SB 1077 - This act establishes provisions related to a performance funding formula for university and two-year college systems. UNIVERSITY SYSTEM PERFORMANCE FUNDING This act establishes the "University Rewarding Workforce Readiness Act." Under the act, the Department of Higher Education and Workforce Development shall calculate a performance score for each university that is regulated by the Department. The Department shall develop a performance funding formula, as detailed in the act, that calculates a share of university funding by December 31, 2022. The General Assembly shall determine the allocation of university system funding through a phase-in schedule, from July 1, 2023 to July 1, 2026. The Department of Labor and Industrial Relations may execute data sharing agreements with other states and the Department of Higher Education and Workforce Development may use other means of collecting performance indicator data relevant to the performance funding formula. TWO-YEAR COLLEGE SYSTEM PERFORMANCE FUNDING This act establishes the "Two-Year College Rewarding Workforce Readiness Act." Under this act, the Department of Higher Education and Workforce Development shall calculate a performance score for each two-year college that is regulated by the Department. The Department shall develop a performance funding formula, as detailed in the act, that calculates a share of college funding by December 31, 2022. The General Assembly shall determine the allocation of college system funding through a phase-in schedule, from July 1, 2023 to July 1, 2026. The Department of Labor and Industrial Relations may execute data sharing agreements with other states and the Department of Higher Education and Workforce Development may use other means of collecting performance indicator data relevant to the performance funding formula. This act is identical to HB 2602 (2022). JAMIE ANDREWS