This bill amends existing laws related to public finance in New Mexico, specifically focusing on the distribution of excess extraction taxes and federal mineral leasing revenues. It mandates that fifty percent of the balance of the Excess Extraction Taxes Suspense Fund that exceeds the annual average amount be transferred to the Behavioral Health Trust Fund for three years. Additionally, it increases the annual transfer amount to the Early Childhood Education and Care Program Fund from the Early Childhood Education and Care Fund. The bill also stipulates that fifty percent of the money received under the Federal Mineral Leasing Act that exceeds the annual average amount be distributed to the Medicaid Trust Fund for three years.

Furthermore, the bill introduces new reporting requirements for expenditures from the Early Childhood Education and Care Program Fund, which will be reported annually by the state auditor starting in 2025. The effective date for the provisions of Sections 1 and 2 is set for July 1, 2025, while the provisions related to the distribution of federal mineral leasing revenues will only take effect if certain legislative conditions are met. Overall, the bill aims to enhance funding for early childhood education, behavioral health services, and Medicaid through strategic financial management of state funds.

Statutes affected:
introduced version: 9-29A-1
Final Version: 6-4-27, 9-29A-1, 9-29A-2, 9-29A-3