Legislative Finance Committee

General Fund Revenue Tracking Report: Accruals through May 2016

With less than a month of the fiscal year remaining, year-to-date state revenues were down almost 10 percent from the same period a year ago, nearly twice the drop expected in February estimates. Revenues are on track to end the fiscal year $159 million short of the February projection. Year-to-date gross receipts tax revenue is down 7.2 percent, with the weak oil industry a considerable factor.

Agency Report Cards, Third Quarter FY16 State Dashboard

Agency Report Cards, Third Quarter FY16 State Dashboard -- A new high-level review of New Mexico state government performance compared with public expectations or other state and national benchmarks shows New Mexicans are getting a mixed bag, with education performance below par on four out of six selected measures but performance on half of the chosen natural resources measures above average.

General Fund Revenue Tracking Report: Accruals through April 2016

State general fund revenues through April were $4.626 billion, almost 10 percent short of the totals for the same period last fiscal year. The total is tracking well behind both the January consensus revenue estimate and the guidance provided in February to lower expectations.

Memorandum: Medicaid Cost Containment

The Human Services Department has dropped its estimates of the amount of state funding needed in FY17 for the Medicaid program by $38.9 million because of cost containment and other changes, bringing the FY17 projection in line with the legislative appropriation. However, $24.5 million in FY16 expenses is being pushed forward to FY17 because an extra $20 million intergovernmental transfer from the University of New Mexico Hospital is not expected to materialize, leaving a potential shortfall.

General Fund Revenue Tracking Report through March 2016

General fund revenue through March was $4.1 billion, down about 10 percent from the same period last year. Gross receipts tax collections year-over-year losses appear to have flattened out at about 3 percent to 4 percent from FY15. Year-to-date, matched taxable gross receipts are down 45.9 percent in the mining sector, down 28.4 percent in manufacturing, and down 28.1 percent in transportation and warehousing. Professional services and health care services continue to show strength, up 17 percent and 8.3 percent, respectively.