Pete Domenici: “I rise today to offer the following amendment to S. 672. This amendment involves the New Mexico Department of…”

“I rise today to offer the following amendment to S. 672. This amendment involves the New Mexico Department of Education's intent to take credit for $30 million of Federal impact aid funds. I am offering this amendment on behalf of the 331,000 public school children of New Mexico. New Mexico is one of three States in the country which uses an equalization formula to distribute educational moneys among its school districts. Presently, 40 out of New Mexico's 89 school districts qualify for $30 million dollars' worth of impact aid. The New Mexico Department of Education relies on impact aid in calculating the amount of State funds which will be used to equalize educational funding among all 89 school districts. Without this amendment, the New Mexico Department of Education would not be permitted to consider $30 million of impact aid in its formula for distributing State education moneys among its school districts. The inability to consider Federal funds would create an imbalance in the distribution of educational funds between nonimpact aid school districts and impact aid school districts. This amendment allows the U.S. Department of Education to recognize as timely New Mexico's written notice of intent to consider impact aid payments in providing State aid to school districts for the 1997-98 school year.”