A. For the seventy-seventh and subsequent fiscal years, if the revenues of the general fund exceed the total of appropriations from the general fund, the excess revenue shall be transferred to the general fund operating reserve; provided that if the sum of the excess revenue plus the balance in the general fund operating reserve prior to the transfer is greater than eight percent of the aggregate recurring appropriations from the general fund for the previous fiscal year, then an amount equal to the smaller of either the amount of the excess revenue or the difference between the sum and eight percent of the aggregate recurring appropriations from the general fund for the previous fiscal year shall be transferred to the tax stabilization reserve.
B. If the balance in the general fund operating reserve as of the end of a fiscal year is less than one percent of aggregate general fund appropriations for that fiscal year, as determined by the department of finance and administration, then an amount equal to the smaller of either one percent of aggregate general fund appropriations for that fiscal year or the amount necessary to bring the balance of the general fund operating reserve to one percent of aggregate general fund appropriations for that fiscal year shall be transferred from the tax stabilization reserve to the general fund operating reserve.
History: 1978 Comp., § 6-4-4, enacted by Laws 1987, ch. 347, § 4; 1989, ch. 71, § 1; 2017 (1st S.S.), ch. 3, § 1; 2020, ch. 34, § 2.
The 2020 amendment, effective May 20, 2020, provided for the transfer of a portion of the balance in the tax stabilization reserve if the balance in the general fund operating reserve is less than one percent of aggregate appropriations; in the section heading, deleted "Reservation of excess" and added "Transfers between", and after "general fund", deleted "revenues" and added "reserves"; added subsection designation "A.", and before each occurrence of "operating reserve", added "general fund"; and added Subsection B.
The 2017 (1st S.S.) amendment, effective July 1, 2018, eliminated the transfer of funds to the taxpayers dividend fund; in the catchline, deleted "appropriation to taxpayers dividend fund"; and after "transferred to the tax stabilization reserve", deleted the remainder of the section, which related to certain transfers of excess funds to the taxpayers dividend fund.
Structure New Mexico Statutes
Article 4 - State Funds and Capital Programs
Section 6-4-1 - Capital programs; preparation; duties.
Section 6-4-2 - [General fund created.]
Section 6-4-2.1 - General fund operating reserve created; authorizing expenditures.
Section 6-4-2.2 - General fund tax stabilization reserve.
Section 6-4-2.3 - Appropriation contingency fund.
Section 6-4-2.5 - New Mexico recovery and reinvestment fund.
Section 6-4-3 - State revenue-sharing trust fund created.
Section 6-4-4 - Transfers between general fund reserves.
Section 6-4-6 - Expenditures authorized to maintain cash flow.
Section 6-4-7 - Computer systems enhancement fund; created.
Section 6-4-9 - Tobacco settlement permanent fund; investment; distribution.
Section 6-4-10 - Tobacco settlement program fund created; purpose.
Section 6-4-13 - Requirements. (Contingent repeal.)
Section 6-4-13.1 - Severability.
Section 6-4-15 - Findings and purpose.
Section 6-4-17 - Certification by tobacco product manufacturer.
Section 6-4-18 - Directory of tobacco product manufacturers and cigarette brands.
Section 6-4-19 - Maintenance of directory; notice.
Section 6-4-20 - Agent for service of process.
Section 6-4-20.1 - Joint and several liability.
Section 6-4-21 - Reporting of information; escrow installments.
Section 6-4-22 - Penalties and other remedies.
Section 6-4-23 - General provisions.
Section 6-4-24 - Construction of act.
Section 6-4-24.1 - Attorney general authority; audit and investigation.
Section 6-4-24.2 - Presumption.
Section 6-4-25 - Gasoline and home heating relief fund; created.
Section 6-4-26 - Governor's contingency fund; created; purpose; audits.