The bill amends Section 9-27-11 of the New Mexico Statutes to expand the Department of Information Technology's responsibilities regarding equipment replacement plans to include software. It introduces the concept of "software replacement plans" alongside existing equipment plans, ensuring that both are maintained for each of the department's enterprise functions. Additionally, the bill mandates that these plans be submitted annually to the Department of Finance and Administration and the legislature, along with a reconciliation report detailing financial activities in the newly established "equipment and software replacement revolving funds."

Furthermore, the bill renames the existing equipment replacement revolving funds to "equipment and software replacement revolving funds," reflecting the inclusion of software in the funding and planning processes. It outlines the establishment of these funds by the state treasurer upon request from the secretary, detailing that the 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 associated software necessary for providing enterprise services, ensuring that financial practices align with generally accepted accounting principles.

Statutes affected:
introduced version: 9-27-11