The governor of New Mexico submits a budget annually to the legislature for approval. The fiscal year runs 1 July–30 June.
For the fiscal year 1999, total recurring general fund revenue equaled approximately $3.1 billion, exhibiting a growth rate of 3.7% from the previous year. The form of revenue that experienced the most growth was the income from personal income taxes, at a rate of almost 9%, even though total employment growth decelerated during the same period. Total general fund revenue was recorded at approximately $3.2 billion. General fund revenue was expected to grow at a rate of 6.0% during the whole of 2000, and 5.4% for the whole of 2001; revenue was expected to come primarily from sales taxes and personal income taxes.
For 2003/04, general fund appropriations totaled $4.018 billion, distributed, in terms of government agencies, to public schools ($1.858 billion), higher education and other education agencies ($628 million), health and human services ($845 million), public safety ($276 million), executive ($134 million), judicial branch ($133 million), agriculture and natural resources ($59 million), commerce and industry ($45 million), the legislature ($14.5 million), and transportation (0: funds derived from the states transportation fund.).
The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.
($000) | PERCENT | PER CAPITA | |
Population (thousands, 2001) | 1,831 | (X) | (X) |
Total Revenue | 9,099,224 | 100.00 | 4,969.54 |
General revenue | 8,753,051 | 96.20 | 4,780.48 |
Utility revenue | – | – | – |
Liquor store revenue | – | – | – |
Insurance trust revenue | 346,173 | 3.80 | 189.06 |
Exhibit: Salaries and wages | 1,370,027 | 14.93 | 748.24 |
Total expenditure | 9,173,756 | 100.00 | 5,010.24 |
General expenditure | 8,399,238 | 91.56 | 4,587.24 |
Education | 3,261,752 | 35.56 | 1,781.40 |
Public welfare | 1,745,521 | 19.03 | 953.32 |
Hospitals | 368,272 | 4.01 | 201.13 |
Health | 323,794 | 3.53 | 176.84 |
Highways | 849,800 | 9.26 | 464.12 |
Police protection | 86,949 | 0.95 | 47.49 |
Correction | 223,023 | 2.43 | 121.80 |
Natural resources | 130,651 | 1.42 | 71.35 |
Parks and recreation | 45,940 | 0.50 | 25.09 |
Government administration | 335,880 | 3.66 | 183.44 |
Interest on general debt | 190,205 | 2.07 | 103.88 |
Other and unallocable | 837,451 | 9.13 | 457.37 |
Utility expenditure | – | – | – |
Liquor store expenditure | – | – | – |
Insurance trust expenditure | 774,518 | 8.44 | 423.00 |
Debt at end of fiscal year | 4,304,803 | 100.00 | 2,351.07 |
Cash and security holdings | 33,072,291 | 100.00 | 18,062.42 |