On the March 1, 2022 ballot, there is a question about establishing a permanent fund. A permanent fund is like a savings account and would create more money to pay for government public services without a required tax or fee increase. The decision to establish a permanent fund is dependent on Rio Rancho voters and only Rio Rancho voters would be able to modify the investment in the future.
How it Works
The City is proposing to take $10 million and put it into a permanent fund (savings account), and invest it. Each year, half of the interest money generated would go toward funding public services such as roads, police, fire response, emergency medical services, parks, and libraries. The other half of the interest generated would be put back into the permanent fund. Over the years, the permanent fund and money available will grow and grow. This will help address the public services needs of existing and future generations.
Where the Money Comes From
The City of Rio Rancho has $10 million in one-time, unanticipated revenue due to COVID-19 economic projections being far more positive than initially anticipated, the historic number of homes built in Rio Rancho in 2020, and City staff's conservative annual budget planning.