Chapter 22, Article 8 NMSA 1978 may be cited as the “Public School Finance Act”. History: 1953 Comp., § 77-6-1, enacted by Laws 1967, ch. 16, § 55; 2003, ch. 153, § 28. ANNOTATIONS Cross references. — For general obligation bonds of school districts, see 22-18-1 NMSA 1978 et seq. For school revenue bonds, see […]
A. Prior to June 20 of each year, each local school board and each governing board of a charter school shall, at a public hearing of which notice has been published by the local school board or governing board of a charter school, fix the operating budget for the school district or charter school for […]
A. The department shall: (1) on or before July 1 of each year, approve and certify to each local school board and governing body of a charter school an operating budget for use by the school district or charter school; (2) ensure that each program in a school district or charter school’s operating budget meets […]
Operating budgets shall not be altered or amended after approval and certification by the department, except for the following purposes and according to the following procedure: A. upon written request of a local school board or governing body of a state-chartered charter school, the secretary may authorize transfer within the budget, or provide for items […]
A. Each local school board or governing body of a state-chartered charter school shall submit annually, on or before October 15, to the department: (1) an estimate for the succeeding fiscal year of: (a) the membership of qualified students to be enrolled in the basic program; (b) the full-time-equivalent membership of students to be enrolled […]
ANNOTATIONS Repeals. — Laws 1999, ch. 291, § 8 repealed 22-8-12.2 NMSA 1978, as enacted by Laws 1978, ch. 149, § 1, relating to budgets, earnings from investments and operational funds for local school boards, effective April 8, 1999. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com.
A. As used in this section, “local school board” includes the governing authority of a charter school. B. Each local school board shall appoint at least two members of the board as a finance subcommittee to assist the board in carrying out its budget and finance duties. C. The finance subcommittee shall: (1) make recommendations […]
A. Each public school shall keep accurate records concerning membership in the public school. B. The dates for which MEM is reported are as follows: (1) the first reporting date, the second Wednesday in October; (2) the second reporting date, December 1 or the first working day in December; and (3) the third reporting date, […]
A. Each school district and charter school shall have an annual audit as required by the Audit Act [12-6-1 to 12-6-14 NMSA 1978] and rules of the state auditor that shall be completed and submitted to the state auditor by the date specified in rules of the state auditor. At the completion of the annual […]
A. Each local superintendent or person in charge of the fiscal management of a charter school shall provide quarterly reports on the financial position of the school district or charter school, as applicable, to the local school board of the school district or the governing body of the charter school for use in reviewing the […]
A. No later than December 31, 2021, the department, with input from stakeholders, including school districts, charter school leaders, business managers and staff from the legislative finance committee and legislative education study committee, shall establish, implement and maintain a statewide financial reporting system that is based on a standard chart of accounts. The department shall […]
A. The “public school fund” is created. B. The public school fund shall be distributed to school districts and state-chartered charter schools in the following parts: (1) state equalization guarantee distribution; (2) transportation distribution; and (3) supplemental distributions: (a) out-of-state tuition to school districts; (b) emergency; and (c) program enrichment. C. The distributions of the […]
A. The department shall determine the allocations to each school district and charter school from each of the distributions of the public school fund, subject to the limits established by law. B. The local school board in each school district with locally chartered charter schools shall allocate the appropriate distributions of the public school fund […]
The department shall make payments of each distribution of the public school fund by warrant of the department of finance and administration drawn against the public school fund upon vouchers issued by the department. When payments are made to county treasurers for school districts within the county, the county treasurer shall hold and allocate these […]
A. The program cost for each school district and charter school shall be determined by the department in accordance with the provisions of the Public School Finance Act. B. The department is authorized to require from each school district and charter school the information necessary to make an accurate determination of the district’s or charter […]
A. The total program units for the purpose of computing the program cost shall be calculated by multiplying the sum of the program units itemized as Paragraphs (1) and (2) in this subsection by the staffing cost multiplier and adding the program units itemized as Paragraphs (3) through (16) in this subsection. The itemized program […]
A. The number of early childhood education program units is determined by multiplying the early childhood education MEM by the cost differential factor 1.44. Early childhood education students enrolled in half-day kindergarten programs shall be counted for 0.5 early childhood MEM. Early childhood education students enrolled in full-day kindergarten programs shall be counted for 1.0 […]
A. The children, youth and families department shall fund preschool programs for zero- to five-year-old children in selected school districts. The children, youth and families department shall distribute any appropriation for this purpose to local entities upon approval by that department of an application from an individual school district or community-based early childhood education program. […]
As used in the Public School Finance Act: A. “ADM” or “MEM” means membership; B. “membership” means the total enrollment of qualified students on the current roll of a class or school on a specified day. The current roll is established by the addition of original entries and reentries minus withdrawals. Withdrawals of students, in […]
The number of basic program units is determined by multiplying the basic program MEM in each grade by the corresponding cost differential factor as follows: Grades Cost Differential Factor 1 1.2 2 and 3 1.18 4 through 6 1.045 7 through 12 1.25. History: 1978 Comp., § 22-8-20, enacted by Laws 1991, ch. 85, § […]
