If enacted, SB2374 will have a significant impact on how charter schools receive funding, making it consistent with the state share of adequate education program payments. The bill outlines that payments are based not only on the local contribution determined at the district level but also specifies how these funds are to be disbursed and accounted for over the charter school's operational period. This shift aims to create a more predictable and reliable funding stream for charter institutions, adapting to the enrollment changes reflected in ADA metrics.
Summary
Senate Bill 2374 aims to amend the funding formula for charter schools in Mississippi, specifically in relation to how pro rata ad valorem funds are calculated and allocated from local school districts. The bill seeks to ensure equitable funding between charter schools and traditional public schools, addressing discrepancies that may exist under the current formula. By modifying Section 37-28-55 of the Mississippi Code of 1972, the bill establishes a clear process for how payments to charter schools should mirror those provided to public schools, based on average daily attendance (ADA).
Contention
While the bill is intended to enhance equity in funding, it may generate contention among stakeholders in the education sector. Detractors may raise concerns about whether charter schools truly require additional funding and question the effectiveness of charter schools compared to traditional public schools. Furthermore, potential challenges could arise regarding the redistribution of funds from local school districts to charter schools, particularly in communities where such schools are perceived as competitors to local systems.
Implementation
The new provisions would go into effect starting July 1, 2024, allowing time for local school districts and the State Department of Education to adjust their financial operations according to the amended funding framework. This adjustment period will be crucial for the smooth transition to the new system, as it may require revising budgeting procedures and financial forecasting to accommodate the updated allocation methods included in SB2374.