SANTA FE, N.M. (AP) - The Latest on New Mexico (all times local):
9:50 p.m.
The New Mexico House of Representatives has approved a proposed constitutional amendment to boost spending on early childhood education with money from a state sovereign wealth fund.
The 37-32 vote in the House on Wednesday night sends the proposal to the Senate. Approval from a majority of all Senators would send the proposal to a statewide referendum in the November 2018 general election. The governor’s approval is not needed.
The Democrat-sponsored amendment would increase annual withdrawals from the state’s $15 billion Land Grant Permanent Fund by 1 percent to a total of 6 percent of the fund’s value starting in 2020. The increase would go mainly toward education programs for children ages 0-5.
Proponents of the measure cite mounting evidence that early childhood years are crucial to brain development and strongly influence educational outcomes later.
But many lawmakers say they are reluctant to risk drawing too much money each year from a fund seen as a trust for future generations.
The fund receives royalties from oil and natural gas production and other income from land given to the state by the federal government, while distributions currently benefit public schools, hospitals and other institutions.
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7:30 p.m.
New Mexico lawmakers are debating whether to increase spending on early childhood education programs with money from the state’s largest permanent fund.
The state House of Representatives considered on Wednesday a proposed constitutional amendment from Democratic Reps. Antonio Maestas and Javier Martinez that would increase annual distributions from the state’s $15 billion Land Grant Permanent Fund. The plan would increase annual withdrawals by 1 percent to a total of 6 percent of the fund’s value starting in 2020.
New distributions of about $130 million a year eventually would go toward education programs for children ages 0-5, including home visits by counselors designed to ward off neglect.
The State Investment Council warns the plan would likely reduce future investment earnings that support public schools and hospitals.
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