This bill aims to enhance early childhood funding in New Mexico by transferring the balance of the Early Childhood Education and Care Fund to the newly established Early Childhood Trust Fund. It amends existing laws to expand the purposes for which funds can be utilized, specifically including prenatal programs and services. The bill also redefines the structure of the funds, replacing references to "education and care" with "trust fund" in various sections, thereby emphasizing the new focus on early childhood initiatives.

Additionally, the bill stipulates that the provisions will take effect only if a constitutional amendment is approved, which would formally create the Early Childhood Trust Fund. This fund is intended to be used exclusively for prenatal and early childhood programs and services, ensuring that resources are allocated effectively to support the developmental needs of children before they enter kindergarten. The bill also outlines the distribution of excess revenues from oil and gas taxes and federal mineral leasing, directing these funds to the Early Childhood Trust Fund to bolster its financial foundation.

Statutes affected:
introduced version: 6-4-27, 6-4-27.1, 9-29A-1, 6-4-35