Legislative Finance Committee

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General Fund Revenue Tracking Report: FY24 Revenue through November 2023, March 2024

The state collected $350.8 million more from July to November than expected. Even after considering the limits on how much money can come from oil and gas, the state’s main bank account is set to have $112 million more than planned by the end of the financial year. So far, the money collected is 9.1 percent more than at the same time last year.

General Fund Revenue Tracking Report: FY24 through October 2023, March 2024

General fund recurring revenues for FY24 through October were $4.796 billion, up $92.1 million, or 2 percent, from the same period a year ago.

Summary of SFC Amendment of House Bill 2, February 11, 2024

The Senate Finance Committee amendment to the House Appropriations and Finance Committee substitute for House Bill includes total authorized recurring spending of $10.19 billion from the general fund for FY25, an increase of $31.6 million over the version adopted by the House. Including the “feed” bill that funds the Legislature, total recurring spending for FY25 is just over $10.22 billion, almost $653 million, or 6.8 percent, above FY24. The SFC amendment also includes $1.316 billion in nonrecurring special and supplemental appropriations and also authorizes $220 million from the general fund for road projects.

Summary of HAFC Substitute for House Bill 2, January 2024

The House Appropriations and Finance Committee substitute for House Bills 2 and 3—the General Appropriation Act of 2024--includes a total of $10.18 billion from the general fund for FY25, a $621 million, or 6.5 percent, increase over FY24. The proposal also contains $1.26 billion in nonrecurring special and supplemental appropriations and authorizes $150 million for the Transportation Department for road projects and road maintenance.

Policy Spotlight: Escalating Costs of Public Construction, January 2024

New Mexico is seeing unprecedented investments in public and private construction at the same time as construction costs are skyrocketing. Absent significant drops in material prices or construction demand, or rapid increases in the labor force, construction costs will likely remain elevated.

Progress Report:Cost-Effective Options for Increasing High School Graduation, January 2024

New Mexico’s high school graduation rate has improved in the last 10 years, but New Mexico still is among the lowest-ranking rates. However, only about 2,000 more students would have to graduate to match the national average.

Staff Presentation: LFC Recommendation Overview and Exec/LFC Comparison, January 2024

The LFC recommendation for recurring general fund spending in FY25 is almost $400 million under the executive recommendation, with LFC opting for a sustainable growth rate and one-time investments, including in the creation of a fund for multiyear pilot projects.

LFC FY25 Budget Recommendation

The Legislative Finance Committee today released a budget recommendation for the 2024-2025 fiscal year that calls for spending $10.1 billion from the state’s general fund, a 5.9 percent, or $566 million, increase over FY24 planned spending.

Press Release Packet
Legislating for Results: Policy and Performance Analysis
Legislating for Results: Appropriation Recommendations
Legislating for Results: Supplemental Tables and Graphs