Santa Fe, NM - Representative Jim Trujillo (D- Santa Fe-45) has filed House Joint Resolution 10, seeking to maintain funding levels for education provided through the Land Grant Permanent Fund. HJR 10 seeks to maintain the 5.8% annual distribution of the five year historical average from the fund.
Since the fund was created it has grown to more than $12 billion dollars. In 2003 the allocation of resources from the return on this investment was increased from 4.7% to 5.8%, providing millions of additional dollars for school funding. By law the percentage of annual distribution will decrease in 2013, unless a constitutional amendment is approved by the voters of New Mexico.
Under the current sunset guidelines:
- The percentage of the Land Grant Permanente Fund’s annual distribution will drop from 5.8% to 5.5% in 2013, which would result in a drop of educational funding by nearly 40 million dollars.
- In 2016 the percentage allocated is scheduled to drop again to 5.0%, which would result in an additional cut of nearly 90 million dollars.
- This would have devastating effects on school funding.
"Now is the time to break the cycle of educational failure in our schools," Rep. Trujillo said regarding HJR 10. "The permanent fund is not a savings account; it’s a resource for our children’s future. We are not taking out more than we are putting in, and we need to use this fund to subsidize our priorities in education such as early childhood education."
The Permanent Land Grant Fund was established by the Federal Government to help fund education in New Mexico. Rep. Trujillo believes we should live up to the expectations of this public trust and continue to invest in our most valuable resource, the children of New Mexico.
HJR 10 will be heard in the House Voters and Elections Committee.