This bill amends the Public School Finance Act to enhance the funding formula for public schools in New Mexico. Key changes include increasing the basic program unit for grades six through twelve, defining the family income index rate, and modifying the at-risk program unit. The bill introduces a new English learner program unit and establishes a hold harmless provision to protect schools from funding reductions due to these changes. Additionally, it outlines how charter schools will calculate their operating budgets based on their membership and various indices, including the at-risk index and English learner rates.

The bill also specifies the calculation of program costs, which will now include additional program units for early childhood education, special education, bilingual multicultural education, and English learners. It mandates that school districts and charter schools provide services to assist at-risk students and English learners in achieving academic success. Furthermore, a temporary provision is included to ensure that if a school district or charter school experiences a reduction in calculated program units due to the new provisions, they will receive supplemental funding to cover the difference for fiscal year 2026. The effective date for these changes is set for July 1, 2025.

Statutes affected:
introduced version: 22-8-18, 22-8-23.3
Final Version: 22-8-18, 22-8-23.3