The conference committee charged with reconciling the differences between the House and Senate versions of HB 1, the state budget bill, has released its report. The budget calls for about $33 billion in general revenue and $63.5 billion in all funds for public education under TEA for the 2024-25 biennium. That is down from $41 billion in general revenue and $64.5 billion in all funds appropriated in SB 1 during the 2022-23 biennium. It is important to note that $8.5 billion of 2024-25 funding is dedicated to property tax relief through school district tax rate compression over the next biennium. The upcoming budget also anticipates $9.32 billion in recapture payments from local school districts compared to $5.65 billion anticipated in SB 1 last biennium.
The proposed budget includes funding for specific education items listed below, some of which are to be funded only if corresponding legislation is passed by the Legislature.
- $12.3 billion for property tax relief (contingent upon SB 3 or similar legislation)
- $4 billion for school funding and teacher compensation, including TRS (HB 100 or similar legislation)
- $2.36 billion for increases in the golden penny yield (not contingent upon legislation)
- $588.5 million for TRS-ActiveCare (not contingent upon legislation)
- $500 million for curriculum (HB 1605, which is on its way to the governor, or similar legislation)
- $500 million for ESAs (HB 100 or similar legislation)
- $300 million for school safety (HB 3 or similar legislation)
- $49 million for virtual education (HB 681 or similar legislation)