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If every student needed the same amount of support, that would be correct. But that is not the case.
Public school districts are required by law to provide whatever is needed for a student's education. That even includes some students beyond the age of 18.
That includes everything from academically gifted students to English language learners to special needs students who require full time, 1x1 caregivers. I've personally worked as a substitute teacher in some of those special needs classes.
All of those specially educators and the facilities needed all cost more than an average general education kindergarten teacher.
When parents of kids who are average of slightly above average and don't have a lot of special needs (read: often the more affluent families) pull their kids out, the ratio of kids with more meds changes.
Again, that extra support is required by laws passed by this same Tennessee legislature.
And you also ignored the issue of voluntary parent fundraising they is the lifeblood of many schools. That's a massive gap that is made worse when affluent families pull their kids out.
So what percentage more are we talking? 1% or more like 10% more?