Welcome to the Legislative Finance Committee

Program Evaluation Reports Agency Performance Report Cards Budget Documents

Investment Performance Quarterly Report, Fourth Quarter, FY 2014
During the fourth quarter of FY14, the return on the educational retirement fund outperformed most of its peers; however, the public employee fund and the land grant and severance tax permanent funds performed below their peers. Although the one-, three- , and five-year returns exceed the state investment agencies’ respective annual targets, the 10-year returns reflect lesser investment performance because of less diverse asset allocations and investment losses during the recession. This Investment Performance Quarterly Report explains how the returns generated by New Mexico’s investment agencies differed from that of the archetype fund and how their management and consultants added or subtracted value.

The LFC budget guidelines provide analysts with direction on performance-based budgeting, the preparation of the budget narrative, and the development of FY16 recommendations on recurring appropriations, priority capital spending, and other one-time investments. The guidelines also serve to inform state agencies and the general public about the LFC priorities and the committee’s approach to budget recommendations for FY16.

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.

LFC NewsLetter

August 2014

LFC Calendar