Legislative Finance Committee

Mid-Session Memo on the Revenue Forecast

A review of the consensus revenue forecast, conducted at the midpoint of the legislative session, indicates economic factors have stabilized, with executive and legislative economists agreeing to make no changes to the forecast issued in December. However, the Consensus Revenue Estimating Group notes the forecast of a slight increase in revenue in FY18 could still change.

Capital Outlay Quarter Report, December 2016

As of January, approximately $970 million from all capital outlay funding sources for 2,472 projects was outstanding, including $127 million of earmarked fund balances for water ($58.2 million), colonias ($35.5 million), and tribal ($33.3 million) infrastructure projects; approximately $302.5 million remains outstanding from supplemental severance tax bonds for public schools. The quarterly report includes an additional 148 projects totaling $174.3 million funded by general obligation bond issues approved by voters in November 2016. The report also reflects the projects that were canceled or changed to move money into the general fund because of the budget crisis.

General Fund Revenue Tracking Report: Accruals through November 2016

November recurring revenues were $475.8 million, up $26 million, or 5.8 percent, from a year ago. This is a significant development because it represents the first month of FY17 and only the second month in the last two fiscal years in which monthly revenues were greater than the prior year, indicating a possibility the state may have finally hit bottom for revenue declines.

LFC Investment Report for the Quarter Ending September 2016

The state's investment agencies exceeded their return targets for the one- and five- year periods but missed the goals for the three- and ten-year periods. Compared with similar investment funds, the Educational Retirement Board fund performed better than the median for all periods reported. The Public Employee Retirement Association fund performed above the median for the quarter, but fell below the median for all other periods. The land grant and severance tax permanent funds, managed by the State Investment Council, ranked below the median for all periods reported

Evaluation Unit Memo: Broadband Deployment

New Mexico has a strong fiber framework for high-quality broadband access to the Internet, but fiber connections reach few users outside of Albuquerque, an LFC review finds

Press Release
Volume 1 - Policy and Performance Analysis
Volume 2 - Appropriation Recommendations
Volume 3 - Supplemental Tables and Graphs

The Legislative Finance Committee today released a budget recommendation for the 2017-2018 fiscal year that calls for spending $6.052 billion from the state’s general fund and assumes $123.3 million in new revenue, additional spending reductions, or both.