Request Requirements

General Information Requirements

Entities must submit specific documents and information in order to request to be placed on the Board of Finance monthly meeting agenda. Requirements for submissions vary based on the type of request. Below are specific requirements and legal references for the most common requests.

Notice of Public Record (text kept the same)

 

Technical Requirements—All Requests

• All requests must be received by Board staff no later than the published request deadline. For deadlines, visit [add link to Board Meeting page with calendar].
• All requests must be accompanied by a cover letter from the entity summarizing the request.
• Cover letters should be addressed to the Director of the Board.
• All required documents and information should be provided in a single, bookmarked PDF file.
• Requests must be emailed to administrator@dfa.nm.gov by the deadline in order to be received and considered.

 

Real Property Dispositions

Any real property sale, trade/exchange or donation valued at $150,000 or more by a state agency, school district, or local public body (including by not limited to counties, community colleges, special districts) requires State Board of Finance approval prior to the disposition.

Any real property lease valued above $150,000 and/or for a term of more than five years requires State Board of Finance approval.

Note: Dispositions of personal property (e.g., vehicles, equipment) do not require Board approval. Approval may be required from another State agency. Please review 13-6-1 through 13-6-3 NMSA 1978 for more information on approval requirements for personal property.

 

Checklists

Requirements for a Lease of Real Property [Link checklist]

Requirements for a Sale, Trade/Exchange or Donation of Real Property [Link checklist]

Requirements for Acquisition of Real Property [Link checklist]

 

Resources

Governing Statutes: 13-6-2 through 13-6-3 NMSA 1978

Administrative Rule: 1.5.23 NMAC [Link to rule]

 

Note: State agency approval may be required for real property sales, trades/exchanges or donations and real property leases valued at below $150,000. Please review the statute to determine what approvals are necessary.

 

Real Property Acquisitions

Any real property acquisition by the New Mexico General Services Department, Department of Game and Fish for expenditures from the game and fish capital outlay fund, or the state for state parks or recreational areas pursuant to Subsection J of Section 16-11 NMSA 1978 require State Board of Finance approval prior to the acquisition.

Checklist

Requirements for the Acquisition of Real Property [Link checklist]

Resources

Governing Statutes: 15-3B-8 NMSA 1978

Administrative Rule: 1.5.23 NMAC [Link to rule]

 

Emergency Funding Requests

The Board provides emergency grants and loans to public bodies that are facing an emergency that is unforeseen and severely affects the quality of government services and requires the immediate expenditure of money that: a) is not within the available resources of the public entity as determined by the Board and b) if subject to appropriation, cannot reasonably await appropriation by the next regular session of the legislature.

 

Step 1: DFA Funding Navigation Questionnaire

Any entity seeking emergency funding MUST first complete the Department of Finance and Administration’s Funding Navigation Questionnaire. This tool is utilized by DFA and Board staff in identifying potential funding sources available for the emergency before making a final recommendation on funding source.

 

[Link to Funding Navigation Questionnaire] https://forms.office.com/g/xMMfaKk7Wm

 

Step 2: Review Emergency Funding Policy

If the Board’s emergency funding is recommended the entity should review the Board’s Emergency Funding Policy (below). The Policy is utilized by staff in making recommendations to the Board on emergency funding requests. The Board has final authority to approve or disapprove any emergency funding request. Entities requesting emergency funding should use the policy as a resource in understanding how the Board defines an emergency and what it requires in considering requests.

 

Emergency Funding Policy [link to policy]

 

Step 3: Application

Entities who have been guided to the Board for emergency funding must submit a funding application by the Board’s meeting deadline.

 

Emergency Operating Loan/Grant Application [link to application]

Emergency Water Loan/Grant Application [link to application… needs to be created/updated]

 

Post-Funding Requirements & Resources

Any entity receiving emergency funding from the Board must provide:

Executed grant agreement (to be provided by staff at time of award)

Quarterly Report (until funds are expended or loan is repaid)

[Link to quarterly report form]

 

Private Activity Bond Volume Cap Allocation Requests

The Board is responsible for overseeing the State’s Private Activity Bond Program. This includes:

• Establishing the annual percentage allocation by PAB purpose
• Approving private activity bond volume cap allocations requested by entities
• Approving allocation extension requests
• Providing carryforward allocation

 

Local entities seeking a private activity bond volume cap allocation must submit an application in accordance with the following requirements. Note that a fee is required at time of application.

 

Checklist

Requirements for Requesting a Private Activity Bond Volume Cap Allocation [link document—NEEDS TO BE UPDATED]

 

Fee Requirements

A fee for any volume cap allocation or allocation extension request is required for all requests. The fees provided below are due on the date a request to appear on the Board’s agenda is due and must be paid by bank cashier’s check, money order, or by wire transfer in US funds:

Application fees

• Request of $15m or less: $750
• Request greater than $15m but less than $30m: $1,500
• Request greater than $30m: $3,000

Extension fee: $750* 

*If the extension is not approved by the Board, the extension fee will be returned. An allocation deposit of $250 per million allocated is due seven (7) business days following Board approval of an allocation. [Needs review by Marcos]

 

Reporting Requirements

Once a project receives a private activity bond volume cap allocation, it must follow certain reporting requirements on employment and low-income housing unit counts (if applicable). The below forms should be used to submit the required reporting.

 

Employment Form [link to form]

Low-Income Unit Information [link to form]

 

Resources

Governing Statutes: Private Activity Bond Act, Sections 6-20-1 through 6-20-11 NMSA 1978

Administrative Rule: 2.61.4 NMAC [Link to rule]

 

Tax Increment Development District Gross Receipts Tax Increment Dedications

The Board is responsible for approving dedications of a portion of the State’s gross receipt tax (GRT) increment to tax increment development districts (TIDD). Any TIDD seeking a dedication of a portion of the state’s GRT increment must seek approval of Board.

The application process for GRT increment dedication requests is substantial and requires time and extensive studies and analysis. Please review the request checklist (below) closely. All required materials must be submitted electronically and tables must be submitted as Microsoft Excel files with access to all data, including assumptions and formulae.

The Board accepts requests in January and July of each year only. Requests outside of those months will not be accepted. Requests submitted in January will be considered in June/July, while requests submitted in July will be considered in December/January.

Copies of an application must also be submitted to the Department of Finance and Administration (DFA) Economic Analysis Unit, the New Mexico Finance Authority, the Taxation and Revenue Department Office of the Secretary, and Legislative Finance Committee staff.

Applicants are encouraged to schedule a “pre-application” conference to discuss the project and proposed methodology with Board staff and the Economic Analysis Unit of DFA.

Checklist

TIDD GRT Increment Request Checklist [link document—NEEDS TO BE UPDATED]

 

Filing Fee Requirements

The Board may require a filing fee be paid prior to approval of a dedication of GRT increment to pay the reasonable costs, as determined by the DFA, of evaluating the TIDD plan and the TIDD’s requested use of GRT increment. The applicant must inquire regarding the fee when it submits its application for consideration.

 

Annual Reporting Requirements:

All TIDDs that receive a dedication of state GRT increment are required to report to the Board annually via the provided form no later than September 1 each year.

 

Annual TIDD Reporting Form [include link to excel spreadsheet—Ashley needs to update]

 

Annual Reports:

To access annual reports, click here. [Add last couple of years of annual TIDD reports]

 

Resources

Governing Statutes: Tax Increment Development Act, Sections 5-15-1 through 5-15-29 NMSA 1978

Administrative Rule: 2.61.3 NMAC [Link to rule]

 

Higher Education Institution Financing Plans for Institution Bonds

State educational institutions are required to seek Board approval of the amount to be borrowed and the specific purpose of proceeds prior to the issuance of any income-producing project bonds or system revenue bonds.

 

Checklist

Requirements for Requesting Approval of Issuance of Institution Bonds [link document—Needs to be finalized]

 

Resources

Governing Statutes: 6-17-9 NMSA 1978

Administrative Rule: 2.61.5 NMAC [Link to rule]

 

Other Requests

For information on other requests not listed here, please contact Board staff at bof.administrator@dfa.nm.gov.