The New Mexico Public Schools Facilities Authority (NM-PSFA) is a relatively small state agency (50 staff members) that manages the allocation of funding for public school facilities in the state while assisting school districts and state-chartered charter schools in facility planning, construction, and maintenance. Like the majority of other states, New Mexico faces the quandary of allocating limited state resources to school facilities' needs equitably, cost-effectively, and at maximum efficiency. New Mexico has developed an effective solution to that problem, overcoming key challenges that are likely common to public school facility programs across the country. The condition of all school facilities in New Mexico are ranked and compared against one another using NM-PSFA's weighted New Mexico Condition Index (wNMCI), which considers facility condition, educational adequacy, and other key facility-related priorities, such as life, health, and safety. New Mexico's assessment and ranking model, widely regarded as a national best practice, is its primary tool for allocating state capital to school facilities' needs. (Contains 2 figures.)