SANTA FE, N.M. — A proposal to increase funding for early childhood education in New Mexico by distributing more money from a multibillion dollar state sovereign wealth fund has cleared another legislative hurdle.
A panel of House lawmakers on Friday recommended approval of the constitutional amendment by a 7-4 vote with Democrats in support. It now heads to the House floor for consideration.
The initiative would increase annual distributions from the Land Grant Permanent Fund by 1 percent.
Supporters say preschool programs need more money to expand. Republican Gov. Susana Martinez’s administration is seeking more general fund spending for public schools and early childhood education but opposes greater investment withdrawals.
Approval by the Legislature would set up a statewide vote in November on the issue.