How long will we be able to keep using Cortex in competitions? Is it being phased out for V5? If so, is there a timeline for when it will no longer be allowed?

As far as we know there is not. I would expect that it would be phased out of competition in a few years like some of the older systems have been. I would expect to see lots of announcements in forums and on the VEX site about this so teams can phase into V5. I would start phasing into V5 if i were you and transfer the cortex systems over into the classroom as you get V5. Since you are on a limited budget i would look at these threads:budget competition
new team tips
I would try to get sponsors although some schools make this easier than others. Try to get fundraisers done as well. There are also grants you can see here

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