Richardson backs funding increase for schools
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12/2/2008 - 12/2/08
Gov. Bill Richardson is backing a proposed overhaul of the state's school finance formula, which will cost an additional $350 million to implement.Richardson said Tuesday he supports the increased funding for schools but wants voters to decide how to raise the extra money, possibly through a referendum or constitutional amendment.
A coalition of educational groups is backing a 1 percent increase in the state's gross receipts tax to provide more than $400 million for schools. However, Richardson didn't endorse that proposal in announcing his education agenda for the upcoming Legislature.
More than 40 percent of the state's $6 billion budget goes to public schools. But the state faces a budget shortfall this year and a bleak financial outlook for next year.
