Roadrunner Capitol Reports
Legislation Detail

H 41 WATER TRUST FUND

Rep Susan K Herrera

Actions: HPREF [2] HAAWC/HAFC-HAAWC [4] DP-HAFC API.

Scheduled: Not Scheduled

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Summary:
 House Bill 41 (HB 41) appropriates sixty million dollars ($60,000,000) to the Water Trust Fund. 
Legislation Overview:
 House Bill 41 (HB 41) appropriates sixty million dollars ($60,000,000) from the General Fund (GF) to the Water Trust Fund for expenditure in Fiscal Year (FY) 2023 and subsequent FYs for the purposes of the fund.

Any unexpended or unencumbered balance remaining at the end of FY 2023 will not revert to the GF.
 
Status Quo:
 Background:
The Water Trust Fund (WTF) is a constitutionally protected permanent fund for the state of New Mexico. It was created in 2006 (Section 72-4A-9 NMSA 1978) with an initial appropriation of forty million dollars ($40,000,000) and a subsequent legislative contribution of fifteen million ($15,000,000) in 2007.
The WTF distributes four million dollars ($4,000,000) annually to the state’s Water Trust Board, which authorizes the spending on various water infrastructure projects throughout the state.
Section 72-4A-9 NMSA 1978 requires ten percent of all water project funds to be dedicated to the state engineer for water rights adjudications, and twenty percent of that ten percent be allocated to the administrative office of the courts for the court costs associated with those adjudications.  It allows the fund to be used to make loans or grants to qualified entities for any project approved by the legislature and for water rights adjudications. 
Source https://www.sic.state.nm.us/investments/permanent-funds/water-trust-fund/ and nmonesource/water trust fund act.
 
Relates To:
 HB 41 relates to SB 18