Legislative Finance Committee

The Legislative Finance Committee today released a budget recommendation for the 2021-2022 fiscal year that calls for spending $7.36 billion from the state’s general fund, a 4 percent increase from FY21 spending levels.

Press Conference Packet
Report of the Legislative Finance Committee to the Fifty-Fifth Legislature
Volume 1: Policy and Performance Analysis
Volume 2: Appropriation Recommendations
Volume 3: Supplemental Charts and Graphs

General fund recurring revenues for FY21 through August were $1.181 billion, down $43.6 million, or 3.6 percent, from the same period a year ago.

New Mexico's 505 suicide deaths in 2019 will cost the state $684 million over the lost lifetimes of the victims and put those close to the victim at higher risk for behavioral health issues and suicide themselves.

Teen births in New Mexico, which has among the highest rates in the nation, cost the state millions of dollars a year.

General fund recurring revenue ended FY20 down about 2 percent from FY19 and estimates for this year show revenue sinking by about 11 percent from FY20, but while pandemic-related business restrictions and layoffs have contributed, the decline in FY21 is due mostly from the pandemic's impact on the oil industry.

Despite a $2 billion loss in mid-summer, the state's investment fund grew during the year ending September 30, although by just 0.7 percent.

Agencies continue to indicate the Covid-19 pandemic, with closures and remote working conditions, is affecting their performance, with some agencies reporting lower performance and some providing no reports at all.

More than two dozen New Mexico state and local government agencies, hospitals, school districts, and colleges have been the victims of cyber attacks in the last two years and the state has spent $7 million on cybersecurity; however, most of those dollars have been spent on planning and pilot projects and widespread protections for state government are still not in place