Mississippi Code Title 37. Education § 37-151-203

(1) In fiscal year 2025, the student base amount shall be Six Thousand Six Hundred Ninety-five Dollars and Thirty-four Cents ($6,695.34) per student. In fiscal years 2026, 2027 and 2028, the inflationary adjustment described in this section shall be applied to derive the total funding formula. In fiscal year 2029, and every fourth fiscal year thereafter, the State Board of Education, on or before August 1, with an adjusted estimate no later than January 2, shall submit to the Legislative Budget Office, the Chairmen of the Senate and House of Representatives Appropriations and Education Committees, respectively, the Lieutenant Governor and the Speaker of the House a new proposed student base amount calculation using the following formula:

(2) For purposes of these calculations, the State Department of Education shall utilize financial data from the second preceding year of the year for which funds are being appropriated.

(3) For each of the fiscal years between the recalculation of the base student cost, the base student cost shall be increased by an amount equal to twenty-five percent (25%) of the base student cost for the previous fiscal year, multiplied by the twenty year average annual change in the rate of inflation rounded up to the nearest tenth of a percent for the State of Mississippi as determined by the State Economist, plus any adjustments for additional state requirements including, but not limited to, teacher pay raises and health insurance premium increases. The calculation shall be performed annually by the Department of Education, and the resulting amount shall replace base student cost from the previous year.

(4) In years when the total revenue of the state does not increase, the Legislature may retain the base student cost from the previous year. If the total revenue increases the following year, the formula shall be recalculated or increased according to inflation as provided in Sections 37-151-200 through 37-151-215.

(5) Base student cost shall not be lower than the previous year; provided, however, the base student cost may be lowered when the State Fiscal Officer provides notice to the Legislative Budget Office of a revenue shortfall in accordance with Section 27-104-13.

(6) By November 1, 2024, the department shall submit to the Legislative Budget Office, the Chairmen of the Senate and House of Representatives Appropriations and Education Committees, respectively, the Lieutenant Governor and the Speaker of the House, a report on the department's plan for implementation of the funding formula as specified under the provisions of Sections 37-151-200 through 37-151-215, and to recommend any technical amendments necessary for its effective administration before the commencement of the 2025 Regular Session of the Legislature.

(7) The annual amount of funding for the operation of each school district and charter school under the total funding formula as provided under Sections 37-151-200 through 37-151-215 is determined by multiplying the student base amount, as determined under Section 37-151-203, by the final weighted enrollment of the school district or charter school, as determined under Section 37-151-205.