Contact: Isaac Padilla
505/986.4263 | Mobile: 505/264.6512
Isaac.Padilla@nmlegis.gov
FOR IMMEDIATE RELEASE
Sen. Cervantes Presses to Put Unspent Dollars to Work for New Mexico
Santa Fe, NM – Senator Joseph Cervantes (D-31- Doña Ana) has introduced legislation, SB 227, to return unspent capital outlay funds appropriated before 2013 to the General Fund. Capital outlay pays for roads, community centers, senior centers, school buildings and other bricks and mortar projects.
“Capital outlay dollars are vital to improve New Mexico’s economy, but when they go unspent for years, it is critical that we immediately put those dollars to the best use for the people of the state,” said Senator Cervantes. “Passage of this legislation will allow us to re-position funds that have been sitting idle, sometimes for years, and make them work for New Mexicans.”
It is estimated that over $1 billion of capital outlay funds remains unspent. Eleven New Mexico counties have spent less than 10 percent of funds from 2012 to 2014. Many projects remain unfinished after receiving money because there is not enough resources to complete the project.
“I understand that some of the projects are in the planning process, but if it takes years to build a project after funds have been allocated, money should not be requested until the planning is closer to completion,” said Senator Cervantes. “With our unacceptable rate of unemployment, it is time to put dormant dollars to use.”
New Mexico has the highest unemployment rate in the country and is last in job growth. The federal government estimates that $1 billion will create almost 28,000 jobs, including direct and supporting jobs.
“In these tough times, capital outlay dollars should be put to good use in a timely manner,” said State Auditor Tim Keller. “This bill will go a long way toward utilizing our tax dollars to create jobs.”
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