Bill > SB111

This bill makes several changes to fiscal solvency and fund management in New Mexico: 1. It reverts the balances of the Insurance Operations Fund, Fire Protection Fund, Fire Protection Grant Fund, and Law Enforcement Protection Fund to the general fund at the end of each fiscal year, except for amounts obligated for expenses in the current fiscal year. 2. It requires periodic allotments during the fiscal year from the Law Enforcement Protection Fund, Fire Protection Fund, and Fire Protection Grant Fund, rather than annual distributions on a specific date. 3. It prohibits any transfers from the Fire Protection Fund to the Fire Protection Grant Fund for fiscal years 2017 and 2018, and starting in fiscal year 2019, limits transfers to the Grant Fund to 40.2% of the projected remaining balance in the Fire Protection Fund. 4. It makes changes to the distribution formulas and eligibility criteria for the Law Enforcement Protection Fund and Fire Protection Fund. The bill aims to improve the fiscal management and solvency of these state funds by reverting excess balances and requiring more frequent allotments rather than lump-sum distributions.

Budget and Finance

http://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=111&year=17