SANTA FE — The Severance Tax Permanent Fund (STPF) isn’t looking so permanent these days.

The fund, worth a whopping $4.5 billion, is managed by the State Investment Council (SIC) and gets its money from taxes on oil, gas and mineral extraction on state lands.

Each year, about $180 million goes to the state’s general fund, with the Legislature using that money for tax bonds on projects such as water infrastructure, tribal spending and public schools. The money reduces the burden on New Mexico taxpayers.