SENATE BILL 241
54th legislature - STATE OF NEW MEXICO - second session, 2020
RELATING TO HIGHER EDUCATION FUNDING; REQUIRING EQUITABLE PER-FULL-TIME-STUDENT FUNDING OF INSTRUCTION AND GENERAL PURPOSES AMONG THE STATE COMPREHENSIVE HIGHER EDUCATION INSTITUTIONS; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of Chapter 21, Article 1 NMSA 1978 is enacted to read:
"[NEW MATERIAL] STATE COMPREHENSIVE HIGHER EDUCATION INSTITUTIONS--EQUITABLE FUNDING FOR INSTRUCTION AND GENERAL PURPOSES.--The higher education funding formula shall provide equitable per-student funding for instruction and general purposes among the state comprehensive higher education institutions that is based on full-time student enrollment at each institution."
SECTION 2. APPROPRIATION.--
A. The following amounts are appropriated to the following state comprehensive higher education institutions for expenditure in fiscal year 2021 and subsequent fiscal years to bring those institutions to instruction and general purposes equity with the other state comprehensive higher education institutions based on per-full-time-student funding:
(1) seven million nine hundred eighty-five thousand dollars ($7,985,000) to the board of regents of eastern New Mexico university; and
(2) three hundred eighty-two thousand dollars ($382,000) to the board of regents of western New Mexico university.
B. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.
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