Proposal boosts payout from NM permanent fund
Posted at: 01/31/2013 2:17 PM
By: BARRY MASSEY Associated Press
SANTA FE, N.M. (AP) - Early childhood programs would receive a dramatic increase in funding under a legislative proposal that calls for increasing how much is paid out each year from one of New Mexico's endowment funds.
A coalition of religious groups, business leaders, labor unions and social advocacy organizations is backing a constitutional amendment to raise the payout from the more than $11 billion Land Grant Permanent Fund to 7 percent from 5.5 percent currently.
That would provide an estimated $170 million in 2016, with a portion of the money earmarked for early childhood programs such as pre-kindergarten and child care.
Under current law, the Land Grant Permanent Fund will provide more than $550 million next year for schools and 20 other public institutions, including universities and state hospitals.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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