Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes.

Current FIRs (in HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us). Adobe PDF versions include all attachments, whereas HTML versions may not. Previously issued FIRs and attachments may also be obtained from the LFC in Suite 101 of the State Capitol Building North.

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

SPONSOR	Vigil		DATE TYPED	2-17-04		HB	554
SHORT TITLE		Charter Schools Independent of Districts				SB
					ANALYST		Segura

APPROPRIATION

Appropriation Contained		Estimated Additional Impact		Recurring or Non-Rec	Fund Affected
FY04	FY05	FY04	FY05
			See Narrative

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Response Received From

New Mexico Public Education Department (PED)

SUMMARY

Synopsis of Bill

House Bill 554 amends the 1999 Charter Schools Act and sections of the School Finance Act.

Significant Issues

The PED analysis provides a listing of those sections that are affected by this bill and is attached.

FISCAL IMPLICATIONS

House Bill 554 does not contain an appropriation.

ADMINISTRATIVE IMPLICATIONS

According to PED, the department will use 4 percent of the charter school’s SEG in order to hire needed staff for the increased administrative and programmatic responsibilities. The 4 percent holdback is needed to absorb the added administrative cost of overseeing the charter schools.

CONFLICT and RELATIONSHIP

House Bill 554 conflicts with HB 404, SB 403; and relates to SB 475 and SB 474.

RS/lg