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.
Congressional race to succeed Deb Haaland takes shape
MORGAN LEE, Associated Press
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FILE - In this Feb. 23, 2021, file photo Interior Secretary nominee Rep. Deb Haaland, D-N.M., speaks during her confirmation hearing on Capitol Hill in Washington. On March 15, the Senate confirmed her as Interior Secretary. (Jim Watson/Pool via AP, File)Jim Watson/AP
SANTA FE, N.M. (AP) Deb Haaland s departure Tuesday from Congress to serve as U.S. Interior Department secretary triggers a special election to choose a successor, starting with a rarely invoked nomination process that relies on a small group of major-party political insiders.
The Hotline, Latest Edition: Tuesday, March 16, 2021 nationaljournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationaljournal.com Daily Mail and Mail on Sunday newspapers.
State Sen Mark Moores enters congressional race abqjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from abqjournal.com Daily Mail and Mail on Sunday newspapers.