The surplus for the current fiscal year is now over $1 billion with six more months to go, according to figures released by the Tennessee Department of Revenue. This announcement comes as the Sycamore Institute recently released an analysis demonstrating that lawmakers will have at least $3.1 billion in “excess” or unplanned revenue with which to budget in the current cycle.
The figures for January indicated revenue coming in at $380 million above projections. This prompted TEA President Beth Brown to point out that the January surplus alone is three times what Gov. Lee has proposed investing in teacher pay this year.
Lee has shown no indication he plans to make any bold or meaningful investment in public schools, instead preferring to maintain the status quo of an underfunded school system.
The last decade has seen Tennessee’s Republican leadership consistently demonstrate that public schools are not a funding priority.
In fact, the Education Law Center has released a report noting that from 2008 to 2018, school funding in inflation-adjusted dollars in Tennessee actually decreased by $1,065 per pupil. To put it another way, had school spending kept up with inflation, our schools would see an additional $1 billion in state investment.
This figure would come close to filling the $1.7 billion gap in the current BEP funding formula.
As Brown notes, with the surplus this year and projected revenue for the FY 2022 budget, Tennessee could easily fill that gap.
I want to point this out ONE MORE TIME: We can add at least $2 billion to our investment in schools and do so without raising anyone’s taxes. In fact, doing so would likely help keep local property taxes down for some time to come.
So, the question remains: Does Gov. Bill Lee want to invest in Tennessee’s public schools? Does the Tennessee General Assembly want to use this special opportunity to right the wrongs of the last decade of underfunding? Do our policymakers want us to remain 46th in school funding or do they want the reality to match their rhetoric? Will they show that students matter and that our communities deserve excellent schools?
This is like pushing the “easy button.” No new taxes, a big investment in schools, making Tennessee a place where public education is a top priority – all without raising taxes one cent.
If the current leadership won’t fund public schools under these conditions, they never will.
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