MS SB2332

Changes the base student cost increase calculation from 40% to 25% of the previous year's base student cost, multiplied by the 20-year average annual inflation rate (rounded up to nearest tenth of a percent) for Mississippi, plus adjustments for teacher pay raises and health insurance increases.

Raises the local contribution cap from 27% to 29.5% of the basic adequate education program cost, while maintaining the 28 mills millage requirement (less School Ad Valorem Tax Reduction Fund grants), whichever is lesser.

Requires 90% of state contributions to the adequate education program to be spent on teacher salaries, classroom resources, add-on program costs, and non-salary expenses for superintendents, assistant superintendents, principals, and assistant principals (or equivalent charter school leaders).

Establishes that if a charter school student returns to the school district, the charter school must return a prorated share of adequate education program payments within 45 days or face a 5% penalty.

Guarantees that in fiscal year 2025, no school district receives less state contribution than it received in fiscal year 2024, including the fiscal year 2024 teacher pay raise funding.