SB 9 CONSERVATION LEGACY FUND

Sen Steven P. Neville

Actions: [1] SCC/SCONC/SFC-SCC-germane-SCONC [3] DP-SFC

Scheduled: Not Scheduled

 Senate Bill 9 (SB 9)  transfers three hundred million dollars ($300,000,000) to the Conservation Legacy Permanent Fund for the purposes of the fund and makes an appropriation.

 

 Senate Bill 9 (SB 9) transfers three hundred million dollars ($300,000,000) from the General Fund (GF) to the Conservation Legacy Permanent Fund for the purposes of the fund and makes an appropriation.

 

 After four years of negotiations with constituent interest groups, New Mexico created the Land of Enchantment Legacy Fund during the 2023 legislative session. Until that year, New Mexico did not have a dedicated revenue stream for conservation and restoration projects which meant there were no line items in funding bills for these types of projects and no federal matching funds.
The legislature appropriated $100 million during that same session, with $50 million slated to be spent over the next four years, and $50 million put into a permanent fund to generate interest. Money from the fund goes to 10 existing programs, including 10% to the River Stewardship program which does riparian restoration work, 22% to the Game and Fish Department for Endangered Species work, and 22.5% to the Department of Agriculture for soil health and noxious weeds management. The rest of the spending will go toward other conservation causes.
 

 SB 9 relates to SJR 15