New Mexico.

This manuscript focuses on school finance policy enacted during New Mexico's 56th Legislative Second Regular Session of 2024, highlighting budgetary priorities and legislative changes affecting P-20 education funding. Governor Michelle Lujan Grisham prioritized education in the FY 2025 budget, proposing a nearly 10% increase to over $10 billion, with significant allocations to K-12 and higher education, including literacy initiatives and salary increases for educators. Key legislative actions included adjustments to the State Equalization Guarantee funding formula, support for evidence-based educational programs through the Public Education Reform Fund, and new standards for high school graduation. Additionally, the legislature funded human resource initiatives such as the Teacher Loan Repayment Fund and stipends for educators in high-need areas, while also modifying charter school lease funding requirements.