Bill > SB438

This bill aims to limit the growth of administrative expenditures in New Mexico school districts and charter schools with student populations exceeding 2,000. It requires the Public Education Department (PED) to calculate a baseline for administrative expenditures for each eligible district or school based on the past three years, starting in fiscal year 2024. After that, operating budgets submitted to PED must not exceed the current year's administrative expenditures plus the lesser of the increase in the consumer price index or the percentage increase in program cost. PED can grant waivers in extraordinary circumstances, but the district or school must hold a public hearing and get a two-thirds vote from its governing body. The bill also establishes a working group to study and streamline reporting requirements for school districts and charter schools.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=438&year=23