The bill amends the existing law regarding the Early Childhood Education and Care Fund in New Mexico. It increases the annual distribution amount from this fund to the Early Childhood Education and Care Program Fund from a previous cap of two hundred fifty million dollars ($250,000,000) to five hundred million dollars ($500,000,000). This change aims to enhance funding for early childhood education and care programs, reflecting a commitment to improving educational resources for young children in the state.
Additionally, the bill maintains provisions for the investment and reporting of the fund's finances, ensuring that the state investment officer will continue to manage the fund in accordance with prudent investment rules and report quarterly to relevant legislative committees. The effective date for these changes is set for July 1, 2025, allowing for a transition period before the new funding levels take effect.
Statutes affected: introduced version: 9-29A-1