Time right for state Transportation Trust Fund

In the history of the state of New Mexico, we have never seen a budget surplus as high as we have this year. This $3.8 billion surplus creates a once in-a-lifetime opportunity to invest in transformative projects that could change the economic trajectory of our state.

Transportation infrastructure is one such project that the Legislature should seriously consider. Infrastructure is not as “sexy,” interesting or politically rewarding as other possible projects — but the investment in road and transit infrastructure will positively impact every aspect of New Mexicans’ lives, including quality of life (being able to get to and from work, to appointments, for medical needs), economic development (attracting companies, people and jobs), visitors and tourism, and future growth opportunities.

Without significant infrastructure investment and development, we will compromise the economic future of New Mexico.

For these reasons, I will be introducing a bill this legislative session that will create the New Mexico Transportation Trust Fund. The fund would be developed with a one-time appropriation of nonrecurring money from the state General Fund. That money will be invested by the State Investment Council, the income from which will be accessible by the New Mexico Department of Transportation. Money in the trust fund will be used primarily for construction, maintenance and other transportation projects prioritized and approved by the New Mexico Department of Transportation.

New Mexico’s roads and highways are in constant need of maintenance, updates and construction. New Mexico’s multimodal (rail, air and bus) projects are also in need of additional investment and updates, and this fund will provide an ongoing revenue stream to ensure there is adequate funding for the state’s transportation infrastructure needs even in years when the state does not have a budget surplus.

The quality of our roads, the efficiency of crews to salt and de-ice roads during weather incidents, and the ability to complete quick road repairs are needs rarely thought about but remain crucial functions provided by state government for every single New Mexican. We must take steps now to guarantee these critical needs can always be met.

Another critical use for the annual proceeds from the Transportation Trust Fund is the funding of other priorities that arise from time to time, such as green transit projects. As New Mexico transitions to carbon neutrality, public transit will pay a key part to achieving net-zero emissions.

This additional funding stream would allow public transit providers to expand their weekday and weekend hours, reducing vehicle traffic and increasing public safety. It would also allow providers to upgrade or expand fleets to make public transportation a more comfortable, convenient, attractive and reliable solution for New Mexicans’ transportation needs.

In an age when Americans seem to be more divided than ever, the Transportation Trust Fund is a bipartisan initiative that has received support from legislators across the state. It is important we get this done now while we have a large surplus. And, most importantly, this fund will make a permanent difference in how New Mexicans use, envision and define infrastructure funding and development. I look forward to seeing it signed into law.