summary
Introduced
01/22/2024
01/22/2024
In Committee
02/08/2024
02/08/2024
Crossed Over
02/01/2024
02/01/2024
Passed
02/10/2024
02/10/2024
Dead
Signed/Enacted/Adopted
02/20/2024
02/20/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT RELATING TO PUBLIC FINANCE; INCREASING THE AMOUNT THAT IS ANNUALLY TRANSFERRED TO THE EARLY CHILDHOOD EDUCATION AND CARE PROGRAM FUND; PROVIDING FOR THE REVERSION OF UNEXPENDED AND UNENCUMBERED BALANCE IN THE PROGRAM FUND TO THE EARLY CHILDHOOD EDUCATION AND CARE FUND.
AI Summary
This bill increases the annual transfer from the Early Childhood Education and Care Fund to the Early Childhood Education and Care Program Fund, and provides for the reversion of any unexpended and unencumbered balance in the Program Fund back to the overall Early Childhood Education and Care Fund. Specifically, the bill amends state law to require an annual transfer of the greater of 5% of the average year-end market value of the Education and Care Fund over the previous 3 years or $250 million to the Program Fund, which is used to fund early childhood education and care services and programs. Any remaining balance in the Program Fund at the end of the fiscal year will revert back to the Education and Care Fund. The bill's provisions are set to take effect on July 1, 2024.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Signed by Governor - Chapter 4 - Feb. 20 (on 02/20/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=153&year=24 |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/final/SB0153.pdf |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/bills/senate/SB0153.pdf |
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