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Consensus Revenue Estimate
"New money" for FY16 -- projected recurring revenue less FY15 recurring appropriations -- is estimated at $285 million in the latest consensus revenue report. However, economic growth is being pushed by strong oil and gas revenues, and the volatility of those revenues poses a "downside risk" to the estimate. The reports notes New Mexico's economic recovery continues to drag, with employment still below its pre-recession peak and housing markets, a source of optimism last year, again contracting.

July 2014 Revenue Report
May was a moderate month for revenue collections, with total revenue coming in $25 million (5.4 percent) higher than the same month a year ago. Federal Mineral Leasing royalties were $14 million above May 2013, and total income taxes increased a further $9 million. Preliminary TRD Gentax data shows June personal income tax final settlements are $52 million, $15 million below June, 2103, and $12 million below the LFC staff projection for June 2014 collections. However, fiscal-yearto-date PIT collections continue to track above the December 2013 forecast.

Secretary of State - Status of Information Technology System Projects
The Secretary of State is in the process of overhauling mission-critical information technology systems used for administering and conducting elections and filing and maintaining records vital to New Mexico’s commerce and industry. These IT systems are critical to the day-to-day work of the office and are used daily by 33 county clerk offices, candidates, lobbyists, banking institutions, the media, taxpayers, foreign and domestic corporations, and other business. Since FY09, the office has received almost $15.4 million in appropriations for information technology. The objective of this evaluation was to assess the status of implementation, including planning, project management and oversight, budget allocation and expenditures.

Finance Facts - Oil and Natural Gas Production
New Mexico is a leading producer of crude oil and natural gas in the United States. Major oil and gas deposits are in the Permian Basin in the southeast and in the San Juan Basin in the northwest. Fossil fuel production is critical to the survival of many New Mexico communities and contributes substantially to the state economy but also raises environmental concerns.

Finance Facts - Oil and Natural Gas Revenue
The energy industry plays a critical role in the New Mexico economy and is an economic driver, both when prices are up and when prices are down. The state generates revenue from the extractive industries in a variety of ways, primarily through royalties and severance, gross receipts and personal income taxes.

LFC NewsLetter

August 2014

LFC Calendar


LFC Meeting Agenda

Agenda is not available.