JEFFERSON CITY — Today (6-19), Senate Bill 492, sponsored by Sen. David Pearce, R-Warrensburg, establishing performance-based funding for four-year public higher education institutions and community colleges, received the governor’s signature of approval.

“This bill is the result of bi-partisan effort and hard work by the various committees who saw this bill through the legislative process,” said Sen. Pearce. “Countless hours have been poured into getting this right in order to better provide for Missouri’s students.”

In addition to other provisions, SB 492 creates criteria for measuring effective performance for four-year public higher education schools. Under this model, each public institution must draft a proposal and submit it to the Missouri Department of Higher Education for review. Performance factors may include student retention, graduation numbers and the attainment of certain credit levels. This model allows each school to judge itself to determine if goals are met.

“The challenge of fully funding our schools at necessary levels has been difficult in recent years,” said Sen. Pearce. “About 30 other states have instituted performance-based funding for higher education to great results. Our public higher education schools know we believe in them and their results. Legislators know the future of our state is in the hands of higher education institutions and we want the best possible outcomes for our state’s students who will help propel the Show-Me State’s economy.”

With the governor’s signature, SB 492 will take effect Aug. 28.

To stay current on any other legislation sponsored by Sen. Pearce, visit www.senate.mo.gov/pearce.