SANTA FE, N.M. (AP) — The Public Education Department says state aid to school districts is increasing by the largest amount in five years.
Public Education Secretary Hanna Skandera said Wednesday the “unit value” next year for New Mexico’s school funding formula will increase by 3.9 percent to $3,817 — up $144.
The higher amount should mean most districts receive additional state money in the 2013-14 school year, although the impact will vary for each district.
More than $2 billion in state aid will be distributed to schools based on “units” tied to enrollment and varying costs of educational programs.
The allocation of education money approved by the Legislature and student enrollment largely determine year-to-year variations in the unit value, which schools use in developing their operating budgets for the coming year.