Costs of elections; election fund.

A. There is created in the state treasury the "election fund" solely for the purposes of: (1) paying the costs of conducting and administering statewide elections required by the Election Code; (2) reimbursing the counties for the costs of conducting and administering statewide elections required by the Election Code; (3) paying the administrative costs of the office of the secretary of state for administering elections required by the Election Code and for administering the election fund; and (4) carrying out all other specified provisions of the Election Code not already covered by another fund administered by the secretary of state. B. The state treasurer shall invest the election fund as other state funds are invested, and all income derived from the fund shall be credited directly to the fund. Remaining balances at the end of a fiscal year shall remain in the fund and not revert to the general fund. Money in the fund is appropriated to the office of the secretary of state for the purposes authorized in Subsection A of this section. Money in the fund shall only be expended on warrants of the department of finance and administration pursuant to vouchers signed by the secretary of state or the secretary's designee. C. Money received from the following sources shall be deposited directly into the election fund: (1) money appropriated to the fund by the legislature; (2) reimbursements from the state or a local government for elections costs; (3) federal funds received by the state that are designated by the federal government or the state executive for elections or that have been appropriated by the legislature for election purposes; (4) grants or capital outlay funds received by a county clerk for which the secretary of state has agreed to serve as the fiscal agent; (5) grants or capital outlay funds received by the secretary of state for the purposes of Subsection A of this section and not designated for any other fund; and (6) money transferred to the fund pursuant to Section 2 of this 2024 act. D. The secretary of state may submit a budget adjustment request to use money in the election fund for the purposes authorized in Subsection A of this section beyond a five percent variance from the approved elections budget for the current fiscal year. E. If the current year balances in the election fund do not cover the costs of elections, the secretary of state may apply to the state board of finance for an emergency grant to cover those costs pursuant to Section 6-1-2 NMSA 1978.