Legislative Finance Committee

Creating buffer zones around new oil and gas wells would eat into production, but while the immediate financial impact would be limited, the reduced production could cost the state hundreds of millions of dollars within five years,

While New Mexico continues to be a profitable state for property insurers, almost half of homes and buildings are in areas at risk for wildfire damage and mitigation should be focused on those areas to keep insurance affordable.

Local governments hit by the Hermit’s Peak/Calf Canyon, Salt, and South Fork fires have drawn most of the $170 million in state loans available for recovery but the federal payments intended to repay the loans and repairs have been slow.

New Mexico colleges are issuing more nondegree certificates than ever, but many certificates do little to help the recipients get better jobs or higher wages.

Staff Presentation: Balancing Mid- to Long-Term Revenues and Expenditures, September 2024 Long-term investing and diverting excess oil and gas revenue to permanent funds has already improved the state’s financial outlook for the coming years of decline in revenue growth, but excessive spending could put the state in the red in just a few years.

At the end of FY24 on June 30, outstanding capital outlay balances totaled an estimated $5.9 billion across roughly 5,600 projects, with about $1.35 billion of that for 1,400 projects authorized earlier this year.

Government entities across New Mexico are reporting $5.7 billion in future water and wastewater infrastructure needs, but the state’s piecemeal approach to funding water projects leads to idle dollars and unnecessary delays.

State agencies that provide risk coverage for public schools and state government have seen significant increases in both property and liability payments.

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