I’ve written before about the importance of fixing Tennessee’s school funding formula (the BEP) and doing so by fully-funding BEP 2.0.

But, what is BEP 2.0? And what would it mean if fully-funded?

Well, here’s Governor Bredesen’s 2007 speech outlining the BEP 2.0 changes (developed with then state Senator Jamie Woodson).  It also includes a spreadsheet explaining the fiscal impact of funding BEP 2.0 at various levels.  This was, of course, back in 2007 and so the dollars are 2007 dollars and would need a slight adjustment to reflect 2013 reality.  Of course, it’s also likely the demographics of some districts have changed, so their numbers in the formula today would be slightly different.

As I recall at the time, the proposal would have meant an investment of nearly $500 million in new money for schools.  What passed was a plan to fund roughly half of that in 2007-08 and then to phase-in the remaining dollars over time.  Then, the 2008 financial crisis hit and BEP 2.0 was not fully-funded.

Now, of course, our state has seen revenue collections tick upward.  It seems that 2014 would be a good time to re-examine BEP 2.0, determine its relevance, and begin a path to full-funding.

According to these numbers, MNPS would see roughly $20 million new dollars every year if the plan were fully-funded.  That would certainly make a difference in the current debate MNPS is having over funding, school closures, charter schools, and teacher pay.

Neighboring Sumner County, which saw the opening of school delayed by 2 weeks due to a budget squabble over roughly $7 million in 2012, would see a bit more than $10 million in new money.  Which would mean they could fund their budget and not raise property taxes.

Other counties benefit as well.  It seems unlikely that the formula can be fully-funded all at once in 2014.  But a phase-in plan combined with an updating of the formula is long overdue.

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