Bill > SB167

This bill restructures the Early Childhood Education and Care Fund by transforming it into an Early Childhood Trust Fund, which would be established through a constitutional amendment. The bill changes how excess tax revenues and mineral leasing funds are distributed, with a focus on supporting early childhood and prenatal programs. Specifically, the bill modifies existing law to transfer the current fund's balance to the new trust fund, increase the annual distribution from five percent to the greater of five percent of the fund's three-year average market value or $500 million (up from $250 million), and expand the fund's purpose to include prenatal programs and services for children up to kindergarten eligibility. The bill also updates investment and reporting requirements, with the state investment officer managing the fund in consultation with the secretary of early childhood education and care. Importantly, the bill's implementation is contingent on the approval of a constitutional amendment that would formally create the Early Childhood Trust Fund and define its authorized uses, including potential emergency transfers to the general fund if state reserves are insufficient to meet authorized expenses.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=167&year=25