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Committee backs loan and grant funding to fill water-project funding gap
Summary
The committee recommended SB187 to appropriate funds to the New Mexico Finance Authority's Water Project Fund to address a list of recommended water, wastewater, flood prevention and watershed projects; presenters said most applications are shovel-ready and some loans require local match.
Senate Bill 187, a funding measure to support the New Mexico Finance Authority's Water Project Fund, received a committee recommendation to advance after agency testimony described the project list and funding gap.
Fernando Martinez, deputy director of the New Mexico Finance Authority, told the committee the Water Trust Board recommended authorization for 113 projects totaling about $522.2 million; available funds in inventory were described as roughly $334 million, leaving a funding gap SB187 would help fill. He said roughly 165 notices of intent produced 114 applications, and the projects include water storage, wastewater, flood prevention and watershed projects and are selected based on readiness and public-health needs.
Committee members asked for geographic details and project-level lists; Martinez said he would provide the specific project locations and application details to senators before budget consideration. The authority noted many projects are structured as loans (requiring repayment) while some grant funds and matching funds may be required depending on program eligibility.
After brief public support from water infrastructure advocates and questions about projected cost increases, the committee voted to recommend the bill be advanced to the Senate floor.
