Investments & Pensions Oversight Committee #
Website #
Membership and meeting agendas and handouts available on website.
Purpose/Jurisdiction #
“During the 2022 interim, the IPOC will:
- “receive reports from the Public Employees Retirement Association (PERA), the Educational Retirement Board (ERB) and the Retiree Health Care Authority (RHCA) on each agency’s sustainability and solvency;
- “receive reports from the State Investment Council, the Office of the State Treasurer, the PERA, the ERB and the RHCA on the value and investment of the funds managed by each respective agency;
- “review the current investment and administrative structure of the existing pension and retirement benefit programs and receive testimony on the challenges and strengths of those structures and potential alternatives, including:
- “the organization of the state agencies responsible for the pension programs and testimony related to the arguments for and against consolidating certain functions of those agencies;
- “the qualifications and performance of the investment staff and the boards of trustees for the pension agencies;
- “a review of retirement, pension and investment plans from other states to compare and determine the efficiency of and potential improvements to the state’s pension programs;
- “testimony relating to retiree health care and prescription drug costs and information about the effectiveness of the Interagency Benefits Advisory Committee at controlling costs;
- “the effect of implementing alternative retirement savings programs; and
- “common best practices for investment qualifications and investment policies to ensure quality and transparency;
- “the organization of the state agencies responsible for the pension programs and testimony related to the arguments for and against consolidating certain functions of those agencies;
- “receive testimony on recent legislative changes to the state’s pension programs along with an evaluation of projections made at the time of those changes and actual results, including return-to-work policies and the effect of those policies on the actuarial valuation of the respective funds, changes to the structure of cost-of-living adjustments for PERA retirees and changes in employee and employer contribution rates;
- “receive testimony on issues relevant to the investment of public funds and the administration of pension programs;
- “review proposals relating to alternative means of investing and capitalizing state funds, including legislation to establish a public bank;
- “consider legislation relevant to these topics; and
- “as necessary, examine other issues relevant to the investment of public funds and the administration of pension programs” (committee website).
Legislative Council #
Website #
Membership and meeting agendas and handouts available on website.
Purpose/Jurisdiction #
“It shall be the duty of the legislative council:
“A. to adopt rules and regulations for the administration of this act in the conduct of the affairs of the council service;
“B. to formulate policies for the operation and conduct of the business of the council service, and generally to supervise all of the activities of such council service;
“C. to carry out the purposes of the council service as hereafter set forth;
“D. to create committees of legislators to study major problems during the periods when the legislature is not in session; provided that:
- “(1) no member of the council shall serve as an officer or voting member on an interim committee appointed or created by the council;
- “(2) all committees created by the council shall terminate on or before December 1 of the year in which they are created, unless the council subsequently extends the life of the committee for not more than one month;
- “(3) the minority party shall be represented on all council created committees in the proportion the minority party is represented in each house
- “(4) the relationship of the size of the house and senate shall be taken into consideration in determining the number of members from each house appointed to an interim committee created by the council; and
- “(5) members shall be appointed to council-created committees by the same appointing authorities that appoint the council members from each house, and subject to the same recommendations. The council shall name committee officers from among the committee members so appointed;
“E. to adopt rules of procedure for all committees created by the council including a rule that no action shall be taken by the committee if a majority of the total membership from either house on the committee rejects such action; provided that no member of the legislature shall ever be excluded from any meeting of any committee appointed by the council; and
“F. to refrain from advocating or opposing the introduction or passage of legislation” (NM Stat § 2-3-3 (2021)).
Legislative Education Study Committee #
Website #
Membership; meeting schedule, agendas, minutes, and handouts; reports; analysis; newsletters; and more available on website.
Purpose/Jurisdiction #
“Created in 1965 as a permanent bipartisan, bicameral interim committee of the New Mexico Legislature, the Legislative Education Study Committee (LESC):
- “conducts a continuing study of all education in New Mexico, the laws governing such education and the policies and costs of the New Mexico educational system, including the training of certified teaching personnel in postsecondary institutions;
- “recommends funding levels for public education;
- “recommends changes in laws relating to education; and
- “makes a full report of its findings and recommendations…
“Work During the Interims: During each interim, the Legislative Education Study Committee (LESC) examines a wide range of education issues, both fiscal and programmatic, that affect the achievement and well-being of preschool, elementary, secondary, and postsecondary students in New Mexico. Issues are identified at the initiative of committee members, other legislators, or bills or memorials; and the LESC Interim Workplan establishes the framework for the committee’s research, data collection, deliberations, and analysis…
“Work During Legislative Sessions: The major responsibility of LESC staff during legislative sessions is to assist the education and finance committees of the two houses, as well as other committees, by providing analyses of public school-related legislation under consideration and by supplying technical support in the development of public school support appropriations. In this role, staff members prepare expository, statistical, and graphic analyses of both financial and programmatic aspects of the New Mexico educational system; staff members also assist individual legislators in the initial stages of drafting legislation and help legislators analyze potential advantages and disadvantages of measures under consideration” (committee website).
Mortgage Finance Authority Act Oversight Committee #
Website #
Membership and meeting agendas and handouts available on website.
Purpose/Jurisdiction #
“The Mortgage Finance Authority Act Oversight Committee was created pursuant to the provisions of Section 58-18-5 NMSA 1978, which provides in part that the New Mexico Mortgage Finance Authority (MFA) shall have the powers to “carry out and effectuate the purposes and provisions of the Mortgage Finance Authority Act”. Subsection W of Section 58-18-5 NMSA 1978 creates the MFA Act Oversight Committee. Further, this subsection states that the MFA has the power, subject to approval by the MFA Act Oversight Committee and subject to any agreement with bondholders and noteholders, to make, alter or repeal “such rules and regulations with respect to its operations, properties and facilities as are necessary to carry out its functions and duties in the administration of the Mortgage Finance Authority Act”.
“Pursuant to the provisions of Section 2-12-5 NMSA 1978, the committee is further authorized to:
- “A. determine and monitor the actual distribution of funds derived by the [New Mexico mortgage finance] authority from bond issues and other activities of the authority under the provisions of the Mortgage Finance Authority Act, both on a geographical basis and on the basis of the actual distribution to participants in its programs;
- “B. monitor the authority in its control of the issuance of mortgage commitments;
- “C. meet on a regular basis to receive and evaluate periodic reports from the authority as to its enforcement of the provisions of the Mortgage Finance Authority Act and the regulations adopted pursuant thereto; and
- “D. require the authority to document the need to the oversight committee regarding the issuance of any bonds.
“In addition to carrying out its statutory responsibilities, the committee will focus on the following areas of legislative concern during the 2022 interim:
- “regional housing and statewide housing programs and organizations;
- “changes to existing and proposed rules promulgated by the MFA;
- “an overview of MFA funding sources and of programs administered by the MFA;
- “an update on recently passed legislation, including changes to the Affordable Housing Act, the New Mexico Housing Trust Fund Act and the Severance Tax Bonding Act;
- “the MFA’s budget and current strategic plan, including a discussion of statewide housing issues;
- “reports on bonds issued and financing strategies and a market update; and
- “proposed legislation for the 2023 session” (committee website).
New Mexico Finance Authority Oversight Committee #
Website #
Membership; work plan; reports; and meeting schedule, agenda, minutes, and handouts available on website.
Purpose/Jurisdiction #
“The New Mexico Finance Authority (NMFA) Oversight Committee was created with the enactment of the New Mexico Finance Authority Act, Sections 6-21-1 through 6-21-31 NMSA 1978, to monitor and oversee the operations of the NMFA. The NMFA administers the Public Project Revolving Fund, the purposes of which are originating and servicing loans, providing grants or loans to qualified entities and purchasing or selling securities to assist qualified public entities in financing capital projects. Through authorizing legislation, the NMFA may also provide funding from the Public Project Revolving Fund for the purposes of the Wastewater Facility Construction Loan Act, the Rural Infrastructure Act, the Solid Waste Act and the Drinking Water State Revolving Loan Fund Act.
“In addition to overseeing the operations of the NMFA, the committee is statutorily required to review and approve regulations proposed for adoption pursuant to the New Mexico Finance Authority Act and the Statewide Economic Development Finance Act and to monitor and oversee the operations of the Border Authority, the Spaceport Authority and the New Mexico Renewable Energy Transmission Authority. The committee is also charged with monitoring and overseeing state and local government capital planning and financing; providing advice and assistance to the various aforementioned authorities; cooperating with state and local governments on planning and setting priorities for and financing of state, local, border and port-of-entry capital projects; and reporting its findings and recommendations, including recommended legislation, to the governor and the legislature on or before December 15 of each year.
“During the 2023 interim, the NMFA Oversight Committee will:
“A. receive reports from the Border Authority, the Spaceport Authority, the New Mexico Renewable Energy Transmission Authority, the Water Trust Board, the Tribal Infrastructure Board and the Colonias Infrastructure Board;
“B. receive reports from the NMFA regarding:
- “the revenues, transfers, expenditures and status of projects funded from the Public Project Revolving Fund and the Economic Development Revolving Fund;
- “enterprise assistance provided pursuant to the Opportunity Enterprise Act;
- “investments made pursuant to the Venture Capital Program Act;
- “loans made from the Charter School Facility Revolving Fund pursuant to Section 6-21-6.16 NMSA 1978;
- “public securities issuances, completed in the prior 12 months, that involved a delegation of authority through an authorizing instrument pursuant to Section 6-14-10.2 NMSA 1978;
- “loans made pursuant to the Small Business Recovery and Stimulus Act; and
- “recovery grants made pursuant to the Local Economic Development Act;
“C. consider rules proposed by the NMFA regarding standard projects receiving financing assistance from the Economic Development Revolving Fund pursuant to the Statewide Economic Development Finance Act;
“D. receive testimony on issues concerning capital financing;
“E. receive testimony from the Cultural Affairs Department on the use of funds allocated during the 2023 legislative session;
“F. receive testimony on funding for housing, including single-family and high-density housing; housing groups from throughout the state; and other funding administered by the New Mexico Mortgage Finance Authority;
“G. receive testimony on public-private partnerships;
“H. receive testimony on all funding mechanisms administered by the NMFA; and
“I. receive educational presentations or materials on topics of interest to committee members relating to finance and programs under the committee’s purview” (2023 Proposed Work Plan and Meeting Schedule).
Public School Capital Overlay Oversight Task Force #
Website #
Membership and meeting agendas and handouts available on website.
Purpose/Jurisdiction #
“Created by statute (Sections 22-24-7 and 22-24-8 NMSA 1978), the Public School Capital Outlay Oversight Task Force oversees the work of the Public School Capital Outlay Council (PSCOC) and the Public School Facilities Authority (PSFA) as they carry out the state’s public school capital outlay program and other programs pursuant to the Public School Capital Outlay Act (PSCOA). Task force membership consists of 25 members (or their respective designees), with both legislative and public members determined by statute.
“The task force will address the following statutory requirements during the 2022 interim:
- “oversee the work of the PSCOC and the PSFA as they perform functions pursuant to the PSCOA, particularly as the agencies implement the statewide process for making grant awards;
- “monitor the existing permanent revenue streams to ensure that they remain adequate long-term funding sources for public school capital outlay projects;
- “monitor the overall progress of bringing all public school facilities up to the statewide adequacy standards developed pursuant to provisions in the PSCOA; and
- “monitor the progress and effectiveness of programs administered pursuant to the PSCOA and the Public School Capital Improvements Act.
“In addition, as time permits, the task force will: - “review the history of and receive an update on current developments in the Zuni lawsuit;
- “examine the impact of recent inflation on school construction and maintenance costs and the ability of the current funding framework to respond to rapidly changing costs;
- “review the process improvements undertaken by the PSFA;
- “examine the possibility of the need to adjust statutes governing the PSFA’s budget, given substantial swings in funding overseen and the proliferation of additional separate programs that the PSFA is tasked with administering;
- “review the levels and determinates of state match funding;
- “consider the increase in requests for waivers and the criteria used by the PSCOC for granting waivers;
- “review the impact of nonoperating direct appropriations to schools and how those appropriations impact subsequent funding;
- “review the implementation and impact to the capital outlay funding process and options for charter schools enacted by Laws 2022, Chapter 19 (House Bill 43 (2022), Charter School Facility Improvements);
- “receive the updated forecast of supplemental severance tax bond proceeds and review the long-term trends in severance tax revenue along with the range of upside and downside risks;
- “consider the scope of needs and structure of funding for teacher housing;
- “review how implementation of early childhood education programs in public schools have impacted facility space needs and how those programs in public schools are expected to impact needs in the future;
- “review the expenditure of federal funds and possible additional federal funding opportunities;
- “provide input to the PSCOC for its establishment of rules defining ‘unrestricted revenue used for capital expenditures’, as directed by Laws 2021, Chapter 52 (House Bill 6 (2021), State Equalization Guarantee Distributions); and
- “receive a progress update on broadband connectivity provided through the establishment of a statewide education technology infrastructure network” (committee website).
Tobacco Settlement Revenue Oversight Committee #
Website #
Membership and meeting agendas and handouts available on website.
Purpose/Jurisdiction #
“The Tobacco Settlement Revenue Oversight Committee (TSROC) was established pursuant to Section 2-19-1 NMSA 1978. The committee will continue its statutory oversight duties for the programs that request and receive funding through the Tobacco Settlement Program Fund. The committee will also receive testimony regarding the balances in and projected revenues for both the Tobacco Settlement Program Fund and the Tobacco Settlement Permanent Fund.
“During the 2022 interim, the TSROC will:
- “review the status of the revenue for current and future fiscal years and reserves for the Tobacco Settlement Permanent Fund from the Office of the Attorney General;
- “receive testimony regarding tobacco settlement-related litigation and legislation;
- “receive testimony regarding tobacco settlement-related issues, including:
- “(A) the relationship between tobacco use and mental illness, including abuse of other substances;
- “(B) prevention methods, including curtailing use of vape or e-cigarette products through increased taxation and point-of-sale deterrents;
- “(C) cessation methods and the efficacy of those methods;
- “(D) tobacco retailer compliance with licensing requirements of the Tobacco Products Act;
- “(E) future oversight needs for opioid settlement funds; and
- “(F) other topics within the scope of the committee’s oversight duties;
- “(A) the relationship between tobacco use and mental illness, including abuse of other substances;
- “receive reports from state agencies regarding the use of all appropriations from the Tobacco Settlement Program Fund as recommended by the committee and funded by the legislature in prior years and cessation and prevention outcomes associated with those uses;
- “receive a report from managed care organizations addressing the ongoing care of tobacco cessation patients;
- “prepare recommendations to the Legislative Finance Committee for program funding levels for fiscal year 2024 based on the committee’s program evaluation process; and
- “make findings and recommendations, including proposed legislation, available to the legislature as part of the TSROC’s final report” (committee website).
