Ricky Serna Named New Mexico Deputy State Treasurer, Starts March 1

Ricky Serna, the state’s recently departed transportation secretary, began duties March 1 as New Mexico deputy state treasurer, the Treasurer’s Office reported. Serna will replace Janice Barela, who after 25 years in the deputy post is expected to complete a transition with a reported last day of March 17, according to the Santa Fe New Mexican and the Albuquerque Journal.

The Runoff reported the Treasurer’s Office said Serna will help oversee a nearly $6 million office budget and a nearly $20 billion investment portfolio. Treasurer Laura Montoya has made advancing financial literacy a stated priority, including a push to make financial literacy a statewide high school graduation requirement, and the Albuquerque Journal said Montoya’s office also plans to expand public understanding of the treasurer’s role and add staff.

Serna arrives with a long record in state government. The Runoff and other outlets note he oversaw the New Mexico Department of Transportation with a $1.3 billion budget and about 2,400 employees while serving as NMDOT secretary. He has also served as acting cabinet secretary for the Department of Workforce Solutions, acting director of the State Personnel Office, interim president of Luna Community College, vice president for advancement at Northern New Mexico College, a New Mexico Highlands University regent, and a member of the Las Vegas City Schools Board of Education.

In a statement reported by The Runoff and the Santa Fe New Mexican, Serna said, "I am blessed to continue my career of service to New Mexicans as part of the State Treasurer’s Office." He added, "This is a golden opportunity for the treasurer and I to utilize our shared strengths and skillsets to grow the state’s investments and improve socioeconomic outcomes. I look forward to leveraging my 20 years of experience in public service as an asset to Treasurer Montoya’s agenda for a stronger future for New Mexico." In a separate Albuquerque Journal interview Serna reflected on his approach to leadership: "I think the focus has really just been on, you know, how do agencies need to be led given the circumstances and conditions? I have found myself to be pretty adaptable in that regard."

The appointment and its timing have differing accounts in published reports. One account said the Treasurer’s Office announced the appointment Feb. 27, The Runoff said the office announced it Monday in its March 2 item, and the Gallup Sun ran local coverage March 3, according to reporting notes. The Santa Fe New Mexican and the Albuquerque Journal both report Barela’s handoff will occur March 17, and the Journal said Barela played a key role in choosing Serna.

Serna’s departure from NMDOT is described variously as a resignation and as a retirement in February. The Santa Fe New Mexican reported recent scrutiny at NMDOT, including a report that the department wrote off $857,000 in taxpayer funds and that it bought five mobile office units for $1.2 million then sold them back for $375,000 after a code compliance finding; the paper also reported passage of a $1.5 billion bonding bill for road repairs. AASHTO reported Gov. Michelle Lujan Grisham named David Quintana acting NMDOT secretary and quoted the governor saying, "David Quintana has spent his career delivering transportation projects that connect our communities and move New Mexico forward."

Montoya and Serna were undergraduate classmates at New Mexico Highlands University, the Albuquerque Journal reported, and Montoya told the Journal, "In the current environment, we're so used to toxicity and chaos, and everyone's always looking for an underlying story. And the story here is that there's good governance." As Serna steps into the Treasurer’s Office, he will be expected to help carry Montoya’s agenda on financial literacy and investment oversight while the office completes its transition later this month.