New Mexico

  • In The News
  • Background
  • Issues
  • Solutions
  • Pensions
  • Commentary
    • Budget timeline: Annual 

      Fiscal Year starts: July 1

      The current state budget can be found here.

      Find the legislative session calendar here.

      Find the current legislative leaders here.


      NM Gov Martinez

      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


      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.


      Rio Grande Foundation logo


    • Solutions

      How Reality-Based Budgeting Can Permanently Resolve State Budget Gaps

      State Budget Solutions | by Bob Williams | November 7, 2012

      State Budget Solutions recommends that state legislators take action in 2013 to resolve the serious state financial crises by changing their focus from inputs to outcomes by redesigning budgets from the ground up based on priorities and performance.

    • Solutions

      How to Prevent Future Pension Crises

      by Cory Eucalitto | November 1, 2012

      The time for state and local governments to offer defined contribution retirement plans that protect both taxpayer dollars and public employee retirement security is now.

    • Solutions

      State Lawmakerís Guide to Evaluating Medicaid Expansion Projections

      The Heritage Foundation | by Edmund F. Haislmaier and Drew Gonshorowski | October 17, 2012

      Supporters of Obamacare claim that expanding Medicaid will entail little to no cost to state governments, since the federal government will fund the vast majority of the additional costs. Indeed, some analyses project states achieving savings from adopting the expansion. However, state lawmakers should be wary of accepting such analyses at face value.

    • Solutions

      Medicaid Is BrokenóLet the States Fix It

      The Wall Street Journal | by Paul Howard and Russell Sykes | October 15, 2012

      Block-granting Medicaid is the best way to deliver better, cost-effective care to the most vulnerable Americans.

    • Solutions

      The Case for Reform: Prisons

      Right on Crime | August 1, 2012

      Prisons are supremely important, but they are also a supremely expensive government program, and thus prison systems must be held to the highest standards of accountability.