WSMV reports state revenues came in at $108 million above projections in September:
Corporate franchise and exercise taxes came in at $76 million more than expectations in the month, which reflects economic activity in August. Sales taxes collections were $24 million higher than the amount budgeted for the month and reflect a 4.5 percent growth rate compared with the same year-ago period.
The surplus from September alone would be enough for the state to add 3500 teachers using the current funding formula. That’s 25% of the total needed to properly fund our state’s schools according to a recent report from the Comptroller’s office.
The report indicated:
The state is considerably underestimating the number of educators needed to run Tennessee schools according to its own requirements, says a state comptroller’s report released Wednesday.
And local governments are paying the difference. Statewide, districts employ about 12,700 more educators than the state funds, according to the comptroller’s Office of Research and Education Accountability, or OREA.
We are now in our third consecutive year of revenue growth well above projections. It’s time for the state to step up and invest in schools. Three more months with surpluses like September would provide enough revenue ($400 million) for the state to adequately fund teaching positions through the BEP. And don’t forget, we have more than $900 million in surplus funds from the budget year that ended on June 30th.
The money is there. Will it be invested in our schools?
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