Actions:  HEC/HAFC-HEC  DP-HAFC
Scheduled: Not Scheduled
House Bill 140 (HB 140) creates the Tribal Education Trust Fund (Fund). HB140 provides distributions to the Public Education Department (PED). HB 140 provides accountability measures and reporting requirements. Makes appropriations.Legislation Overview:
House Bill 140 (HB 140) creates the Tribal Education Trust Fund (Fund). HB140 provides distributions to the Public Education Department (PED). HB 140 provides accountability measures and reporting requirements. Makes appropriations. SECTION 1 A. Creates the Tribal Education Trust Fund (Fund) as a nonreverting fund in the state treasury. The Fund shall be used for any purpose enumerated in Section 22-23A-2 NMSA 1978 or in an intergovernmental agreement between an Indian nation, tribe or pueblo and the PED. B. The state investment officer shall invest money in the Fund. C. Requires quarterly and annual reports on investments made pursuant to this section. D. Beginning in Fiscal Year 2025, distributions from the Fund shall be made to the PED on July 1 of each year in which adequate money is available in the Fund in an amount equal to the greater of $2,500,000 or five percent of the average of the year-end market values of the Fund for the preceding five calendar years; provided that the PED shall distribute funding received pursuant to this subsection as provided by Subsection E of this section. E. Beginning in Fiscal Year 2025, on August 1 of each year the PeD shall disburse money to each New Mexico tribe as follows as specified in this subsection. F. Money disbursed pursuant to Subsection E of this section shall be disbursed as described in this subsection. G. Beginning in Fiscal Year 2025 and in each subsequent fiscal year, provides direction for distribution of funds to administer the Fund. Any unexpended or unencumbered balance remaining at the end of any fiscal year shall revert to the Fund. H. In addition to the distribution pursuant to Subsection D of this section, money in the Fund may be expended in the event that general fund balances will not meet the level of appropriations authorized from the General Fund for a fiscal year. In that event, to avoid an unconstitutional deficit, the legislature may appropriate from the Fund to the General Fund only in the amount necessary to meet General Fund appropriations for that fiscal year and only if the legislature has authorized transfers from other specified funds that exhaust those fund balances. Provides the definition of “”New Mexico tribe”. SECTION 2 provides Fund accountability measures, reporting requirements and PED Duties. A. Prior to April 15 of each year, each Tribal Education Department shall submit to the PED a summary of its operating budget and plan for the ensuing fiscal year. B. Prior to October 15 of each year, each Tribal Education Department shall submit to the PED a spending report and an assessment of program impact. C. The PED shall report to the Legislative Education Study Committee, any other appropriate interim committee and the New Mexico tribes no later than November 15 of each year the total disbursements made, a summary of tribal reports received and a projection of available disbursements. D. Nothing in this section shall interfere with the sovereignty of federally recognized New Mexico tribes. E. PED may: (1)establish procedures and adopt rules, after formal consultation with the New Mexico tribes, as required to administer and disburse money; (2) enter into intergovernmental agreements with the New Mexico tribes to disburse funding; and (3) solicit, receive and report on tribal education budgets, plans and reports. F. Provides the definition of “New Mexico tribe’. SECTION 3 appropriates $50,000,000) from the Public Education Reform Fund to the Fund for expenditure in Fiscal Year 2024 and subsequent fiscal years to carry out the purpose of that fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the Public Education Reform Fund. SECTION 4 provides an effective date of July 1, 2023.