500 Here, 500 There

So, the state keeps taking in more revenue — a lot more than it planned — and it’s starting to add up to real money, some $500 million and the year’s not over yet.

Andrea Zelinski has the story:

Nearing the end of state government’s fiscal year, Tennessee has collected nearly one half billion dollars more than expected, according to state officials.

Revenues totaled $974 million for May, when $50.5 million more than expected pouring into state coffers. Overall, the state has collected $495 million more than anticipated in the first 10 months of the budget year, with $452 million overcollected for the general fund, according to the Department of Finance and Administration.

What’s interesting about this story is that the total amount of over-collection represents almost exactly the dollar amount needed to satisfy school systems suing the state for inadequate K-12 funding.

$500 million appears to be the magic number:

Achieving a level of adequate funding as contemplated in the lawsuit would cost an estimated $500 million. Should the motion be granted, all 141 school systems in the state would effectively become a party to the suit — an unprecedented show of strength in what has historically been small school systems suing over equity. This suit differs from the previous “small schools” suits in that it focuses on the inadequacy of the funding formula rather than on any inequities that may exist.

So, we have $500 million in revenue over anticipated collections on the one hand and school systems suing to restore adequacy to the BEP to the tune of $500 million on the other.

Seems like someone (legislators, Governor Haslam, anyone…) ought to be able to work with these numbers and find a positive solution.

For more on education politics and policy in Tennessee, follow @TNEdReport

 

 

2 thoughts on “500 Here, 500 There

  1. Pingback: Tennessee Education Report | Why Fix the BEP?

  2. Pingback: Tennessee Education Report | Money for Roads but Not Schools?

Leave a Reply

Your email address will not be published. Required fields are marked *


2 × = four

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>