Bill > HB247

This bill establishes new limitations and requirements for capital outlay projects, which are expenditures for long-term investments like buildings or infrastructure. It specifies that capital outlay projects can only be reauthorized or reappropriated once, for a maximum of two years, and only if at least ten percent of the initial funding has been committed to a contract by January 1st of the reauthorization year, unless the reauthorization is for a minor technical change that doesn't alter the project's original purpose. Furthermore, any capital outlay appropriation of $100,000 or more must be included in an infrastructure capital improvement plan, and any unspent general fund appropriations will now revert to either the Capital Development and Reserve Fund or the Tribal Infrastructure Project Fund, depending on the project's nature, rather than returning to the general fund. The bill also prohibits political subdivisions, such as cities or counties, from directly requesting legislative funding for water or dam projects, directing them instead to apply through state agencies that manage grant and loan programs for such projects.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=247&year=26