A. The "new school development fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. Money in the fund is appropriated to the department for the purposes of making distributions pursuant to Subsection B of this section. Expenditures from the fund shall be made on warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary.
B. Upon application to the department by a school district and subject to the availability of funds, the department may approve a distribution to the school district from the new school development fund to supplement district funds needed to pay for supplies, equipment and operating costs unique to the first year of operation of a new school, provided that the department shall not approve a distribution unless it determines that there are no other reasonably available federal, private or other public sources for the needed funding.
History: 1978 Comp. § 22-24-11, as enacted by Laws 2006, ch. 95, § 3; recompiled as § 22-8-48 by Laws 2007, ch. 366, § 25.
Recompilations. — Laws 2007, ch. 366, § 25 recompiled former 22-24-11 NMSA 1978 as 22-8-48 NMSA 1978, effective July 1, 2007.
Structure 2021 New Mexico Statutes
Article 8 - Public School Finance
Section 22-8-3 - Office of education abolished; functions transferred.
Section 22-8-4 - Department; duties.
Section 22-8-5 - Rules; procedures.
Section 22-8-5.1 - Procurement, travel and gas cards.
Section 22-8-6.1 - Charter school operating budgets; maximum MEM.
Section 22-8-7 - Manner of budget submission.
Section 22-8-7.1 - Certain school district budgets.
Section 22-8-8 - Budgets; minimum student membership.
Section 22-8-9 - Budgets; minimum requirements.
Section 22-8-10 - Budgets; fixing the operating budget.
Section 22-8-11 - Budgets; approval of operating budget.
Section 22-8-12 - Operating budgets; amendments.
Section 22-8-12.1 - Membership projections and budget requests.
Section 22-8-12.3 - Local school board finance subcommittee; audit committee; membership; duties.
Section 22-8-13.2 - Financial reporting.
Section 22-8-13.3 - Reporting system; reporting requirements.
Section 22-8-14 - Public school fund.
Section 22-8-15 - Allocation limitation.
Section 22-8-16 - Payment to school districts.
Section 22-8-17 - Program cost determination; required information.
Section 22-8-18 - Program cost calculation; local responsibility.
Section 22-8-19 - Early childhood education program units.
Section 22-8-19.1 - Preschool programs; selected districts.
Section 22-8-20 - Basic program units.
Section 22-8-21 - Special education program units.
Section 22-8-22 - Bilingual multicultural education program units.
Section 22-8-23 - Size adjustment program units.
Section 22-8-23.1 - Enrollment growth program units.
Section 22-8-23.2 - New district adjustment; additional program units.
Section 22-8-23.3 - At-risk program units.
Section 22-8-23.5 - Fine arts education program units.
Section 22-8-23.6 - Charter school student activities program unit.
Section 22-8-23.7 - Elementary physical education program units.
Section 22-8-23.8 - Home school student activities program unit.
Section 22-8-23.9 - Home school student program units.
Section 22-8-23.10 - Extended learning time program.
Section 22-8-23.11 - K-5 plus program units.
Section 22-8-23.12 - New program funding.
Section 22-8-23.13 - Public education reform fund created.
Section 22-8-25 - State equalization guarantee distribution; determination of amount.
Section 22-8-25.1 - Additional per unit distribution from public school fund.
Section 22-8-26 - Transportation distribution.
Section 22-8-27 - Transportation equipment.
Section 22-8-29 - Transportation distributions; reports; payments.
Section 22-8-29.1 - Calculation of transportation allocation.
Section 22-8-29.4 - Transportation distribution adjustment factor.
Section 22-8-29.6 - Transportation emergency fund.
Section 22-8-30 - Supplemental distributions.
Section 22-8-30.1 - Recompiled.
Section 22-8-30.2 - Recompiled.
Section 22-8-31 - State-support reserve fund.
Section 22-8-32 - Current school fund; receipts; disposition.
Section 22-8-33 - Distribution of certain revenue.
Section 22-8-34 - Federal mineral leasing funds.
Section 22-8-35 - Tax anticipation certificates.
Section 22-8-36 - Certification of allocations; fund accounts.
Section 22-8-37 - Public school funds.
Section 22-8-38 - Boards of finance; designation.
Section 22-8-39 - Boards of finance; suspension.
Section 22-8-40 - Deposit of public school funds; distribution; interest.
Section 22-8-41 - Restriction on operational funds; emergency accounts; cash balances.
Section 22-8-42 - Violation of act; penalties.
Section 22-8-43 - Public school reading proficiency fund; created.
Section 22-8-44 - Educator licensure fund; distribution; appropriation.
Section 22-8-45 - Teacher professional development fund.
Section 22-8-45.1 - Beginning teacher mentorship fund; created.
Section 22-8-47 - New Mexico government education fund.
Section 22-8-48 - New school development fund; distribution.
Section 22-8-49 - Teacher cost index; licensure-experience factor; report.