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Committee gives do-pass to New Mexico Finance Authority PPRF appropriation
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Summary
The committee approved an annual appropriation move from the Public Project Revolving Fund that shifts $13.25 million to identified funds within the New Mexico Finance Authority and the Department of Cultural Affairs; the sponsor said the transfer does not affect the state general fund.
The House Appropriations & Finance Committee voted to recommend passage of House Bill 41, a routine appropriation that reallocates $13.25 million from the Public Project Revolving Fund (PPRF) to three identified funds at the New Mexico Finance Authority and the Department of Cultural Affairs.
Sponsor Representative Cates told the committee the measure is presented annually by the New Mexico Finance Authority and that the appropriation "comes from the public project revolving fund, which sits at the New Mexico finance authority and does not impact your budget." Subject-matter witness Marquita Russell, CEO of the New Mexico Finance Authority, described the funding as capitalization and match for infrastructure and similar projects.
Why it matters: Committee members were told the transfer draws on PPRF resources and does not increase the state general fund obligation. The Finance Authority uses the money for infrastructure capitalization, servicing capitalization, grant-state matches and other identified purposes.
Committee action: Ranking member moved a do-pass recommendation; the motion passed without recorded opposition.
Next steps: The bill will move forward with the committee's do-pass recommendation; agency staff said the funding will be used in the four identified program areas described in testimony.
