assign dollars to each child based on their individual need,” Lee said Thursday during a news conference. “That will make that a more fair system for the children in the system.”

Lee proposed Monday during his state of the state speech spending an additional $1 billion in recurring money for K-12 public education, of which $750 million would help fund the new state funding plan.

That money would not be placed into the BEP for next school year, however. Instead, Lee proposed using the funds next fiscal year for career and technical education improvements in all high schools and middle schools ($500 million), moving 14 public schools out of flood plains ($200 million) and grants ($50 million).

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