Bill > SB41

This bill makes several changes to public school finance in New Mexico: 1. It eliminates the consideration of local and federal revenues when determining the state equalization guarantee distribution, which is the funding provided by the state to ensure each school district's revenue is at least equal to its program cost. 2. It changes the formula used to calculate the local and state match for capital outlay projects funded through the Public School Capital Outlay Act. This includes adding a factor for unrestricted revenue used for capital outlay over the prior 10 years. 3. It requires school districts and charter schools to include in their educational plans information on how they will use any federal or local revenue to improve student outcomes, and to report annually on the actual uses and outcomes of that funding. 4. The bill has a contingent effective date that is tied to the resolution of certain school funding lawsuits. The key changes are the elimination of local and federal revenue offsets to the state equalization guarantee, the changes to the capital outlay project funding formula, and the new reporting requirements on the use of federal and local revenue.

Budget and Finance, Education

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=41&year=21