Bill > SB33

This bill, titled the "Capital Outlay Planning and Monitoring Act," establishes a new process for planning and overseeing capital projects in New Mexico. It creates a Capital Outlay Planning Council, comprised of representatives from various state agencies and legislative bodies, to assist the Legislative Finance Committee (LFC) in developing a five-year "state capital improvements plan." This plan will detail recommended capital projects, including their costs, timelines, and funding sources, for eligible entities such as the state, tribes, and local governments. The bill also outlines guidelines for entities seeking funding for capital projects, requiring them to submit detailed plans and analyses, and mandates that state agencies review these requests and provide recommendations to the LFC. The LFC will then review these recommendations, hold hearings, and report its findings and proposed changes to the state capital improvements plan to the governor and legislature. The bill appropriates $1.2 million to the LFC for establishing and operating the council and to the State Auditor's office to assist local governments with audit costs.