NASHVILLE, Tenn. (AP) — Gov. Bill Lee and Education Commissioner Penny Schwinn on Tuesday announced they will soon unveil their plan to rewrite how the the state funds its multibillion-dollar K-12 education system.

According to the governor’s office, top state officials will share their new funding formula proposal on Feb. 24. More details about the presentation will be announced next week.

After first announcing plans to update the formula, Lee and Schwinn have pushed to get a proposal before lawmakers during this year’s legislative session. The Republican-dominant Statehouse will have to approve the measure before it can go into effect, which is tentatively scheduled for 2024.

“I have every expectation that we will get this done during the current legislative session,” Lee said in a statement.

The nearly 3-decade-old Basic Education Program uses 45 components to determine funding for each school for expenses including teacher salaries. It’s been criticized as complicated and outdated.