Traders move about the floor of the New York Stock Exchange shortly before the opening bell on Friday, Nov. 27, 2009, in New York. (AP Photo/Peter Morgan)
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Updated: Monday, 30 Nov 2009, 2:21 PM MST
Published : Monday, 30 Nov 2009, 2:21 PM MST
SANTA FE (AP) - New Mexico's public investment funds gained almost $3 billion during the last quarter as financial markets rallied.
However, the asset values of the pension and permanent funds still remain nearly $2 billion lower than they were a year ago.
A legislative committee received reports Monday on the performance of the funds, which were worth $30 billion at the end of September. That's up 11 percent for the quarter that ran from July through September.
The largest permanent funds are critical for New Mexico because they provide more than 10 percent of the revenues for the state's main budget account.
Investment earnings of the state's pension funds are important for covering retirement benefits for public employees and educators.
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