Nixon Speaks to Higher Education Leaders About New Funding Scheme
JEFFERSON CITY - Governor Nixon met with higher learning educators from across the state Thursday as part of an annual summit on education. During his main address he outlined plans to change the funding scheme for upper-level education.
The new plan, called a Performance Funding Model, rewards increases in funding based on the amount of academic and performance goals a higher learning school accomplished. The percentage of goals achieved in a year will be applied to the budget increase requested for the next year. If a college achieves all of their goals they gain the entire requested increase of funding. If they achieve none of their goals, they gain no extra funding.
"I do think that it's important to have a performance funding model and I think that this is a step forward, to say that new dollars will be spent in a way so that the taxpayers know what they're getting. So that we have performance measures about what's being delivered. It's just necessary to compete in the new economy" said Nixon.
The plan isn't new to the state of Missouri, a form of it was actually in use before the current plan came about a decade ago. The new plan should begin after 2013, the first year for measuring school's academic and performance statistics for goal-setting.