New Mexico Paradox: Really Poor And Really Rich [View all]

State permanent funds hit record high

The New Mexico State Investment Council reported a $2.1 billion boost in the state’s permanent funds for the fiscal year that ended June 30, driving the total value of the funds to a record $22.3 billion.

That, in turn, means an extra $61 million in new money will flow into the state budget for FY 2018, now underway.

“This is welcome news for New Mexico taxpayers,” Gov. Susana Martinez said in a prepared statement. “… Results like these should further encourage us to keep doing all we can to protect these funds for future generations of New Mexicans.”

The Land Grant Permanent Fund and the Severance Tax Permanent Fund, which together account for about 95 percent of New Mexico’s permanent funds, both showed substantial growth in FY 2017, fueled by a bullish stock market and improvement in oil prices since last year.

Read more: https://www.abqjournal.com/1046983/state-permanent-funds-hit-new-high.html