44th legislature - STATE OF NEW MEXICO - second session, 2000

REQUESTING THE STATE INVESTMENT COUNCIL, THE LEGISLATIVE FINANCE COMMITTEE AND THE LEGISLATIVE EDUCATION STUDY COMMITTEE TO PARTICIPATE WITH THE EDUCATION INITIATIVES AND ACCOUNTABILITY TASK FORCE IN A STUDY OF POLICIES TO ENSURE THAT PUBLIC SCHOOL SUPPORT RETAINS THE PROPORTION OF GENERAL TAX REVENUES AT FISCAL YEAR 1999 LEVELS.

WHEREAS, a reliable source of revenue is vital to New Mexico's schools; and

WHEREAS, three hundred thirty thousand three hundred seventy-two children need the highest quality public schools possible; and

WHEREAS, our permanent funds are our funding for the future; and

WHEREAS, our children are our future;

NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the state investment council, the legislative finance committee and the legislative education study committee be requested to participate with the education initiatives and accountability task force in a study of the statutory and constitutional mechanisms to ensure that public school support retains the proportion of general tax revenues at fiscal year 1999 levels so that additional earnings from the land grant permanent fund are real increases in funding; and

BE IT FURTHER RESOLVED that the study recommend statutory and constitutional mechanisms to maximize and enhance support for public school capital outlay from the severance tax permanent fund and maximize and enhance funding increases from the land grant permanent fund; and

BE IT FURTHER RESOLVED that the task force report its recommendations to the legislature in time for the 2001 legislative session; and

BE IT FURTHER RESOLVED that copies of this memorial be transmitted to members of the state investment council, the legislative finance committee, the legislative education study committee and the education initiatives and accountability task force.