SCC/SESB 153 EARLY CHILDHOOD FUND TRANSFERS

Sen Siah Correa Hemphill

Actions: [2] SCC/SEC/SFC-SCC-germane-SEC [4] DP-SFC [6] DP - PASSED/S (31-7) [9] HAFC-HAFC [10] DP [13] PASSED/H (52-14) SGND BY GOV (Feb. 20) Ch. 4.

Scheduled: Not Scheduled

 Senate Bill 153 (SB 153) increases the amount that is annually transferred to the Early Childhood Education and Care Program Fund. HSB 153 provides for for unexpended and unencumbered balance in the program fund to revert to Early Childhood Education and Care Fund. 

 Senate Bill 153 (SB 153) increases the amount annually transferred to the Early Childhood Education and Care Program Fund (Program Fund) and provides for unexpended program funds to revert to the Early Childhood Education Care Fund (Fund).

SECTION 1 amends Executive Department Section 9-29A-1 NMSA 1978 (being Laws 2020, Chapter 3, Section 1, as amended) in Subsection D to increase the annual distribution from the Fund to the Program Fund to $250,000,00.

SECTION 2 amends Section 9-29A-2 NMSA 1978 (being Laws 2020, Chapter 3, Section 2) under Program Fund to delete “nonreverting fund” and insert:
Any unexpended or unencumbered balance in the fund at the end of a fiscal year shall revert to the Early Childhood Education and Care Fund. 

SECTION 3 makes the effective date July 1, 2024. 

 Senate Bill 153 amends the Early Childhood Education and Care Program Fund to increase the annual distribution from $150,000,000 and to specify any unexpended balance revert to the Early Childhood Education and Care Fund rather than staying in the program fund.