Welcome to the Legislative Finance Committee






General Fund Tracking Report, Accruals through April (July 2015)
The months of March and April are traditionally associated with large uncertainty in revenue collections. Total recurring revenue collection in April was $12.8 million (2.3 percent) higher than the same month a year ago. Based on general fund accruals through April, some preliminary GenTax general fund transfer data from the Taxation and Revenue Department and the federal Office of Natural Resources Revenue, general fund revenues are tracking at $6.27 billion, $155 million (2.5 percent) above the consensus revenue estimating group’s (CREG) February forecast. Projections for revenue collections through the remainder of the year are based on historical monthly shares of revenue collections by revenue source.

Job Creation Incentives (LEDA)
A 2012 LFC program evaluation found New Mexico lacked a comprehensive approach for financing and monitoring performance of job creation incentives. The report looked at three specific job creation incentives: the Job Training Incentive Program, (JTIP), the Local Economic Development Act (LEDA), and a selection of economic development tax expenditures. This progress report notes that while the Economic Development Department has made progress in tracking and reporting, improvement is still needed in how the department reports jobs created through these incentives. Continued monitoring of these programs is vital as the Legislature made increased investments in both JTIP and LEDA in 2015.

Finance Fact - Gaming
New Mexico gaming, even without the lottery, is a more-than-billion-dollar industry that generates hundreds of millions of dollars a year for tribes, racetracks, veteran and fraternal organizations, and state government. In addition to the college scholarships funded through the lottery, gaming generates close to $150 million for the state general fund.

LFC Investment Report through March 31, 2015
The Educational Retirement Board pension fund was the only fund among the state's four major investment funds to exceed its one-year target in the quarter ending on March 31. However, although all four of the funds, including the severance tax and permanent funds managed by the State Investment Council and the Public Employment Retirement Association's pension fund, exceeded their three- and five-year targets. The agencies continue to fall short of 10-year targets because returns the impact of the global financial crisis and policy restrictions that limited diversification of investments.

Performance, Programming, and Cost of Middle Schools in New Mexico
Student achievement in eighth grade has a greater impact on college and career readiness than performance in any other grade in high school, and middle school (sixth, seventh, and eighth grades) accounts for 22 percent of the overall student enrollment in New Mexico and 50 percent of students taking statewide assessments. Yet, middle schools in New Mexico struggle with student performance, programming, and funding. This evaluation analyzed student socio-economic status, language acquisition, attendance, truancy, and mobility as factors that affect student performance.

LFC NewsLetter

July 2015

LFC Calendar