SB 247 Summary

• Repeals sections 163.011, 163.031, and 163.037 RSMo and enacts new sections to revise the state funding formula for elementary and secondary education.

• Establishes new definitions including "modified formula payment" and "modified hold harmless payment" to ensure districts receive the greater of two calculated payment amounts when formula appropriations fall short.

• Sets minimum aggregate proration factors for fiscal years 2014-2016: at least .93 for FY2014, .96 for FY2015, and 1.0 for FY2016 to gradually increase full funding toward entitlements.

• Requires at least 75 percent of state revenue received by school districts be placed in the teachers' fund, with districts spending at least 75 percent of state revenue for certificated compensation and tuition expenditures.

• Includes emergency clause making the act effective immediately upon passage and approval to ensure adequate school district funding.