Cuts to Missouri public schools funding formula was vetoed Wednesday by Missouri Governor Jay Nixon.

Gov. Nixon cited hundreds of millions of dollars in state funding public schools could miss out on if the bill were to become law.

He said Senate Bill 586 would cut the target to fully fund Missouri’s K-12 foundation formula by approximately $456 million according to projections from the Missouri Department of Elementary and Secondary Education. Meanwhile he said, the General Assembly is also considering a slate of special interest giveaways that would reduce state revenues by more than $1 billion annually if passed and fully implemented.

“This cheapening of the foundation formula results in a broken promise to our local schools and the students they educate and cannot receive my approval,” said Gov. Nixon. “By giving future governors and legislators a passing grade for a lower score, Senate Bill 586 would provide cover for legislators to turn their backs on our local schools by passing even more reckless tax breaks that will further erode funding for education and require local taxpayers to shoulder more of the financial burden to provide our children with a quality education.”