Santa Fe, NM – This morning, the Senate Rules Committee voted to advance Senate Bill 262 sponsored by Sen. Joseph Cervantes (D-Doña Ana) and Rep. Kelly Fajardo (R-Valencia). The bill would reform New Mexico’s outdated capital outlay system.

Specifically, Senate Bill 262 defines the types of projects eligible to receive capital outlay funding, and it would establish a new interim committee to evaluate and prioritize potential capital outlay projects. The committee would then submit their list of recommended projects for funding by the New Mexico Legislature. The process is designed to direct capital outlay funding to high-impact infrastructure projects that will promote economic development, rebuild and maintain critical infrastructure and create jobs for New Mexicans.

“We’ve been talking about ways to fix New Mexico’s broken capital outlay process for years,” said Fajardo. “It’s time to act. I’m proud to sponsor this effort to improve our current system. I’m optimistic that we will identify and implement ways to make more effective use of these dollars to improve New Mexico’s infrastructure.”

The committee approved Senate Bill 262 on a bipartisan 4 to 2 vote. It will be heard by the Senate Finance Committee next.

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