Millions of dollars in state capital outlay funds remain outstanding

New Mexico

SANTA FE, N.M. (KRQE) – A new report shows millions of dollars set aside for capital improvements have not been spent.

The Legislative Finance Committee found approximately $1.8 billion in capital outlay funds outstanding. More than half of the unspent funds were allocated this year, but $627 million are from 2009-2018.

In many instances, the money hasn’t been spent because it’s only part of the cost for the project and the municipality working on the project has not secured the rest of the funding it needs.

Lawmakers are suggesting that future distributions should be based not only on need, but readiness to proceed on a project.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Now Trending on KRQE.com

Weather

More Video Forecast

Don't Miss

More Don't Miss

Submit a Display

Enter Today