APPRENTICESHIP ASSISTANCE ACT TRANSFERS

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AN ACT
RELATING TO WORKFORCE DEVELOPMENT; MAKING ANNUAL TRANSFERS
FROM THE WORKFORCE DEVELOPMENT AND APPRENTICESHIP TRUST FUND
TO THE PUBLIC WORKS APPRENTICE AND TRAINING FUND AND ANNUAL
APPROPRIATIONS TO THE WORKFORCE SOLUTIONS DEPARTMENT TO CARRY
OUT THE PURPOSES OF THE APPRENTICESHIP ASSISTANCE ACT; MAKING
APPROPRIATIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 9-26-17 NMSA 1978 (being Laws 2024,
Chapter 5, Section 1) is amended to read:
"9-26-17. WORKFORCE DEVELOPMENT AND APPRENTICESHIP
TRUST FUND.--
A. The "workforce development and apprenticeship
trust fund" is created within the state treasury. The fund
consists of distributions, appropriations, gifts, grants and
donations. Income from investment of the fund shall be
credited to the fund. Money in the fund shall be expended
only as provided in this section.
B. The state investment officer, subject to the
approval of the state investment council, shall invest money
in the workforce development and apprenticeship trust fund:
(1) in accordance with the prudent investor
rule set forth in the Uniform Prudent Investor Act; and
(2) in consultation with the state
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treasurer.
C. The state investment officer shall report
quarterly to the legislative finance committee and the state
investment council on the investments made pursuant to this
section. Annually, a report shall be submitted no later than
November 1 each year to the legislative finance committee,
the revenue stabilization and tax policy committee and any
other appropriate interim committees.
D. Subject to the availability of funds on July 1,
2026 and on July 1 of each year thereafter:
(1) two million five hundred thousand
dollars ($2,500,000) shall be transferred to the public works
apprentice and training fund; and
(2) two million five hundred thousand
dollars ($2,500,000) shall be appropriated to the workforce
solutions department to carry out the purposes of the
Apprenticeship Assistance Act.
E. In addition to the transfers and appropriations
pursuant to Subsection D of this section, money in the
workforce development and apprenticeship trust fund may be
expended in the event that general fund balances, including
all authorized revenues and transfers to the general fund and
balances in the general fund operating reserve, the
appropriation contingency fund, the state-support reserve fund
and the tax stabilization reserve, will not meet the level of
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appropriations authorized from the general fund for a fiscal
year. In that event, to avoid an unconstitutional deficit,
the legislature may appropriate from the workforce development
and apprenticeship trust fund to the general fund only in the
amount necessary to meet general fund appropriations for that
fiscal year and only if the legislature has authorized
transfers from the appropriation contingency fund, the general
fund operating reserve and the tax stabilization reserve that
exhaust those fund balances."