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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
- View All News Stories
Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Susana Martinez
State Capitol
Fourth Floor
Santa Fe, NM 87501
Phone: (505) 476-2200
Fax: (505) 476-2226
Tom Clifford, Secretary
Department of Finance & Administration
180 Bataan Memorial Building
Santa Fe, NM 87501
Phone (505) 827-4985
Fax (505) 827-3861
http://www.nmdfa.state.nm.us
2012 Legislative Calendar: Regular Session convenes January 17, adjourns February 16.
Legislative Budget Leaders:
Rep. Henry Kiki Saavedra (D), Chair, House Appropriations & Finance Committee; Vice-Chair, Investments & Pensions Oversight Committee, henry.saavedra@nmlegis.gov (505) 986-4316
Rep. Patricia A. Lundstrom (D), Vice-Chair, House Appropriations & Finance Committee, patricia.lundstrom@nmlegis.gov (505) 986-4432
Sen. John Arthur Smith (D), Chair, Senate Finance Committee; Chair, Legislative Finance Committee, john.smith@nmlegis.gov (505) 986-4365
Sen. Carlos R. Cisneros (D), Vice-Chair, Senate Finance Committee, carlos.cisneros@nmlegis.gov (505) 986-4362
Rep. Luciano "Lucky" Varela (D), Vice-Chair, Legislative Finance Committee, lucky4st@msn.com (505) 986-4320
Rep. Edward C. Sandoval (D), Chair, House Taxation & Revenue Committee, edward.sandoval@nmlegis.gov (505) 344-8449
Rep. Jim R. Trujillo (D), Vice-Chair, House Taxation & Revenue Committee, jimtrujillo@msn.com (505) 986-4255
Sen. George K. Munoz (D) Chair, Investments & Pensions Oversight Committee, munozgeo@gmail.com (505) 986-4387
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
New Mexico is required to pass a "balanced budget." Section 6-3-10 of the State law defines the budget as an estimate of State expenditures and proposals for funding them. New Mexico law forbids the carrying over of a deficit from one year to the next.
The State maintains 21 individual funds, 6 of which are major funds: the General, Education, Health and Human Services, Highway and Transportation, Severance Tax Permanent, and Land Grant Permanent Funds. The budget is adopted on a modified accrual basis of accounting that is consistent with GAAP. All of the major funds are budgeted except for the Severance Tax Permanent Fund and the Land Grand Permanent Fund. No non-major funds are budgeted. The State's data sheet shows a significant difference between budgeted and actual figures (expenditures and revenues). Budgetary Comparison Schedules are missing beginning and ending balances. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Pensions :
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HEADLINES
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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HEADLINES
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
- View All New Mexico articles
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Solutions: New Mexico
Ten Reasons to Shut the Rail Runner Down Now
Passenger rail will always have its advocates and, while technology and population densities may someday make passenger rail financially-viable, it is not currently feasible in New Mexico. Unfortunately, solutions like higher fares and additional emphasis on tourism are not likely to fill the gaping holes in the train’s finances. Luckily, the Rail Runner is by no means essential to our transportation network and it can be shut down. The sooner our leaders realize this, the better off New Mexico’s finances will be.
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Solutions: New Mexico
Resolving New Mexicos $450 million Deficit (without raising taxes or cutting K-12 education and Medicaid)
despite constraints that are both political and self-imposed, we believe that it is quite possible to reduce unnecessary and wasteful spending throughout the New Mexico budget. In order to provide a guide for policymakers, the Rio Grande Foundation has compiled a list of specific budget reduction ideas.
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OPINION
Taxpayers get crushed when pensions and bonds collide
This all boils down to who gets to pick taxpayers' pockets first, public pensioners or municipal bond investors? More people are waking up to the hard reality that when it comes to state and local government, somebody has to lose money over the next few decades. The National Association of Bond Lawyers is worried enough about it to issue "Considerations" for advising clients who think they're getting safe investments.
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BLOG
COMMENTARY: Municipal, state pension reform message gaining momentum
Despite an organized campaign to stop public pension reform, reality is beginning to break through. One recent report outlines a possible path to long-term solutions and another details the necessity of states and municipalities finding their own way because federal bailout is impossible. And Chicago Mayor Rahm Emanuel released a plan that could have been based on both reports.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
- View All Pensions
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OPINION: Pensions
Taxpayers get crushed when pensions and bonds collide
This all boils down to who gets to pick taxpayers' pockets first, public pensioners or municipal bond investors? More people are waking up to the hard reality that when it comes to state and local government, somebody has to lose money over the next few decades. The National Association of Bond Lawyers is worried enough about it to issue "Considerations" for advising clients who think they're getting safe investments.
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BLOG: Pensions
COMMENTARY: Municipal, state pension reform message gaining momentum
Despite an organized campaign to stop public pension reform, reality is beginning to break through. One recent report outlines a possible path to long-term solutions and another details the necessity of states and municipalities finding their own way because federal bailout is impossible. And Chicago Mayor Rahm Emanuel released a plan that could have been based on both reports.
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
- View All Blog & Opinions
