[1] NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Campos

 

DATE TYPED:

02/09/02

 

HB

 

 

SHORT TITLE:

Charter Schools Capital Financing Options

 

SB

SJM 69

 

 

ANALYST:

Kehoe

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

NFI

 

 

 

 

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

                                                                                                                                                           

 

SOURCES OF INFORMATION

 

LFC Files

 

SUMMARY

 

     Synopsis of Bill

 

Senate Joint Memorial 69 requests the Legislative Finance Committee and the New Mexico Finance Authority to jointly study capital financing options for charter schools.

 

     Significant Issues

 

The Public School Capital Outlay Task Force (PSCOTF) has reviewed the provisions in the Public School Capital Outlay Act as they relate to charter schools, in conjunction with the provisions in the 1999 Charter Schools Act.  The Public School Capital Outlay Act provides that the capital outlay needs of charter schools are to be included in the deficiencies correction program, the interim critical capital outlay program and the standards-based capital outlay program.  However, because charter schools often lease private facilities that would not meet requirements of the state’s anti-donation clause, concern has been expressed on how the capital needs of charter schools should be addressed.  In order to ensure that the capital facility needs of charter schools are treated the same as the needs of non-charter schools, PSCOTF has recommended that the Public School Capital Outlay Council develop guidelines on how it will administer the provision that applies to charter schools and report back to the PSCOTF.  It is expected the PSCOTF and PSCOC will study of issue of financing capital needs of charter schools in the interim and report back to the LFC in December 2002 and the Legislature in 2003.

 

ADMINISTRATIVE IMPLICATIONS

 

Senate Joint Memorial 69 may duplicate the current efforts of the PSCOTF and PSCOC in its responsibilities as directed by Laws 2001, Chapter 338.

 

LMK/prr

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