Legislative Finance Committee

August 2016 Consensus Revenue Estimate

The preliminary figure for total FY16 revenue is $5.67 billion, down $223 million from the February estimate used to develop the budget. The estimate for FY17 revenue has been revised downward from the January 2016 forecast by $556 million to $5.71 billion. (DFA/TRD presentation)

Progress Report: Water Projects

Coordination among the various water project funding agencies has improved through the Water Infrastructure Team initiated in 2014 but the process remains in its infancy. Fragmentation of funding programs persists, and lack of planning or requirements for capital outlay requests can leave projects sidelined due to incomplete funding or project readiness. Most notable, $66 million, or 79 percent, of 2014 “Year of Water” appropriations were idle as of April 2016.

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.