NASHVILLE – Tennessee Gov. Bill Lee on Monday proposed a $52.6 billion spending plan for the coming budget year during his annual State of the State Address in which the Republican also urged lawmakers to pass his proposed overhaul of the state’s $5.6 billion school funding formula along with $1 billion more to pay for it.
At the same time, the Republican governor is proposing to plow billions of dollars in funds from state tax surpluses as well as billions more from federal programs into areas ranging from roads to colleges and schools.
Lee devoted special attention to his proposal to revamp the state’s 30-year-old funding formula for K-12 education.
“Time and time again, we have heard the same message,” Lee told the General Assembly, dominated by GOP lawmakers. “We need a smarter, more transparent, accountable education funding formula, and the time is now.”
Still, in a nod to hesitant GOP leaders, the governor is not seeking to scrap the existing formula immediately. Instead, he is putting the money into his proposed budget with hopes lawmakers will approve his plan this year and he would be able to implement it in 2024.