A. The department shall determine the allocations to each school district and charter school from each of the distributions of the public school fund, subject to the limits established by law.

B. The local school board in each school district with locally chartered charter schools shall allocate the appropriate distributions of the public school fund to individual locally chartered charter schools pursuant to each locally chartered charter school's school-based budget approved by the local school board and the department. The appropriate distribution of the public school fund shall flow to the locally chartered charter school within five days after the school district's receipt of the state equalization guarantee for that month.

History: 1953 Comp., § 77-6-16, enacted by Laws 1967, ch. 16, § 70; 1974, ch. 8, § 5; 1988, ch. 64, § 26; 1993, ch. 224, § 3; 1993, ch. 227, § 10; 1999, ch. 281, § 23; 2006, ch. 94, § 10.

Cross references. — For public school fund, see 22-8-14 NMSA 1978.

The 2006 amendment, effective July 1, 2007, changed "charter schools" to "locally chartered charter schools".

The 1999 amendment, effective June 18, 1999, in Subsection B, deleted "local" preceding "school district" and deleted the last sentence, which read "The local school board may retain an amount not to exceed the school district's administrative cost relevant to that charter school", and rewrote Subsection C, which read "The local school board in each local school district with authorized charter schools shall establish an individual charter school account to receive public school fund disbursement for each charter school."

The 1993 amendment, effective June 18, 1993, designated the formerly undesignated provision as Subsection A and added Subsections B and C.

The 1988 amendment, effective May 18, 1988, substituted "department" for "chief".