SENATE BILL 54

51st legislature - STATE OF NEW MEXICO - second session, 2014

INTRODUCED BY

William P. Soules

AN ACT

MAKING AN APPROPRIATION FROM THE GENERAL FUND TO ADDRESS ADEQUACY OF PUBLIC SCHOOL FUNDING.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. APPROPRIATION.--Three hundred sixty-two million dollars ($362,000,000) is appropriated from the general fund to the public education department for distribution through the state equalization guarantee for expenditure in fiscal year 2015 to provide adequate funding for public education in New Mexico based upon the funding increase recommended in the 2008 independent comprehensive study of the New Mexico public school funding formula as adjusted for inflation. Any unexpended or unencumbered balance remaining at the end of fiscal year 2015 shall revert to the general fund.

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