The Legislative Finance Committee (LFC) was first established as a fiscal and management arm of the New Mexico Legislature in 1957. Since its inception, the committee's role in the state budget process has grown as the complexity and size of the budget has increased. In 1991, the LFC assumed responsibility for the performance audit program, previously a part of the Office of the State Auditor.
The committee makes budgetary recommendations to the Legislature for funding state government, higher education and public schools. The committee also prepares legislation addressing financial and management issues of state government. The program evaluation unit, formerly the performance audit unit, reviews the costs, efficiency and effectiveness of activities of state agencies and political subdivisions and recommends changes to the Legislature.
New Mexico is rare in that both the governor and a legislative agency (LFC) propose comprehensive state budgets to the Legislature. The New Mexico budget currently amounts to about $6 billion in general fund appropriations and about $14.7 billion in total funds. Four areas account for seventy-eight percent of the general fund budget: 43 percent for public schools, 15 percent for higher education, 13 percent for Medicaid and 7 percent for public safety.
About the LFC
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