New Mexico state budget (2010-2011)

Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances.

2011 State spending & deficit in billions

Total spending	Pension	Healthcare	Education	Welfare	Protection	Transport	Debt
$14.5	$1.5	$5.4	$2.6	$1.1	$1	$1.3	$$8.90

2011 Local spending & deficit in billions

Total spending	Pension	Healthcare	Education	Welfare	Protection	Transport	Debt
$9.9	$0.00	$0.3	$4.0	$0.2	$1.1	$0.60	$5.8

Budget background

The New Mexico State Legislature convenes in regular sessions on the third Tuesday in January each year. The Legislature meets for 60 days in odd-numbered years and 30 days in even-numbered years. The General Appropriations Act passed by the Legislature is effective upon being signed by the governor. Other appropriations with emergency clauses require a two‐thirds majority vote. The governor can veto selected lines and items in any bill carrying an appropriation.

Accounting principles

The New Mexico State Auditor is required by New Mexico law to conduct annual financial audits of all government agencies. The State Auditor’s Office administers a process whereby audit firms may submit applications and proposals to perform financial audits of certain agencies. Hector Balderas was elected New Mexico State Auditor in November 2006. The Office of the New Mexico State Auditor is a constitutionally established office, allowing the State Auditor to serve two consecutive four-year terms. Additionally, the Audit Act, §§ 12-6-1 to 12-6-14, NMSA 1978, provides the laws in which the State Auditor operates. Audit reports were not published online as of November 2009.

The State Auditor has two statutory purposes:

• Ensure that the financial affairs of every agency are thoroughly examined and audited each year by the state auditor, personnel of the State Auditor’s Office designated by the State Auditor or independent auditors approved by the state auditor
• Cause the financial affairs and transactions of an agency to be audited in whole or in part.

These two statutory purposes grant the State Auditor the authority to conduct both financial and special audits.

Credit Rating	Fitch	Moody's	S&P
New Mexico	NR	Aa1	AA+

Chart on Spending FY 2001 to FY 2009

The following table provides a history for New Mexico's budgeted and actual expenditures from the General Fund.

Fiscal Year	General Fund Budgeted	General Fund Actual	Change (%)
2000-2001	$	$3,543,300,000
2001-2002	$	$3,870,430,000
2002-2003	$	$3,895,800,000
2003-2004	$	$4,119,800,000
2004-2005	$	$4,406,400,000
2005-2006	$	$4,707,400,000
2006-2007	$	$5,115,100,000
2007-2008	$	$6,015,000,000
2008-2009	$5,719,000,000	$*

*Actual expenditure data was not yet available for Fiscal Year 2009.

See also

New Mexico state budget and finances