JEFFERSON CITY, Mo. -- Missouri senators have endorsed legislation creating a funding formula for public colleges and universities.

The bill would tie 10 percent of each school's state funding to meeting performance goals, and 10 percent to career placement.

The Coordinating Board for Higher Education would work with schools to develop their performance measures. The Department of Higher Education would develop rules for career placement rates of graduates.

The Senate gave the measure first-round approval Wednesday. It needs another affirmative vote to move to the House.

A state law requires development of a funding formula for higher education. Missouri's current approach allots money based largely on how much each school received previously and what is available for the future.