New Mexico’s school districts and charter schools are set to receive an additional $71 million in funding, which will be distributed through the public school funding formula.
The significant financial boost will support the upcoming school year, thanks to a collaborative effort between the legislative and executive branches, the Legislative Finance Committee (LFC) announced over the weekend.
The Public Education Department (PED) is increasing the amount paid per funding “unit” from $6,442.55 in 2023-24 to $6,553.75 in the 2024-25 school year.
This unit value starts at one for each student and grows based on the needs of the student and the specifics of the school district or charter school. The total amount appropriated for funding formula distribution, known as the state equalization guarantee, is divided by the estimated number of units statewide to determine this unit value.
Senator George Muñoz, committee chair, explained the cautious approach PED took in setting the unit value this year, largely due to the uncertainty surrounding the plan to require at least 180 school days per year.
“PED generally takes a cautious approach to setting the unit value and increases it halfway through the year when it has a clearer picture of enrollment. This year the department was more cautious than ever because the plan to require at least 180 school days a year is in limbo,” Muñoz said. “But schools need that money now. PED’s conservative unit value left many school districts scrambling to cover base costs, let alone the pay raises and other initiatives included as part of the state budget.”
The increase in the unit value aims to address these immediate financial needs, enhancing the impact of the state’s investment in education. Representative Nathan Small, vice chair, explained the importance of these investments. “Over the last several years, state lawmakers have used our record revenues to make significant investments in education, not only because it is what our children deserve, but also because it is key to building a brighter future for our state.”
In addition to the increased funding, school districts and charter schools will save an estimated $26 million on insurance.
The Public Schools Insurance Authority, which provides risk and health insurance for all schools except those in the Albuquerque district, has agreed to reduce healthcare rates to 10 percent and risk rates to 15 percent, spreading the increases over several years. This reduction is expected to benefit both the schools and the employees in the health plan.
Local school agencies will need to submit budget adjustment requests to access the additional funds, as PED’s decision to increase the unit value came after the deadline for districts and charter schools to submit their budgets for approval.
Estimated FY25 SEG Increases Across New Mexico
21st Century Public Academy: $76,368.60
Academy For Technology and Classics: $75,777.57
ACE Leadership High School: $57,136.23
Aces Technical Charter School: $43,695.26
Alamogordo: $1,114,595.07
Albuquerque: $16,072,164.01
Albuquerque Bilingual Academy: $95,348.33
Albuquerque Charter Academy: $92,456.13
Albuquerque Collegiate Charter School: $42,276.68
Albuquerque Institute of Math and Science: $70,598.43
Albuquerque School of Excellence: $175,424.00
Albuquerque Sign Language Academy: $83,487.74
Aldo Leopold Charter: $45,963.96
Alice King Community School: $101,998.42
Alma d’Arte Charter: $27,975.81
Altura Preparatory School: $49,272.72
Amy Biehl Charter High School: $51,349.16
Anansi Charter School: $45,731.11
Animas: $57,160.25
Artesia: $756,187.36
Aztec: $512,425.50
Belen: $800,951.58
Bernalillo: $684,840.21
Bloomfield: $570,695.75
Capitan: $134,352.84
Carlsbad: $1,392,197.76
Carrizozo: $65,157.97
Central Consolidated: $1,092,848.69
Cesar Chavez Community School: $49,985.07
Chama: $121,265.16
Christine Duncan Heritage Academy: $103,197.60
Cien Aguas International: $97,234.17
Cimarron: $106,740.66
Clayton: $116,294.52
Cloudcroft: $130,122.68
Clovis: $1,506,363.91
Cobre Consolidated: $291,935.14
Coral Community Charter: $46,497.84
Corona: $45,083.48
Corrales International: $61,307.56
Cottonwood Classical Prep: $153,992.32
Cottonwood Valley Charter: $44,622.00
Cuba: $233,806.78
DEAP: $10,210.27
Deming: $1,131,350.25
Deming Cesar Chavez: $33,872.74
Des Moines: $52,600.27
Dexter: $209,059.11
Digital Arts and Technology Academy: $69,110.13
Dora: $67,371.74
Dream Dine: $8,606.66
Dulce: $162,223.56
East Mountain High School: $86,632.47
El Camino Real Academy: $71,479.69
Elida: $59,436.51
Espanola: $685,017.80
Estancia: $178,194.89
Estancia Valley Classical Academy: $120,649.00
Eunice: $158,464.89
Explore Academy: $281,241.48
Explore Academy – Las Cruces: $71,498.49
Explore Academy – Rio Rancho: $56,405.42
Farmington: $2,194,454.49
Floyd: $70,662.37
Ft Sumner: $83,523.54
Gadsden: $2,749,161.24
Gallup-McKinley: $2,909,860.47
Gilbert L. Sena Charter High School: $41,039.92
Gordon Bernell Charter: $52,634.85
Grady: $57,564.13
Grants: $688,097.59
Hagerman: $116,538.71
Hatch: $300,626.31
Health Leadership High School: $47,790.76
Hobbs: $1,976,574.33
Hondo: $58,519.56
Horizon Academy West: $95,833.83
House: $36,324.48
Hozho Academy: $155,171.70
International School at Mesa Del Sol: $71,928.27
J. Paul Taylor Academy: $42,635.75
Jal: $146,951.24
Jefferson Montessori Academy: $49,711.40
Jemez Mountain: $70,060.89
Jemez Valley: $101,682.95
La Academia De Esperanza: $56,406.64
La Academia Dolores Huerta: $14,332.57
Lake Arthur: $58,355.31
Las Cruces: $5,093,888.74
Las Montanas Charter: $39,027.42
Las Vegas City: $282,530.62
Logan: $89,621.86
Lordsburg: $129,289.68
Los Alamos: $784,100.00
Los Lunas: $1,781,108.30
Los Puentes Charter: $26,620.17
Loving: $184,387.39
Lovington: $827,140.96
Magdalena: $102,794.17
Mark Armijo Academy: $50,700.53
Maxwell: $47,840.80
McCurdy Charter School: $107,319.90
Melrose: $82,693.21
Mesa Vista: $84,977.71
Middle College High School: $32,499.53
Mission Achievement and Success: $411,399.30
Monte Del Sol Charter: $75,296.41
Montessori Elementary School: $85,495.79
Montessori of the Rio Grande: $51,479.48
Mora: $127,437.42
Moreno Valley High: $19,107.72
Moriarty-Edgewood: $504,515.07
Mosaic Academy Charter: $42,587.49
Mosquero: $45,817.29
Mountain Mahogany Community School: $54,836.61
Mountainair: $69,985.17
Native American Community Academy: $105,215.88
New America School: $45,708.76
New America School – Las Cruces: $33,746.53
New Mexico Academy for the Media Arts: $40,491.48
New Mexico Connections Academy: $292,780.04
New Mexico International School: $93,074.62
New Mexico School for the Arts: $63,323.62
North Valley Academy: $69,575.73
Pecos: $140,387.55
Pecos Cyber Academy: $325,392.22
Penasco: $88,681.89
Pojoaque: $335,195.61
Portales: $592,234.30
Public Academy for Performing Arts: $83,341.18
Quemado: $62,136.00
Questa: $101,726.76
Raices Del Saber Xinachtli Community: $28,763.66
Raton: $190,537.98
Red River Valley Charter School: $25,518.06
Reserve: $47,043.60
Rio Gallinas School: $24,839.86
Rio Grande Academy of Fine Arts: $33,430.17
Rio Rancho: $3,823,299.53
Robert F. Kennedy Charter: $92,063.59
Roots and Wings Community: $18,488.67
Roswell: $2,038,549.09
Roy: $38,655.68
Ruidoso: $367,568.71
San Diego Riverside Charter: $19,076.69
San Jon: $47,190.17
Sandoval Academy of Bilingual Education: $51,054.59
Santa Fe: $2,405,028.60
Santa Rosa: $171,490.19
School of Dreams Academy: $142,487.23
