The Cost of Education pt 1: What are we betting on?

I Believe the Children are OUR Future.

Teach them well and let them lead the way.

Show them all the beauty they possess inside.

Give them a sense of pride to make it easier …to Choose901.

I realize I am taking liberty with Whitney Houston's lyrics from her hit “Greatest Love of All,” but this rings so true. The children in our city right now are the future of the 901. We need to teach them, lead them, encourage them, and instill pride in them for this community.

This is currently the goal we’re working towards together with the Choose901 Alumni Program: ensuring that students receive the necessary resources to help lead this community in the future.

 Every Community is Betting on Education

In every city, the biggest investment for the future of their community is education. Next year in Shelby County, we will invest $2.27 Billion in Public Education. That doesn't even include the money that goes towards private school education, college, or trade school.

 Plus, there are additional costs for tutoring and enrichment programs, school supplies, school clothing, extracurricular activities, etc. 

Some people think this money is a waste, and some people think we don't invest enough. But one thing we know for certain: we currently have over 140,000 students in our public school systems in this pipeline of investment. 

So the question our community should be asking is whether or not we will get the maximum return on this investment for the future benefit of our city.

Where does the money come from? 

Public education is funded through federal, state, and local taxes. Typically 11% federal, 45% from the state, and 44% is funded locally.  Locally, this is mainly property taxes, and in Shelby county about 3 of every 5 dollars collected supports education.

There are also some other ways education is funded uniquely here in our county and state.

Every year you register your car, there is a wheel tax, and 100% goes to our schools.

Every time a couple gets married, there is a marriage license tax, and 100% is allocated to education.

There is even a state tax on mixed drinks, and 100% is given to support our students’ learning. So every time you buy a drink, you can make a little toast, “This is for the kids!”

(For more information on the tax breakdown collected for education, Shelby County goes into depth in this report.)

Where is the money going? 

To educate a student for 13 years from Kindergarten through 12th grade will end up being a $205,000 investment in today's dollar value. Ultimately, this investment follows the student, both geographically and socially. If a student moves to another city, our investment moves with them.

Would you be upset if $205,000 that was designated to building the future of Memphis was suddenly invested in a completely different city? That's essentially what happens when our graduates move away. We're no longer investing in Memphis at that point.

We need our graduates to stay to become thriving citizens in the 901.

This is just a metaphor, but does it resonate?  

Obviously each child in Memphis is a unique and special person.  They are more than dollars in a ledger and an investment on our P&Ls.  

I am simply trying to make a point. 

If your 401K was not growing, you would be asking questions, getting involved, and looking to make changes so it would grow. Your 401K is a strategic investment into your preferred future. And if you made steady deposits for 13 years only to find that all of the investment was removed from your bank account and given to someone else, you would be more than concerned and doing all you could to get it back.

We should be even more engaged and concerned over the potential and maximization of your children for your city's future.

So that is the plan. 

Our mission at City Leadership is to Recruit, Develop, and Catalyze leaders to create a Growing, Improving, and more Loving Memphis. 

Much of this work involves making sure Memphis’ high school graduates reach their full potential and do so right here in our community. This is where we have already invested and continue to invest so much. So we all have to make sure this investment pans out.

Have Questions?  This is Part One. 

Have questions about how this all works?

What strategies are best to do this?

Are there any signs that this is working? 

Our next blog will address questions like these and more.