New Fiscal Year Begins, Turns New Leaf For School Funding
JEFFERSON CITY - Although Sunday most notably marks the University of Missouri's official entrance into the Southeastern Conference, it also represents the first day of the 2013 fiscal year. For Missouri's K-12 schools and higher education institutions, that means new levels of funding for the next 12 months.
In June, Gov. Jay Nixon signed budget legislation providing just more than $3 billion to secondary and elementary education, a state record. Still, according to the Associated Press, that total still falls short of the targets set by funding formulas.
The state's colleges and universities did not receive the same boost. Nixon announced a cut for higher education funding for the third straight year, eliminating about $8.8 million for fiscal year 2013. Overall, Nixon cut $15 million from the budget sent to him by legislators.
The fiscal year runs through June 30. For our previous story on Nixon's higher education cuts, please visit this link.