Bill > SB114

This bill limits certain school districts' and charter schools' fiscal year 2016 cash balances by taking credits against those schools' fiscal year 2017 state equalization guarantee distributions. Specifically, the bill requires the Secretary of Public Education to apply a credit against the fiscal year 2017 state equalization guarantee distribution of each school district and charter school that does not receive an emergency supplemental distribution in fiscal year 2017 and whose audited fiscal year 2016 operational fund cash balance is greater than 3% of its fiscal year 2016 program cost. The credit amount is calculated based on a formula that aims to reduce the cash balance to 3% of the school's program cost. The bill also declares an emergency, requiring the act to take effect immediately.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=114&year=17