SB 23 – This act modifies the elementary and secondary education funding formula. It removes from the calculation of the state adequacy target the inclusion of the gaming revenues from the repeal of the loss limits. Instead, the gaming revenues from the repeal of the loss limits will be placed in the Missouri Higher Education Tuition Reduction Fund. Moneys in the fund will be used to reduce tuition rates at Missouri's public higher education institutions. The Coordinating Board for Higher Education must implement a procedure and promulgate rules and regulations for reimbursing public higher education institutions that either reduce tuition or increase tuition at lower rates than previously designed.
The State Auditor must perform an annual audit of the Missouri Higher Education Tuition Reduction Fund.