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Missouri's Coordinating Board for Higher Education this week voted to expand a performance-funding formula for public institutions, the St. Louis Post-Dispatch reported.

The state had performance funding in place during previous budget cycles, but the formula only applied to new money. The just-approved version would tie 10 percent of state funding to performance measures such as degree completion, job-placement rates and how colleges spend money, according to the newspaper.

Roughly 35 states have tried a version of performance funding, with a wide range of approaches and amounts of money involved. Missouri's new version follows a 9 percent budget cut ($88 million) last year to its public institutions, which resulted in hundreds of layoffs.