Senate Bill 128 created a 16-member School Funding Interim Commission for the 2015-16 Interim and each successive fifth interim. The bill requires the commission to:
conduct a study to reassess the educational needs and costs related to the basic system of free quality public elementary and secondary schools;
if necessary, recommend to the following legislature changes to the state's funding formula; and
issue a report on the commission's findings and recommendations, including any draft legislation for amending the state school funding formula, by no later than the 15th of September preceding the next regular legislative session
The commission is composed of 12 legislators and 4 members of the public.