A. Upon written application to and approval of the department, a local school board may be designated a board of finance for public school funds of the school district. A local school board designated as a board of finance may require all funds distributed to, allocated to or collected for the school district or the public schools under its jurisdiction to be deposited with it. The department shall designate a local school board as a board of finance if:
(1) the local school board shows to the satisfaction of the department that it has personnel properly trained to keep accurate and complete fiscal records;
(2) the local school board agrees to consult with the department on any matters not covered by the manual of accounting and budgeting before taking any action relating to funds held by it as a board of finance;
(3) the persons handling these funds are adequately bonded to protect the funds entrusted to them from loss; and
(4) the local school board making application has not been suspended and not reinstated as a board of finance within the past year.
B. A charter school applicant requesting a charter from the commission shall submit a plan detailing how its governing body will qualify for designation as a board of finance for public school funds of the charter school. The governing body of a proposed state-chartered charter school shall qualify as a board of finance before the first year of operation of the charter school. The governing body of a state-chartered charter school designated as a board of finance may require all funds distributed to, allocated to or collected for the state-chartered charter school to be deposited with the governing body. The commission shall designate the governing body of a state-chartered charter school as a board of finance if:
(1) the governing body shows to the satisfaction of the commission that it has personnel properly trained to keep accurate and complete fiscal records;
(2) the governing body agrees to consult with the division on any matters not covered by the manual of accounting and budgeting before taking any action relating to funds held by it as a board of finance;
(3) the persons handling these funds are adequately bonded to protect the funds entrusted to them from loss; and
(4) the governing body was not a governing body of a charter school or does not have a member who was a member of a governing body of a charter school that was suspended and not reinstated as a board of finance.
C. Failure of the governing body of a proposed state-chartered charter school to qualify for designation as a board of finance constitutes good and just grounds for denial, nonrenewal or revocation of its charter.
History: 1953 Comp., § 77-6-42, enacted by Laws 1967, ch. 16, § 96; 1988, ch. 64, § 35; 2006, ch. 94, § 23.
The 2006 amendment, effective July 1, 2007, changed "state superintendent" to "department" in Subsection A and in Paragraphs (1) and (2) of Subsection A; added Subsection B to provide for the designation of boards of finance for charter schools and state-chartered charter schools and the criteria for designation of the governing body of a state-chartered charter school as a board of finance; and added Subsection C to provide that failure of a governing body of a state-chartered charter school to qualify as a board of finance is grounds for denial, nonrenewal or revocation of its charter.
The 1988 amendment, effective May 18, 1988, substituted "state superintendent" for "chief" throughout the section; deleted "of the division" following "manual of accounting and budgeting" in Subsection B; and made a minor stylistic change in Subsection C.
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.