SB 108/a DISTRIBUTION TO ELECTION FUND

Sen George K Munoz

Actions: [1] SCC/SRC/SFC-SCC [2]germane-SRC [4] DP-SFC [6] DP/a [7] PASSED/S (41-0) [11] HAFC-HAFC [14] DP [15] PASSED/H (59-5) SGND BY GOV (Feb. 29) Ch. 24.

Scheduled: Not Scheduled

 Senate Bill 108 (SB 108) creates a distribution to the election fund to ensure that the balance of the fund at the end of a fiscal year is twenty million dollars ($20,000,000). 

 Senate Bill 108 (SB 108) amends Section 1-11-19 NMSA 1978, stating that at the end of a fiscal year and after all other money has been deposited  in the election fund for that fiscal year, a distribution shall be made to the fund in an amount necessary to bring the balance of the fund to twenty million dollars ($20,000,000). 

 There is currently no stipulated minimum balance for the election fund, nor a mandate for distribution dependent upon the balance. If the bill does not pass, monies in the election fund will be allowed to fluctuate and to go below the proposed $20,000,000 balance without mandatory action. 

 Amended February 2, 2024 in the Senate Finance Committee

SFCa/SB 108: The Senate Finance Committee’s amendment to Senate Bill 108 (SB 108) changes the bill as follows:

1. On page 1, line 11, strike "DISTRIBUTION" and insert in lieu thereof "TRANSFER" and on line 12, after the first occurrence of "FUND", strike the remainder of the line and strike line 13 up to the period and insert in lieu thereof "IN AN AMOUNT BASED ON THE COSTS OF AN ELECTION". 

2. On page 3, line 10, strike "distributed" and insert in lieu thereof "transferred". 

3. On pages 3 and 4, strike Section 2 and insert in lieu thereof: "SECTION 2. TRANSFER--GENERAL FUND TO ELECTION FUND.--Within ninety days after an election, the secretary of state shall certify to the department of finance and administration the total costs incurred by the office of the secretary of state to administer the election. Within thirty days of receipt of the certification, the department of finance and administration shall transfer from the general fund to the election fund an amount equal to the lesser of the certified amount or fifteen million dollars ($15,000,000)."