A $300 million state appropriation for land conservation across New Mexico was included in the House’s budget bill passed by the chamber and being considered by the Senate in the final days of the 2024 Legislative Session.
The money, included in House Bill 2, would send the funds to the Land of Enchantment Legacy Fund create via legislation in last year’s session.
The Legacy Fund operates in two ways: the Expandable Fund will dole out $12.5 million a year to existing state conservation programs beginning in July and a Conservation Permanent Legacy Fund would invest the dollars at the behest of the State Investment Council.
Both received an initial $50 million appropriation when they were established and the $300 million for Fiscal Year 2025 would go to the investment fund, meaning it could be transferred to the expendable fund for future projects as needed.
Supporters estimated the resulting $350 million balance would sustain current funding levels for 10 agency conservation programs until FY 2031 and would double the dollars available to the expendable fund.