Water Protection Permanent Fund
The bill is expected to have a substantial impact on New Mexico's approach to water management and infrastructure development. By creating a dedicated fund aimed at water protection, SB195 seeks to address critical needs regarding water conservation, infrastructure enhancement, and restoration initiatives statewide. The appropriations outlined in the bill—$150 million from the general fund for the permanent fund and $8 million for immediate expenditures—indicate a strong commitment to tackling water-related challenges, such as reservoir maintenance and improvement of water diversion systems.
Senate Bill 195, known as the Water Protection Permanent Fund, was introduced by Pete Campos in the 2023 legislative session. The bill aims to establish two significant funds: the Water Protection Permanent Fund and the Water Protection Fund. The former is a nonreverting fund that will receive distributions, appropriations, gifts, grants, donations, and income from investments. The fund is designed to ensure ongoing financial support for various water infrastructure projects across New Mexico. An annual distribution of $8 million will be allocated from this fund to the Water Protection Fund, which will be administered by the interstate stream commission.
While there are generally positive sentiments regarding the establishment of a Water Protection Permanent Fund, there may be points of contention regarding how funds are allocated and managed. Stakeholders might raise discussions around the effectiveness of the interstate stream commission in administering these funds and whether the appropriations will meet the diverse needs across various communities. Additionally, potential opposition may arise from groups concerned about the prioritization of funding for certain projects over others, and whether the bill addresses all aspects of water protection comprehensively.