A. The amount of funding allocated to a charter school shall be not less than ninety-eight percent of the school-generated program cost. The school district or division may withhold and use two percent of the school-generated program cost for its administrative support of a charter school.

B. That portion of money from state or federal programs generated by students enrolled in a locally chartered charter school shall be allocated to that charter school serving students eligible for that aid. Any other public school program not offered by the locally chartered charter school shall not be entitled to the share of money generated by a charter school program.

C. When a state-chartered charter school is designated as a board of finance pursuant to Section 22-8-38 NMSA 1978, it shall receive state and federal funds for which it is eligible.

D. Charter schools may apply for all federal funds for which they are eligible.

E. All services centrally or otherwise provided by a local school district, including custodial, maintenance and media services, libraries and warehousing shall be subject to negotiation between the charter school and the school district. Any services for which a charter school contracts with a school district shall be provided by the district at a reasonable cost.

History: Laws 1999, ch. 281, § 13; 2006, ch. 94, § 40.

The 2006 amendment, effective July 1, 2007, provided in Subsection A for the withholding and use of two percent of school-generated program cost for administrative support of a charter school; in Subsection B, changed "charter school" to "locally chartered charter school"; added Subsection C to provide for the receipt of state and federal funds by state-chartered charter schools that are designated as a board of finance; and added Subsection D to provide that charter schools may apply for federal funds.