STATE INVESTMENT OFFICER AND FUND CHANGES

HB 121 adjusts how New Mexico manages several state funds. It removes the Tobacco Settlement Permanent Fund and State-Support Reserve Fund from calculations for certain other funds, moves the Capital Development Program Fund to the State Treasury (expanding eligible project phases), and shortens the time before unreserved agency funds revert to the general budget by one year and one month. The bill also clarifies how unappropriated money in specific funds can be used and removes outdated language from state finance law. These changes primarily affect state financial management practices and fund distribution rules for the Treasury, Capital Development, and tobacco-related funds.