SB 415 - This act creates the "Missouri Public School Salary Equalization Fund" for the purpose of providing supplemental funding to school districts and charter schools that certify to the Department of Elementary and Secondary Education (DESE), as provided in the act, that either the district's average teacher salary is below the statewide average or the district is experiencing sustained labor shortages in positions vital to providing an adequate education to students.
By November 15 of each year, the Commissioner of Education shall present to the Joint Committee on Education information concerning the average Missouri teacher's salary, regional average salaries, and national average salaries. The Joint Committee shall, no later than January 1 of each year, recommend to the House Budget Committee and the Senate Appropriations Committee the amount of money that should be appropriated to the Fund in order to adequately fund the provisions and goals of the act.
In order to become eligible to receive salary equalization money from the Fund, school districts shall be required to submit documentation to DESE showing that the local tax base and any other revenue allocated to education is either: (a) insufficient to employ the labor force necessary to provide an adequate education for students or (b) unable to cover the cost of teacher salaries such that the district's average teacher salary matches or exceeds that of the statewide average. If money in the Fund is insufficient to fully fund the provisions of this act in a given school year, DESE shall prorate available funds as provided in the act.