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Program Evaluation Reports Agency Performance Report Cards Budget Documents

Investment Performance Quarterly Report, Third Quarter, FY 2014
Although the one, three, and five-year returns exceed the investment agencies’ respective annual targets, the ten-year returns reflect lesser investment performance because of adverse economic conditions and investment losses during the recession. During the quarter, the return on the educational retirement fund compared well to its peers in the universe of public funds greater than $1 billion; however, the public employee fund and land grant and severance tax permanent funds underperformed their peers. This report explains how the returns generated by New Mexico’s investment agencies differed from that of the archetypical fund and how their management and consultants added or subtracted value.

Three-quarters through FY14, agency performance results are mixed with many agencies missing targeted levels. Of particular note are declining caseloads in support programs such as the Temporary Assistance for Needy Families Program, the Supplemental Nutrition Assistance Program, the Women, Infants, and Children Program, and the childcare subsidy program. The associated agencies have not been able to provide an explanation for the declining caseloads while the state still suffers from high unemployment, slow income growth, poverty, and high food insecurity rates. This performance report now also includes a quarterly investment report.

General Fund Revenue Tracking Report, May 2014
March was another strong month for revenue collections, with total revenue coming in $100 million higher than the same month a year ago. This strength can be attributed in part to some nonrecurring revenue sources during the month, including large reversions from the Human Services Department and the Department of Health, as well as a large unclaimed property sale. Further strength is added by another month of strong withholding tax revenue, which is $17 million above March 2013.

Program Evaluation Report on Capital Outlay Planning, Spending and Outcomes in the Corrections Department
New Mexico's public prisons, housing about half of the state's prison population, are in need of $277 million in repairs. Cost-benefit analysis indicates New Mexico could save a significant amount of taxpayer money by replacing housing units at public prisons and planning and prioritizing capital outlay projects more thoughtfully. This evaluation examines planning, spending, and outcomes associated with these public prisons.

Despite tumultuous budget negotiations, the 2014 legislative session ended with a balanced spending plan that addressed many of the high priorities of the Legislature and the executive. With general fund revenue forecasts for FY15 about $292 million more than FY14 spending, the Legislature had the opportunity to continue the state’s significant investment in early childhood development and education and address pay issues for employees providing critical public services.

LFC NewsLetter

July 2014

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