Public education gets boost from New Mexico permanent funds

SANTA FE, N.M. (AP) — Funding for public education will get a boost this year from New Mexico's two major sovereign wealth funds thanks to strong investment results. A spokesman for the State Investment Council says disbursements will increase by $60 million to about $896 million during the upcoming fiscal year from New Mexico's Land Grant Permanent Fund and Severance Tax Permanent Fund. Charles Wollmann says the value of the two funds climbed to nearly $20 billion at the end of 2016, with a return on investment of just over 7 percent during 2016. Supported by oil and mining royalties, the Land Grant Permanent Fund pays out 5 percent of its value each year mostly to public schools as well as schools for the blind and deaf, state universities and hospitals.