LFC reports $3.1 billion in outstanding capital outlay funds

A legislative report found about $3.1 billion in unused capital outlay funds for FY23’s third quarter.  This is according to the Legislative Finance Committee’s quarterly capital outlay reports, which were presented by LFC analyst Cally Carswell on May 23. The outstanding capital funds includes $1.8 billion in unspent funds for projects authorized by the legislature […]

LFC reports $3.1 billion in outstanding capital outlay funds

A legislative report found about $3.1 billion in unused capital outlay funds for FY23’s third quarter. 

This is according to the Legislative Finance Committee’s quarterly capital outlay reports, which were presented by LFC analyst Cally Carswell on May 23.

The outstanding capital funds includes $1.8 billion in unspent funds for projects authorized by the legislature through 2022 which do not include the 2023 funds, Carswell said.

Other unused capital funds include $158 million in balances and earmark funds for projects funded by the Water Trust Board, the Colonias Infrastructure Fund  and the Tribal Infrastructure Fund.

There was also $463.8 million from supplemental severance tax bonds for public schools and $605.8 million for special appropriations to capital projects from 202 and 2022, according to the report.

“The balances are distributed over roughly 4,000 active projects in the state and we expect that number, as well as the balances, to get bigger when funding becomes available for the projects you all appropriated to this last session, and that will happen in July,” Carswell said.

Capital outlay projects are broken down into three categories: statewide projects, local projects and higher education projects.

Statewide projects are for state agencies or for things like major water projects on rivers, Carswell said.

Local projects are funded through legislators and the governor’s discretionary spending and benefit local governments. These projects can include fixing a wastewater system or a water crossing over a creek that regularly washes out.

Higher education projects were not discussed as much since they also rely on general obligation bond funding which just became available, the report stated.

Local projects tend to have the most outstanding capital outlay funds for several reasons, Carswell explained.

“(These reasons include) lack of planning prior to funding, lack of capacity at the local level to piece together funding for projects and to execute them and piecemeal funding,” Carswell said. “(And) while you might think that the revenue spikes that we’ve seen recently, would help this problem, there’s actually kind of an equal chance that it could just exacerbate it.”

If funding is not used, it can be reverted back to the state’s general fund, Carswell said.

“I wanted to make sure you were aware of a provision that has existed in the capital bill for several years for general fund projects. Specifically, it requires projects funded with general funds who encumbered at least 5 percent of the appropriation within the first fiscal year and if that doesn’t happen, the funds are supposed to revert to the general fund,” Carswell said. 

Which means that at the end of FY23, there are 22 projects at risk of funding reverting back to the general fund, Carswell said.

We're ad free

That means that we rely on support from readers like you. Help us keep reporting on the most important New Mexico Stories by donating today.

Related

Both Republicans and Democrats skeptical of guv’s proposals for special session

Both Republicans and Democrats skeptical of guv’s proposals for special session

A representative from Gov. Michelle Lujan Grisham’s office outlined on Thursday the bills the governor’s office will back during the upcoming special session, but…
Senators throw support to embattled Ivey-Soto

Senators throw support to embattled Ivey-Soto

By Justin Horwath, New Mexico In Dept Sen. Daniel Ivey-Soto is running for a fourth term despite the state Democratic Party’s decision to censure…
AG announces legislative priorities for upcoming special session

AG announces legislative priorities for upcoming special session

Attorney General Raúl Torrez announced on Thursday his legislative priorities for July’s special legislative session, including the creation of a crime victim’s unit to…
LANL plans to release highly radioactive tritium to prevent explosions. Will it just release danger in the air?

LANL plans to release highly radioactive tritium to prevent explosions. Will it just release danger in the air?

By Alicia Inez Guzmán, Searchlight New Mexico Last fall, the international community rose up in defense of the Pacific Ocean. Seafood and salt purveyors,…
Program administrator outlines how waitlisted community solar projects will be selected

Program administrator outlines how waitlisted community solar projects will be selected

The program administrator for New Mexico’s community solar program released guidance Thursday for waitlisted projects. The new guidelines follow a petition from several developers…
Community organizations propose providing naturalized immigrants with public lands passes

Community organizations propose providing naturalized immigrants with public lands passes

A group of advocates are asking the federal government to give naturalized citizens a one-year pass to the national parks. President Joe Biden’s signing…
Stansbury outlines funding secured for early childhood and youth services programs

Stansbury outlines funding secured for early childhood and youth services programs

U.S. Rep. Melanie Stansbury secured $8.3 million for childhood development and youth services in the 1st congressional district through federal community project funding. Stansbury,…
Amid new graduation requirements, what do high schoolers want to learn?

Amid new graduation requirements, what do high schoolers want to learn?

By Margaret O’Hara, The Santa Fe New Mexican The main things that bring Brayan Chavez to school every day: Seeing, talking to and engaging with…
Special ed teachers hope lawmakers OK pay raises, admin changes

Special ed teachers hope lawmakers OK pay raises, admin changes

By Margaret O’Hara, The Santa Fe New Mexican Brittany Behenna Griffith has a laundry list of adjectives to describe the ideal special education teacher:…
Heinrich questions FDA leadership on baby formula safety, mifepristone

Heinrich questions FDA leadership on baby formula safety, mifepristone

U.S. Food and Drug Administration Commissioner Dr. Robert Califf answered questions about the safety of human milk formula and mifepristone on Wednesday. Sen. Martin…
Health workers fear it’s profits before protection as CDC revisits airborne transmission

Health workers fear it’s profits before protection as CDC revisits airborne transmission

Amy Maxmen, KFF Health News Four years after hospitals in New York City overflowed with covid-19 patients, emergency physician Sonya Stokes remains shaken by…
Lujan Grisham, Biden admin announce $10 million in federal funds for tribes, pueblos

Lujan Grisham, Biden admin announce $10 million in federal funds for tribes, pueblos

Gov. Michelle Lujan Grisham announced Friday $10 million in funding from the federal American Rescue Plan Act was awarded to six tribal nations and…
Abortion medication access remains after Supreme Court ruling

Abortion medication access remains after Supreme Court ruling

The U.S. Supreme Court ruled against the Texas-based Christian group trying to restrict access to abortion medication on Thursday. The case, FDA v. the…
How abortion care has changed since Dobbs 

How abortion care has changed since Dobbs 

In the month of March 2024 alone, 1,650 clinician-provided abortions took place in New Mexico, according to the reproductive research organization, the Guttmacher Institute.…
Many Democrats endorsed by reproductive rights group won primaries

Many Democrats endorsed by reproductive rights group won primaries

With nearly 53 percent of the precincts reporting as of 11 p.m. Tuesday, most of the legislative candidates endorsed by Planned Parenthood Votes New…
Abortion medication access remains after Supreme Court ruling

Abortion medication access remains after Supreme Court ruling

The U.S. Supreme Court ruled against the Texas-based Christian group trying to restrict access to abortion medication on Thursday. The case, FDA v. the…
How abortion care has changed since Dobbs 

How abortion care has changed since Dobbs 

In the month of March 2024 alone, 1,650 clinician-provided abortions took place in New Mexico, according to the reproductive research organization, the Guttmacher Institute.…
Senate Republicans block bill to ensure access to contraception

Senate Republicans block bill to ensure access to contraception

Senate Republicans blocked an effort to pass a bill to protect access to contraception this week. U.S. Sen. Martin Heinrich and Ben Ray Luján,…
Democrats announce spending on CD2 race

Democrats announce spending on CD2 race

The Democratic National Committee announced on Monday that it will spend $70,000 for organizing staff to aid U.S. Rep. Gabe Vasquez, the Democrat trying…
Handful of legislators lose primaries

Handful of legislators lose primaries

Every legislative seat is up for grabs in 2024, which means all incumbents who sought reelection had to face the voters. Most did not…
Many Democrats endorsed by reproductive rights group won primaries

Many Democrats endorsed by reproductive rights group won primaries

With nearly 53 percent of the precincts reporting as of 11 p.m. Tuesday, most of the legislative candidates endorsed by Planned Parenthood Votes New…
Abortion medication access remains after Supreme Court ruling

Abortion medication access remains after Supreme Court ruling

The U.S. Supreme Court ruled against the Texas-based Christian group trying to restrict access to abortion medication on Thursday. The case, FDA v. the…
How abortion care has changed since Dobbs 

How abortion care has changed since Dobbs 

In the month of March 2024 alone, 1,650 clinician-provided abortions took place in New Mexico, according to the reproductive research organization, the Guttmacher Institute.…
LANL plans to release highly radioactive tritium to prevent explosions. Will it just release danger in the air?

LANL plans to release highly radioactive tritium to prevent explosions. Will it just release danger in the air?

By Alicia Inez Guzmán, Searchlight New Mexico Last fall, the international community rose up in defense of the Pacific Ocean. Seafood and salt purveyors,…

GET INVOLVED

© 2023 New Mexico Political Report