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 to the local school board in the following areas:
(a) financial planning, including reviews of the school district's revenue and expenditure projections;
(b) review of financial statements and periodic monitoring of revenues and expenses;
(c) annual budget preparation and oversight; and
(d) procurement; and
(2) serve as an external monitoring committee on budget and other financial matters.
D. Except as otherwise provided in this section, each local school board shall appoint an audit committee that consists of two board members, one volunteer member who is a parent of a student attending that school district and one volunteer member who has experience in accounting or financial matters. The superintendent and the school district business manager shall serve as ex-officio members of the committee. A local school board with more than five members may appoint more than two board members to its audit committee. The audit committee shall:
(1) evaluate the request for proposal for annual financial audit services;
(2) recommend the selection of the financial auditor;
(3) attend the entrance and exit conferences for annual and special audits;
(4) meet with external financial auditors at least monthly after audit field work begins until the conclusion of the audit;
(5) be accessible to the external financial auditors as requested to facilitate communication with the board and the superintendent;
(6) track and report progress on the status of the most recent audit findings and advise the local school board on policy changes needed to address audit findings;
(7) provide other advice and assistance as requested by the local school board; and
(8) be subject to the same requirements regarding the confidentiality of audit information as those imposed upon the local school board by the Audit Act [12-6-1 through 12-6-14 NMSA 1978] and rules of the state auditor.
History: Laws 2010, ch. 115, § 1.
Effective dates. — Laws 2010, ch. 115 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 19, 2010, 90 days after the adjournment of the legislature.
Structure 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.