After Gov. Jay Nixon called for increased performance-based funding for higher education in his State of the State address this January, a funding model doing just that will finally reach the Senate floor for debate.
The higher education funding formula bill was voted out of the Senate Education Committee Wednesday in a 7-2 vote and is sponsored by the committee chair, Sen. David Pearce, R-Warrensburg.
The formula would divide higher education funding into six main categories within each institution. The six divisions include academic support, institutional support, instruction, public service, research and student services.
To derive the accurate allocation of funds, the model uses 10 peer states surrounding Missouri — the five above and five below — in the Bureau of Economic Analysis using the 2011 midyear population estimates. It uses a median number to calculate the funding for Missouri’s own formula.