HB 301/a FUTURE WATER TRUST FUND

Rep William Rehm

Actions: [6] HAAWC/HAFC-HAAWC [9] DP-HAFC [14] DP/a

Scheduled: Not Scheduled

 House Bill 301 (HB 301) creates the Future Water Trust Fund and the Future Water Project Fund. It includes the Future Water Trust Fund in the permanent funds invested by the State Investment Council. HB 301 makes an appropriation. 

 House Bill 301(HB 301) creates the nonreverting Future Water Trust Fund under a new section of Chapter 75, Article 12 NMSA 1978.  This trust fund will be part of the permanent funds that the state investment officer invests. The legislature will take appropriations from this fund.
HB 301 creates the nonreverting Future Water Project Fund that is appropriated to and administered by the state engineer (OSE) to purchase water rights from outside the state; conduct studies on and advocate for out-of-state water delivery projects to NM; and fund such out-of-state projects
 

 The Water Trust Fund (WTF) another constitutionally protected permanent fund, created in 2006, distributes $4 million annually to the state’s Water Trust Board, which authorizes spending these and other state funds on various water infrastructure projects around New Mexico.
https://www.sic.state.nm.us/investments/permanent-funds/water-trust-fund/
 

 2/12/2024
The House Appropriation and Finance Committee amended HB 301 (HAFC HB 301A) by clarifying that the legislative appropriation based on income from investment of the Future Water Project Fund will be from the previous Fiscal Year’s (FY) income.  HAFC HB 301A gives the legislature—not the OSE--the responsibility of making appropriations from this fund.