Request Requirements
What's on This Page
- General Information Requirements
- Technical Requirements — All Requests
- Real Property Dispositions
- Real Property Acquisitions
- Emergency Funding Requests
- Private Activity Bond Volume Cap Allocation Requests
- Tax Increment Development District Gross Receipts Tax Increment Dedications
- Metropolitan Redevelopment Gross Receipts Tax Increment Dedications
- Higher Education Institution Financing Plans for Institution Bonds
- Other Requests
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.
Technical Requirements — All Requests
- All requests must be received by Board staff no later than the published request deadline. For deadlines, visit our Monthly Meetings page.
- 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 bof.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 but 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
Resources
- Governing Statutes: 13-6-2 through 13-6-3 NMSA 1978
- Administrative Rule: 1.5.23 NMAC
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.
Resources
- Governing Statutes: 15-3B-8 NMSA 1978
- Administrative Rule: 1.5.23 NMAC
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. Below are the steps for applying for emergency funding.
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.
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.
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.
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)
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 — coming soon.
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 business days following Board approval of an allocation.
Reporting Requirements
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.
Resources
- Governing Statutes: Private Activity Bond Act, Sections 6-20-1 through 6-20-11 NMSA 1978
- Administrative Rule: 2.61.4 NMAC
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 — coming soon.
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.
Resources
- Governing Statutes: Tax Increment Development Act, Sections 5-15-1 through 5-15-29 NMSA 1978
- Administrative Rule: 2.61.3 NMAC
Metropolitan Redevelopment 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 metropolitan redevelopment areas (MRAs). Any MRA seeking a dedication of a portion of the state's GRT increment must seek approval of Board.
The Board accepts requests in November and July of each year only. Requests outside of those months will not be accepted. Requests submitted in November 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.
Substitution and Waiver Requests. Applicants may file a substitution or waiver request, including the intent and justification for the substitution, exemption waiver, or modification waiver. If the supporting local document (for example, an MRA Plan amendment) has not yet completed local adoption, the applicant should so state; the Board may condition its approval on the later delivery of the finalized document.
- Waiver requests: must be submitted for formal Board approval at least two months before the complete application is submitted.
- Substitution requests: must be submitted for Board approval before the application is filed and with sufficient time for the Board to consider them. Applicants should file substitution requests on the same two-month schedule as waiver requests to maintain a uniform pre-application calendar. The Board may, in its discretion, accept a complete application for filing while a substitution or waiver request remains under review, so that staff has adequate time to review potentially lengthy existing documents without the applicant losing a filing cycle. If the Board denies a substitution or waiver request, the applicant must supply the required standalone deliverable, which may delay consideration of the application.
Administrative Guidance
Reporting Requirements
- Bond issuance: Within 14 business days after a local government issues any bonds, the local government shall advise the board by letter of the date of issuance, the interest rate, and the total aggregate amount of each issue.
- Annual reporting: On or before January 15 of each year following the issuance of any bonds, and until the bonds are fully paid-off, a local government that has received a dedication of a portion of the state gross receipts tax increment for metropolitan redevelopment shall provide to the board employment reports, as available, setting forth in reasonable detail the numbers and types of jobs created within the metropolitan redevelopment area on a full-time equivalent basis during the preceding 12-month period and the availability of workforce housing.
- Supplemental reporting: Within thirty days of submitting any report or data required by the governing body, the New Mexico finance authority, the legislature, or any legislative committee, the metropolitan redevelopment area shall transmit copies of these reports or data to the board and the economic analysis unit of the department of finance and administration.
- Substantial change and progress reporting: By September 1 of each year, a local government that has an unexpired dedication of a portion of the state gross receipts tax increment for metropolitan redevelopment will submit a report describing any substantial change to the metropolitan redevelopment area or the metropolitan redevelopment plan, as well as any project described therein, that may have occurred since board approval of such dedication. In addition, the local government shall provide information concerning the infrastructure build-out, jobs created, employers, revenues and expenses, total bonds outstanding, new bond issuances, bond incurrences, or material contracts for construction or other services in support of the metropolitan redevelopment plan, and a status report of the metropolitan redevelopment area’s achievements with respect to public facilities and community benefits, such as the provision of schools and workforce housing in the metropolitan redevelopment area, and any other information the applicant believes may be helpful to the board occurring over the prior 12 months.
- Periodic reporting: In addition to all requirements set forth above, a local government must report from time to time any substantial change to the metropolitan redevelopment plan, as well as any project described therein, that is proposed to occur following the board’s approval of a resolution dedicating a portion of the state gross receipts tax increment to the board.
Resources
- Governing Statutes: Metropolitan Redevelopment Code, Sections 3-60A-1 through 3-60A-49 NMSA 1978
- Administrative Rule: 2.61.2 NMAC
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 — coming soon.
Resources
- Governing Statutes: 6-17-9 NMSA 1978
- Administrative Rule: 2.61.5 NMAC
Other Requests
For information on other requests not listed here, please contact Board staff at bof.administrator@dfa.nm.gov.