A. The "public school fund" is created.
B. The public school fund shall be distributed to school districts and state-chartered charter schools in the following parts:
(1) state equalization guarantee distribution;
(2) transportation distribution; and
(3) supplemental distributions:
(a) out-of-state tuition to school districts;
(b) emergency; and
(c) program enrichment.
C. The distributions of the public school fund shall be made by the department within limits established by law. The balance remaining in the public school fund at the end of each fiscal year shall revert to the general fund, unless otherwise provided by law.
History: 1953 Comp., § 77-6-15, enacted by Laws 1967, ch. 16, § 69; 1969, ch. 180, § 12; 1971, ch. 263, § 5; 1972, ch. 87, § 1; 1973, ch. 351, § 1; 1974, ch. 8, § 4; 1975, ch. 342, § 1; 1988, ch. 64, § 25; 2006, ch. 94, § 9.
ANNOTATIONSCross references. — For state equalization guarantee distributions, see 22-8-25 NMSA 1978.
For transportation distributions, see 22-8-26 to 22-8-29 NMSA 1978.
For supplemental distributions, see 22-8-30 NMSA 1978.
For transfer of unencumbered balances in current school fund to public school fund, see 22-8-32 NMSA 1978.
For transfer of federal mineral leasing funds to public school fund, see 22-8-34 NMSA 1978.
The 2006 amendment, effective July 1, 2007, changed "this fund" to "the public school fund" and added state-chartered charter schools in Subsection B and added "to school districts" in Subparagraph (a) of Paragraph (3) of Subsection B.
The 1988 amendment, effective May 18, 1988, substituted "department" for "chief" in the first sentence in Subsection C.
Proper entity to receive funding. — Local school district within which Los Lunas hospital and training school is located is appropriate entity to receive funding pursuant to the Public School Finance Act for special education of exceptional children. 1977 Op. Att'y Gen. No. 77-04.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 68 Am. Jur. 2d Schools § 99 et seq.
79 C.J.S. Schools and School Districts §§ 410 to 413.