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Thu November 18, 2010
Lawmakers Scrutinize NM Endowment Investments
By KRWG News
SANTA FE, N.M. – Economists for the Legislative Finance Committee reported Thursday the severance tax permanent fund has lower investment returns because of more than $400 million worth of economic development investments.
Lower investment returns translate into smaller yearly payouts from the fund to finance public schools and other government programs.
The report estimates New Mexico has given up $12 million a year for the state's main budget account because of the economically targeted investments.
Several lawmakers said the state needs better information on the indirect benefits from the investments.