Senate Majority Whip Tim Keller (D-17-Bernalillo) is encouraging the public to pay close attention to the constitutional amendments on the voting ballot. In the most recent legislative session he co-sponsored, with Representative Antonio “Moe” Maestas (D-16-Bernalillo), Constitutional Amendment 5. If the amendment is approved, it is estimated to potentially add $100 million in new annual revenues to the state permanent fund. The state permanent funds distribute dollars for the state budget, largely appropriated to the education system each year.
“The current investment rules are costing New Mexico hundreds of millions of dollars a year,” said Sen. Keller. “This amendment is critical to supporting our state educational endowment and will enable more dollars for our schools. Furthermore, by growing our permanent fund, we can make a stronger case for future investments in early childhood education, and provide enough new funds to continue keeping teacher salaries at current levels, while leaving the corpus size unchanged.”
“This is the billion dollar amendment,” said Rep. Maestas. “By taking away restriction on how the State Investment Council can invest, it will increase the annual return by approximately .8 percent annually. If passed, that will increase the Land Grant Permanent Fund by over $1 billion in 10 years. I am proud to have co-sponsored this legislation with Sen. Keller and put this constitutional amendment on the ballot.”
Education advocate and general counsel for a New Mexico early childhood education advocacy organization, Javier Martinez, also joined in support of Constitutional Amendment 5, saying, “I believe that this amendment is the right tool at the right time to further strengthen and protect our permanent fund. If Constitutional Amendment 5 passes, it will assist to fortify the case to invest a small percentage of our permanent fund into a quality early childhood education system, ensuring that every child in New Mexico has the opportunity to succeed.”
“Voter’s input is so important to our state operations from education, to healthcare, to infrastructure and more,” Sen. Keller added. “It is vital that they get involved with government to take an interest for the sake of their wellbeing and the wellbeing of future generations. By voting ‘yes’ for Constitutional Amendment 5, voters will allow the State Investment Council to secure more funding for the Permanent Land Grant Fund and help New Mexico increase investment returns. I hope the public will seriously consider supporting this amendment.” The amendment received strong bipartisan in the legislature and is supported by all members, both Republican and Democratic, of the State Investment Council.
Sen. Keller continued, “It’s not very often that we can come to such widespread, bipartisan agreement on creating new sources of revenue that will strengthen our economy and help expand the resources available to our schools. I strongly urge voters to support this important amendment so that New Mexico’s Permanent Fund can continue to grow and support our families for generations to come.”