Commentary: Santa Fe--How billions and billions of taxpayer dollars are invested and spent would be more open to the public under one of Senator Sander Rue’s latest transparency bill. The nearly $50 billion dollars that are invested by the state to benefit New Mexico state retirees and to benefit the state as a whole could receive a much closer look by the State Auditor each year under the bill. The result? Better investment decisions.
Senator Rue (R- ABQ Westside) who has been a champion of the public’s right to know how state government spends taxpayer dollars, is sponsoring SB 2a- Additional Info to State Auditor. It heads to Senate Finance committee after passing Senate Public Affairs unanimously today.
Senate Bill 2a requires four agencies that invest $45.5 billion dollars to submit additional information and disclosures to the State Auditor each year as part of its annual financial audit process.
The four agencies are: the Educational Retirement Board; Office of the State Treasurer; Public Employees Retirement Association; and the State Investment Council.
Senator Rue says the public, including the state legislature, have the right to know how well the state investments are performing so there can be a comparison of performances and costs so the best investment decisions possible for the state can be made.
Under SB2a, these four agencies would need to supply the State Auditor with reports regarding their fiduciary net positions. Among the many disclosers, they would report earnings, investment performance, change in value of the investment, all expenses, fees, commissions and other items such as:
· Investment advisor fees
· Management fees
· Consultant fees
· Commissions paid
· Administrative expenses