The bill amends Section 9-27-11 of the New Mexico Statutes to expand the Department of Information Technology's equipment replacement plans to include software, thereby renaming the existing "equipment replacement revolving funds" to "equipment and software replacement revolving funds." This change aims to ensure that the state can adequately plan for and manage the capital investments necessary for providing goods and services to state agencies, local public bodies, and other enterprise customers. The department is required to submit annual plans and reconciliation reports to the Department of Finance and Administration and the legislature by September 1 each year.

Additionally, the bill establishes that the state treasurer will create the necessary "equipment and software replacement revolving funds" to support the department's enterprise functions. These funds will consist of legislative appropriations and transfers, with income from investments credited back to the funds. Expenditures from these funds will be restricted to acquiring and replacing capital equipment and software as outlined in the department's plans, ensuring that financial activities align with generally accepted accounting principles.

Statutes affected:
introduced version: 9-27-11
RU substitute: 9-27-11
Final Version: 9-27-11