SENATE BILL 141
54th legislature - STATE OF NEW MEXICO - second session, 2020
George K. Munoz
RELATING TO PUBLIC SCHOOLS; MAKING APPROPRIATIONS FOR OPERATIONS AND CAPITAL IMPROVEMENTS IN SCHOOL DISTRICTS AND STATE-CHARTERED CHARTER SCHOOLS; LIMITING THE USE OF THESE SPECIAL APPROPRIATIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. APPROPRIATIONS--DISTRIBUTIONS--EXPENDITURE LIMITATIONS.--
A. Eighty-five million nine hundred eighty-three thousand four hundred forty-two dollars ($85,983,442) is appropriated from the general fund to the public education department for expenditure in fiscal year 2021 to replace local and federal revenue as defined in Section 22-8-25 NMSA 1978, which shall be distributed to each school district and state-chartered charter school in an amount that equals the amount of local and federal revenue of the school district or state-chartered charter school that the state has taken credit for in determining the state equalization guarantee. If local and federal revenue credits are higher than the appropriation, the department shall prorate the distributions. If the credits are lower, the remainder of the appropriation shall revert to the general fund as soon as practicable.
B. Each school district and state-chartered charter school shall establish special funds for the distributions provided for in Subsection A of this section, and expenditures are limited for local revenue and forest reserve credits to general operations, except for administrative salaries in function codes 2300 and 2500 of the public schools chart of accounts; capital improvements; and debt service. The distributions for impact aid credits shall be expended as allowed by federal law. Distributions shall not revert to the general fund.
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