SANTA FE, N.M. (AP) New Mexico's permanent funds will generate nearly $779 million to pay for government operations and education this year. State Investment Officer Steve Moise told a legislative committee Tuesday the endowment funds have assets of nearly $20 billion and would make record distributions, about $60 million more than last year.
The Land Grant Permanent Fund will provide $596 million for public schools and 20 other public institutions, including universities. The Severance Tax Permanent Fund will generate almost $183 million for the state's main budget account. Moise said the funds should provide about $845 million in the 2016 fiscal year if investment performance holds.
He said state officials are considering how to improve growth of the Severance Tax Permanent Fund, which is $200 million smaller than its high point in 2007.
