Proposed Mo. higher ed formula would need $388M

JEFFERSON CITY, Mo. (AP) — A legislative committee says Missouri would have to spend an additional $388 million to fully fund a proposed budget formula for public colleges and universities.

The Joint Committee on Education released an analysis Monday of the implications of its proposed higher education funding formula. The committee’s proposal also calls for tying 10 percent of each school’s funding to how well it does in meeting performance goals.

The committee’s chairman, Republican Sen. David Pearce of Warrensburg, says Missouri has underfunded higher education and is unlikely to make up the shortfall immediately.

A state law gave the joint committee the job of developing a formula for higher education. The panel is accepting comments and plans to release its final report this month.

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