HB 1043 Summary

• Repeals and revises sections 163.011 and 163.031 of Missouri's school funding formula, adding new definitions including "aggregate proration factor," "modified formula payment," "modified hold harmless payment," and "proration factor."

• Modifies the dollar-value modifier calculation to use a three-year simple moving average of wage data from the fourth, fifth, and sixth years preceding the payment year, beginning in fiscal year 2013.

• Establishes minimum appropriation requirements for fiscal years 2014-2017: FY2014 must equal or exceed FY2011 funding levels; FY2015 must produce an aggregate proration factor of at least 0.93; FY2016 must produce at least 0.96; and FY2017 must produce at least 1.0.

• Requires that when formula appropriations are insufficient to fully fund entitlements, each district receives the greater of either its modified formula payment or modified hold harmless payment, replacing the previous subsection 4 transition provisions.

• Declares the act an emergency measure effective July 1, 2012, or upon passage and approval, whichever occurs later.