AUGUSTA — A study will soon be under way into state funding of Maine’s public schools with an eye toward correcting perceived flaws in allocating $900 million per year to districts throughout the state.

A five-member advisory panel met last week to take the first step toward evaluating Maine’s school funding formula under the 2004 law known as Essential Programs and Services.

A bill approved by the Legislature this year authorized up to $450,000 for an independent review of EPS. The first step in the process involved assembling the advisory committee to write a request for proposals. The bids will be reviewed in July by the Legislature’s Education and Cultural Affairs Committee, which will select the winning proposal.