Page 3 - Raquel Reedy News Today : Breaking News, Live Updates & Top Stories | Vimarsana

   By Cedar Attanasio Associated Press / Report For America With less than a week remaining in the New Mexico legislative session, state senators are hashing out a proposal that could change the way education is funded for decades by increasing withdrawals from a unique $20 billion public endowment. The initiative advanced Tuesday toward a Senate floor vote that would tap the trust fund to increase spending on preschool and K-12 education by about $250 million a year. Legislative approval would send the proposed constitutional amendment to a statewide vote. The Land Grant Permanent Fund currently pays out 5% of its average five-year balance, mostly to K-12 schools. Oil income and investment gains doubled the value of the fund over the past 11 years.

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