2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 4 - State Funds and Capital Programs
Section 6-4-4 - Reservation of excess general fund revenues.
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 operating reserve; provided that if the sum of the excess revenue plus the balance in the 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.
History: 1978 Comp., § 6-4-4, enacted by Laws 1987, ch. 347, § 4; 1989, ch. 71, § 1; 2017 (1st S.S.), ch. 3, § 1.
ANNOTATIONSThe 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.
