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State's permanent funds hot topic for governor hopefuls
In any case, there is at least some agreement among the Democratic candidates about changing how the state’s two main permanent funds, which collect royalties from oil and gas production, are used.
All three Democratic candidates in the race – Apodaca, Cervantes and U.S. Rep. Michelle Lujan Grisham – say they would support additional distributions out of New Mexico’s permanent funds to expand early childhood education programs. Similar proposals have passed the state House but repeatedly run aground in the Senate.
The general idea is that New Mexico would withdraw, say, 6 percent out of the Land Grant Permanent Fund every year rather than 5 percent, as it does now. The measure would require voter approval to amend the state Constitution, and congressional approval might also be necessary.
But Apodaca also wants to change how the permanent funds themselves are invested, not just how much is disbursed into the state budget each year.
All three Democratic candidates in the race – Apodaca, Cervantes and U.S. Rep. Michelle Lujan Grisham – say they would support additional distributions out of New Mexico’s permanent funds to expand early childhood education programs. Similar proposals have passed the state House but repeatedly run aground in the Senate.
The general idea is that New Mexico would withdraw, say, 6 percent out of the Land Grant Permanent Fund every year rather than 5 percent, as it does now. The measure would require voter approval to amend the state Constitution, and congressional approval might also be necessary.
But Apodaca also wants to change how the permanent funds themselves are invested, not just how much is disbursed into the state budget each year.
The complete article is at https://www.abqjournal.com/1177633/states-permanent-funds-hot-topic-for-governor-hopefuls.html .