Contact: Isaac Padilla
505/986.4263
Isaac.Padilla@nmlegis.gov
FOR IMMEDIATE RELEASE
Senate Passes Sen. Padilla’s Major Measure to Protect
Funding of New Mexico Classrooms
(Santa Fe, NM) – The New Mexico Senate today passed, on a nearly party-line vote of 23-19, critical legislation to protect K-12 public school classrooms from deep scheduled cuts totaling $110 million per year. The cuts would take effect in July if no action were taken. Senate Joint Resolution 3 (SJR 3), sponsored by Sen. Michael Padilla (D-14-Bernalillo), addresses a looming shortfall that is part of a sunset provision established by a previous Legislature. Sen. Padilla’s “Permanent Fund Annual Distributions” would put in place an additional .8% distribution of funding for public education from the state Land Grant Permanent Fund, if approved by the voters at the November ballot.
“This measure, Senate Joint Resolution 3, is very important for New Mexico’s future,” said SJR 3’s sponsor, Senator Michael Padilla (D-14, Bernalillo). “Without it, classrooms and the education of children will experience disastrous reductions in funding and resources. It is imperative that we pass it. Our investment in the state’s educational system is as sound as an investment as we can make for our state’s children and their future.”
Currently public schools, state universities and other beneficiaries receive a 5.5 % annual distribution from the interest accrued from the fund. That percentage was scheduled to drop to 5.0% in July. SJR 3 would increase that distribution to 5.8% with a 10-year sunset clause. The increased .8% distribution would cease if the Permanent Fund ever fell below $12 billion. It is currently at $14 billion.
“In these tough economic times it is important to build a solid foundation for funding what it takes to increase student success. Senator Padilla’s push to take this measure to the voters allows all New Mexicans to show their support – and no taxes would be raised,” said National Education Association – New Mexico (NEA-NM) executive director, Charles Bowyer. NEA-NM speaks for thousands of teachers across the state and advocates strongly for classrooms and students.
“Many have mischaracterized this measure as a so-called ‘raid’ on the Permanent Fund,” Sen. Padilla said. “The annual distribution would not touch the corpus of the fund and, while we are facing a dire shortfall in general fund revenues this year, this would allow our vital educational system to continue operating without being cut and bolster our educational systems.
SJR 3 must be approved the House of Representatives next, before voters would have the final say on the proposed increased distribution to public schools during the November, 2016 General Election.
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