JEFFERSON CITY, Mo. – The state’s public universities and colleges are set to receive a 3% funding increase within the next month, pending the governor’s approval. Now, lawmakers are looking at different funding models going forward.

For years, the Missouri General Assembly has used a Basic Plus Funding Model, meaning the budget process for higher education institutions starts with the amount from the previous year, and if there’s money leftover, there’s one big increase across the board.

But now, there’s talk of moving to a performance funding model. It’s a new plan to entice universities to compete in order to receive more funding.

The committee is set to meet over the span of several years despite term limits, to test out what the best funding formula will be. Gov. Mike Parson has until the end of the week to approve the 3% funding increase.