A. No later than December 31, 2021, the department, with input from stakeholders, including school districts, charter school leaders, business managers and staff from the legislative finance committee and legislative education study committee, shall establish, implement and maintain a statewide financial reporting system that is based on a standard chart of accounts. The department shall annually update the reporting system.

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B. In designing, implementing and maintaining the reporting system pursuant to Subsection A of this section, the department shall adhere to the following guidelines:

(1)     the reporting system shall be based on a standard chart of accounts that will enable comparisons between schools, between local education agencies and between regional education cooperatives;

(2)     the reporting system shall allow for the display of administrative costs of every school site and local education agency;

(3)     the reporting system shall make it possible to determine how school sites and local education agencies budget funds to support at-risk students, offer bilingual and multicultural educational services to students and support special education students;

(4)     the reporting system shall make it possible to determine each local education agency’s and regional education cooperative’s actual expenditures, which shall include actual salary expenditures and actual benefit expenditures reported by job category specified in the standard chart of accounts at the local education agency level, at the school site level and, if applicable, at the regional education cooperative level;

(5)     the reporting system shall report the expenditures for each of the major categories specified in the chart of accounts for school sites and local education agencies; and

(6)     the reporting system shall make it possible to determine how school sites and local education agencies budget seventy-five percent of their federal impact aid and forest reserve revenue and seventy-five percent of their local revenue from the one-half mill school district property tax and revenue from the Oil and Gas Ad Valorem Production Tax Act [N.M. Stat. Ann. Chapter 7, Article 32 ] and the Oil and Gas Production Equipment Ad Valorem Tax Act [N.M. Stat. Ann. Chapter 7, Article 34].

C. The standard chart of accounts shall include the reporting of revenues received at all levels, including local, state and federal funds.

D. As used in this section:

(1)     “local education agency” means a school district or state-chartered charter school; and

(2)     “reporting system” means the statewide online financial reporting system.