SENATE BILL 135
54th legislature - STATE OF NEW MEXICO - second session, 2020
RELATING TO PUBLIC SCHOOL FINANCE; REPLACING A PORTION OF THE CREDIT TAKEN FOR IMPACT AID PAYMENTS TO CERTAIN SCHOOL DISTRICTS AND STATE-CHARTERED CHARTER SCHOOLS; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new Section 22-8-25.2 NMSA 1978 is enacted to read:
"22-8-25.2. [NEW MATERIAL] IMPACT AID CREDITS--PORTION RETURNED TO CERTAIN SCHOOL DISTRICTS AND STATE-CHARTERED CHARTER SCHOOLS.--
A. Each year, the department shall calculate and distribute fifty percent of the previous year's impact aid credit taken pursuant to Section 22-8-25 NMSA 1978 for each school district and state-chartered charter school for which the department has taken one million dollars ($1,000,000) or more in impact aid credit. Money received by those school districts and state-chartered charter schools pursuant to this section shall be used:
(1) for student-focused operational expenditures in the following function codes of the public schools chart of accounts:
(a) 1000, instruction;
(b) 2100, support services--students; and
(c) 2200, support services--instruction;
(2) to meet match requirements for funding from the public school capital outlay council;
(3) for other capital improvements; and
(4) for maintenance.
B. Any unexpended or unencumbered balance remaining in a school district's or state-chartered charter school's budget shall not revert to the state.
C. Each school district and state-chartered charter school that receives additional funding pursuant to this section shall submit an annual report to the department and the appropriate legislative interim committees that details how the credit replacement funding was expended and how those expenditures improved or will improve student achievement."
SECTION 2. APPROPRIATION.--Twenty-nine million eight hundred thirty-one thousand four hundred sixty-three dollars ($29,831,463) is appropriated from the general fund to the public education department for expenditure in fiscal year 2021 to provide impact aid credit replacement funding for school districts and state-chartered charter schools that had one million dollars ($1,000,000) or more taken as impact aid credit in calculating the state equalization guarantee distribution.
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