Legislative Finance Committee

The $1.06 billion in New Mexico's remaining federal stimulus funding qualifies as replacement for state revenue lost to the pandemic and should be available for legislative appropriation, LFC analysts conclude. In addition, LFC staff estimate the state will get $3.7 billion over five years through the federal infrastructure legislation.

The administration's annual report to the U.S. Treasury on its use of fiscal recovery funds appears incomplete and left some questions unanswered.

Few improvements to the state's procurement processes have been implemented since an initial evaluation found them five years ago, and state buying practices remain vulnerable to fraudulent purchases and waste.

Stacked, the federal and state healthcare, food, cash, tax credits, and other benefits available to low-income New Mexicans can allow most families to meet basic needs, but New Mexicans face barriers to access.

In FY21, soaring markets resulted in record gains for state investments. Driven by the largest recorded federal stimulus, vaccine distribution, and a reopening world, a resurgent economy buoyed asset values. However, the state’s investments performed worse than peer funds because investment managers continue to prioritize stability and reduced risk.

For the fourth quarter of the fiscal year that ended June 30, few state agencies showed improvements in performance or efficiency, and even fewer have plans in place to improve flagging performance.

Progress Report: Addressing Pandemic Impacts on Learning The share of public elementary school students performing at grade level likely dropped by at least 15 percent in the 2020-21 school year, but efforts to help students catch up are erratic.

Federal Stimulus Funding Update Of the $10.5 billion in federal Covid-19 relief awarded to New Mexico, state agencies spent nearly $6.3 billion or 61 percent by August 31, 2021.