NM HB247

Capital outlay projects may only be reauthorized or reappropriated once, for a maximum of two years, and only if at least 10% of the initial appropriation has been encumbered by January 1 of that year

Projects of $100,000 or more require inclusion on an infrastructure capital improvement plan before receiving capital outlay authorization

Unexpended general fund capital outlay appropriations must revert to the Capital Development and Reserve Fund, except tribal projects which revert to the Tribal Infrastructure Project Fund

Accounts for projects with no encumbrances or expenditures by January 1 of the reversion fiscal year will be frozen by the Department of Finance and Administration, with subsequent encumbrances considered invalid

Applies to capital outlay appropriations made on or after January 1, 2027, and amends reversion provisions in Laws 2022-2025 to redirect unexpended balances to the designated funds