New Mexico Statutes 24-3B-4. Fund created; use; calculation
A. There is created the “health and environment department education fund” in the state treasury.
Terms Used In New Mexico Statutes 24-3B-4
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
B. The fund shall be used solely to provide educational services to institution-bound residents of the state institutions under the authority of the secretary.
C. The secretary shall distribute the fund to institutions under his authority within limits established by law.
D. The secretary shall determine the allocation to each institution from the fund according to the annual program cost of that institution as calculated on September 15 of the fiscal year.
E. The annual program cost for each institution shall be determined by the following calculation:
number of institution-bound residents x 3.9 x dollar value per program unit annual = program cost F. The dollar value per program unit shall be the same as the dollar value per program unit as established by the legislature for the state equalization guarantee.
G. Each director of each state institution under the authority of the secretary shall submit annually, on or before October 15, to the secretary an estimate for the succeeding fiscal year of the number of institution-bound residents and any other information necessary to calculate annual program cost.
H. The secretary shall submit annually, on or before November 15, to the department of finance and administration the recommendations of the department regarding the fund for the succeeding fiscal year, for inclusion in the executive budget document.