Welcome to the Legislative Finance Committee






UPDATED May Revenue Tracking Report
Total recurring revenue collection in January was $35.6 million, 7.4 percent lower than the same month a year ago. The primary source of weaker revenue is seen in personal income tax, with collections $53.8 million below the same month in 2014. In December, however, net personal income tax was $119.5 million above the 2014 level.

Adult Protective Services Spending, Investigation Management and Client Outcomes
New Mexico is rapidly aging, and is expected to rank fourth in the nation in the percentage of its population aged 65 or over by 2030. About 42 percent of New Mexicans aged 65 or older have a disability, making them particularly vulnerable to maltreatment. The Adult Protective Services system has been experiencing growth in reports, investigations, and substantiations of adult abuse, neglect, and exploitation since FY12. However, little information exists on the extent of APS’s impact on preventing future maltreatment. Staff caseloads are also rising and may not be optimally geographically distributed.

Post-Session Review
Although the revenue picture steadily worsened as the session approached, the 2015 session ended with a balanced spending plan that, despite the relative dearth of new money, still addressed many of the priorities of both the Legislature and the executive. With FY16 revenue forecasts just $83 million more than the FY15 recurring spending level, opportunities for expansion were limited.

2015 General Appropriation Act Vetoes
The governor reduced general fund appropriations in the General Appropriation Act (GAA) by vetoing $1.7 million of recurring and $3.2 million of nonrecurring appropriations, language requiring reporting to the Legislature, conditional appropriations, and appropriations for specific areas of the state and $1.8 million that was contingent on approval of tribal gaming compacts. In addition, the veto of House Bill 38 resulted in a loss of $1.2 million of general fund appropriations.

LFC Investment Performance Quarterly Report, Second Quarter, FY15
The state's three investment agencies out-earned their three- and five-year targets in the second quarter of the fiscal year, but only the Educational Retirement Board beat its one-year return target. Ten-year returns continue to fall short of targets.

LFC NewsLetter

May 2015

LFC Calendar