Valles Caldera Preservation Act of 2004 - Amends the Valles Caldera Preservation Act to require the Secretary of Agriculture to negotiate a price for buying the remaining mineral interests of the Valles Caldera Preserve in New Mexico. Directs that any difference between the sum estimated to be just compensation by the Secretary and the amount awarded be paid from the permanent judgment appropriation.
Requires the Trust to determine the character of, and the necessity for, any obligations and expenditures of the Trust and the manner in which obligations and expenditures shall be incurred, allowed, and paid.
Grants authority to use monies received from claims, judgments, or settlements arising from activities occurring on the Baca Ranch or the Preserve after October 27, 1999, for specified purposes.
Provides for the rate of compensation of the chairperson of the Trust.
Authorizes the Trust to dispose of forage, forest products, or marketable renewable resources as part of its resource management authority.
Directs the Secretary to develop a plan to carry out fire preparedness, suppression, and emergency rehabilitation services on the Preserve. Authorizes the Secretary to provide presuppression and non-emergency rehabilitation and restoration services for the Trust, to the extent generally authorized at other National Forest System units, at any time on a reimbursable basis.