SJR 15 CONSERVATION LEGACY FUND, CA

Sen Gregg William Schmedes

Actions: [4] SRC/SFC-SRC

Scheduled: Not Scheduled

  Senate Joint Resolution 15 (SJR 15) proposes an amendment to New Mexico Constitution Article 15 to add a new section to create the Conservation Legacy Permanent Fund and require its investment by the state investment officer and provide for certain distributions of investment income of the fund.  

 Senate Joint Resolution 15 (SJR 15) proposes to add a new section to New Mexico Constitution Article 15 that would create the non-reverting Conservation Legacy Permanent Fund for the purposes of the fund. It requires the state investment officer to invest this fund using the same standards as for land grant permanent funds. When the fund exceeds one hundred fifty million dollars ($150,000,000) and the investment income for the previous Fiscal Year (FY) exceeds five million dollars ($5,000,000), SJR 15 would allow the state investment officer to distribute the amount in excess of five million dollars ($5,000,000).

If passed, SJR 15 will be submitted to the people of the state who will approve or reject this proposed amendment at the next general election or at any special election prior to that date that may be called for that purpose.
 

 New Mexico created the Land of Enchantment Legacy Fund during the 2023 legislative session. Until that year, New Mexico did not have a dedicated revenue stream for conservation and restoration projects which meant there were no line items in funding bills for these types of projects and no federal matching funds.
The legislature appropriated $100 million during that same session, with $50 million slated to be spent over the next four years, and $50 million put into a permanent fund to generate interest. Money from the fund goes to 10 existing programs, including 10% to the River Stewardship program which does riparian restoration work, 22% to the Game and Fish Department for Endangered Species work, and 22.5% to the Department of Agriculture for soil health and noxious weeds management. The rest of the spending will go toward other conservation causes. 

 SJR 15 relates to SB 9.