The bill amends Section 9-26-17 of the New Mexico Statutes to establish a structured financial framework for the Workforce Development and Apprenticeship Trust Fund. It creates a mandate for annual transfers of $2,500,000 to the Public Works Apprentice and Training Fund and appropriates an equal amount to the Workforce Solutions Department to support the purposes of the Apprenticeship Assistance Act, starting from July 1, 2026, and continuing each year thereafter. The bill also outlines the investment responsibilities of the state investment officer, who must adhere to the prudent investor rule and report quarterly on fund investments.

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 is designed to prevent an unconstitutional deficit by permitting the legislature to appropriate necessary funds from the trust fund to the general fund, but only after exhausting other designated fund balances.

Statutes affected:
introduced version: 9-26-17
Final Version: 9-26-17