Legislative Finance Committee

At the end of the third quarter of FY24, outstanding capital outlay balances totaled an estimated $4.5 billion across roughly 4,600 projects.

Halfway through the fiscal year, more state agency programs are showing signs of improvement than those that are losing ground; however, only a third of the 66 programs with ratings met their targets and were rated green.

New Mexico needs about 40 thousand more residents between ages 20 and 54 working or looking for work to meet the national average for labor force participation.

The General Appropriation Act, as enacted, authorizes $10.2 in recurring spending from the general fund, $1.5 billion in special appropriations for FY24 and FY25, and another $1.3 billion in fund transfers for future and multiyear spending.

The state collected $350.8 million more from July to November than expected. Even after considering the limits on how much money can come from oil and gas, the state’s main bank account is set to have $112 million more than planned by the end of the financial year. So far, the money collected is 9.1 percent more than at the same time last year.

General fund recurring revenues for FY24 through October were $4.796 billion, up $92.1 million, or 2 percent, from the same period a year ago.

The Senate Finance Committee amendment to the House Appropriations and Finance Committee substitute for House Bill includes total authorized recurring spending of $10.19 billion from the general fund for FY25, an increase of $31.6 million over the version adopted by the House. Including the “feed” bill that funds the Legislature, total recurring spending for FY25 is just over $10.22 billion, almost $653 million, or 6.8 percent, above FY24. The SFC amendment also includes $1.316 billion in nonrecurring special and supplemental appropriations and also authorizes $220 million from the general fund for road projects.

The House Appropriations and Finance Committee substitute for House Bills 2 and 3—the General Appropriation Act of 2024--includes a total of $10.18 billion from the general fund for FY25, a $621 million, or 6.5 percent, increase over FY24. The proposal also contains $1.26 billion in nonrecurring special and supplemental appropriations and authorizes $150 million for the Transportation Department for road projects and road maintenance.