MO SB454

Repeals and replaces sections 163.011 and 163.031 of Missouri Revised Statutes relating to state education funding formulas and definitions.

Establishes new funding calculation methods including "modified formula payment" and "modified hold harmless payment" that apply when appropriations are insufficient to fully fund the formula entitlement.

Requires minimum aggregate proration factors of .93 for fiscal year 2015, .96 for fiscal year 2016, and 1.0 for fiscal year 2017 to gradually restore full funding levels.

Maintains hold harmless provisions ensuring districts receive the greater of either their calculated formula payment or a modified hold harmless payment based on prior year allocations.

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