The bill amends Section 9-26-17 of the New Mexico Statutes to enhance the funding mechanisms for workforce development and apprenticeship programs. It establishes a requirement for annual transfers of $2,500,000 from the Workforce Development and Apprenticeship Trust Fund to the Public Works Apprentice and Training Fund, as well as an appropriation of the same amount to the Workforce Solutions Department to support the Apprenticeship Assistance Act. The previous provisions that allocated lower amounts of $1,500,000 for these purposes have been deleted.

Additionally, the bill allows for the expenditure of funds from the Workforce Development and Apprenticeship Trust Fund in the event that general fund balances are insufficient to meet authorized appropriations for a fiscal year. This provision aims to prevent an unconstitutional deficit by permitting the legislature to appropriate necessary funds from the trust fund, provided that other reserve funds have been exhausted. The deletion of references to the tobacco settlement permanent fund in this context reflects a shift in the funding strategy.

Statutes affected:
introduced version: 9-26-17