Created: 08/06/2014 7:41 AM
By: The Associated Press
SANTA FE, N.M. (AP) - New Mexico's permanent funds will generate nearly $779 million to pay for government operations and education this year.
State Investment Officer Steve Moise told a legislative committee Tuesday the endowment funds have assets of nearly $20 billion and would make record distributions, about $60 million more than last year.
The Land Grant Permanent Fund will provide $596 million for public schools and 20 other public institutions, including universities.
The Severance Tax Permanent Fund will generate almost $183 million for the state's main budget account.
Moise said the funds should provide about $845 million in the 2016 fiscal year if investment performance holds.
He said state officials are considering how to improve growth of the Severance Tax Permanent Fund, which is $200 million smaller than its high point in 2007.
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