The bill seeks to standardize the management and reporting of funds overseen by the State Investment Officer in New Mexico, introducing several key amendments to existing law. It classifies all funds under Chapter 6, Article 8 NMSA 1978, and removes the State Investment Officer as the investment manager for certain funds. The Capital Development Program Fund will be relocated to the State Treasury, with a reduced reversion period for funds, and fees from the Cannabis Control Division will now be directed to the Regulation and Licensing Department Operating Fund. Additionally, the bill establishes nonreverting funds for the Tobacco Settlement Permanent Fund and the Opioid Settlement Restricted Fund, which will be managed according to the prudent investor rule.

Further changes include the repeal of an outdated section of the law and the introduction of a new nonreverting fund structure for various existing funds, ensuring adherence to the prudent investor rule. The bill also modifies the reversion process for unreserved and undesignated fund balances, updates investment guidelines, and enhances the reporting requirements for the State Investment Officer. By clarifying fiduciary responsibilities and allowing the state investment council to contract with state agencies for investment services, the bill aims to improve the oversight and management of state investment funds, ensuring transparency and accountability while providing necessary support for public services. The effective date for these provisions is set for July 1, 2025.

Statutes affected:
introduced version: 6-4-9, 6-4-28, 6-4-32, 6-5-10, 6-8-1, 6-8-7, 6-8-14, 6-8-23, 6-30-7, 7-27-50, 7-27-51, 9-16-14, 9-16-15, 9-26-17, 9-29A-1, 18-18-1, 19-1-19, 24-5A-4, 58-32-1004, 72-4A-8, 75-12-1, 6-8-6