SANTA FE, N.M. (AP) — A House panel has endorsed a proposal to provide tens of millions of additional dollars for public education.
The Voters and Elections Committee voted 10-1 on Thursday for a proposed constitutional amendment to keep the annual distribution from the Land Grant Permanent Fund at its current rate of 5.5 percent of the fund’s average five-year market value.
The payout is to drop to 5 percent starting in July 2016.
The $11 billion fund will provide $550 million next year for public schools and 20 other public institutions, including universities.
The State Investment Council estimates the proposed change would provide an extra $60 million in the 2017 budget year.
Supporters say the additional money is needed to improve education.
The measure must clear another committee before it reaches the 70-member House.