HOUSE BILL 63

53rd legislature - STATE OF NEW MEXICO - second session, 2018

INTRODUCED BY

Randal S. Crowder and James G. Townsend

AN ACT

MAKING AN APPROPRIATION TO RESTORE SCHOOL DISTRICTS' AND CHARTER SCHOOLS' OPERATIONAL FUND CASH BALANCES.

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

     SECTION 1. APPROPRIATION.--Fifty million dollars ($50,000,000) is appropriated from the general fund to the public education department for expenditure in fiscal year 2019 to restore the operational fund cash balances of the school districts and charter schools whose fiscal year 2017 state equalization guarantee distributions were reduced in accordance with Laws 2017, Chapter 3, Section 2. The department shall distribute to each of those school districts and charter schools the amount of its reduction under that section. Any unexpended or unencumbered balance remaining at the end of fiscal year 2019 shall revert to the general fund.