New Mexico governor says permanent fund is off limits

SANTA FE, N.M. (AP) — New Mexico Gov. Susana Martinez wants incoming state lawmakers to know that the state's land grant permanent fund should be off-limits from efforts to resolve a budget deficit. Martinez and other members of the State Investment Council that oversee the investment of $20.8 billion in state assets discussed Tuesday ways to inform newly elected legislators that the State Land Grant Permanent Fund is an endowment and not a rainy-day fund for use in lean budget years. Republican lawmakers this year blocked a proposed constitutional amendment to distribute more money from the Land Grant Permanent Fund to public education and specialty schools. Democratic lawmakers are looking anew toward state investment funds to pay for early childhood education initiatives and support small businesses after reclaiming full majority control of the Legislature.