New Mexico Fiscal Statistics

StatisNostics/State Financials/New Mexico
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20122022
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State Revenue Analysis (New Mexico: 2012–2022)

Population: 2,084,594 → 2,106,319 (1.0% change)

Overall Revenue Trends

Total Revenue▲ 139.6%
$14,751,471,000 (2012)→$35,341,117,000 (2022)
Per Capita Revenue▲ 137.1%
$7,076 (2012)→$16,779 (2022)
Fund Balances▼ 100%
$21,789,399,000 (2012)→$0 (2022)
Revenue Volatility! High
Avg. fluctuation: 10.9%

Major Tax Revenue

Property Tax▲ 43.6%
$81,190,000 (2012)→$116,584,000 (2022)
Sales Tax▲ 70.7%
$2,032,518,000 (2012)→$3,470,245,000 (2022)

Utility Revenue

Growth Analysis

Fastest Growing Revenue Sources

Public Utility License Tax▲ 1327.7%
$130,000→$1,856,000
Amusement License Tax▲ 454.8%
$392,000→$2,175,000
Severance Tax▲ 394.3%
$944,952,000→$4,670,918,000

Declining/Slowest Growing Sources

Corporation License Tax▼ 89.8%
$21,647,000→$2,212,000
Parks & Recreation Charges▼ 76.9%
$5,097,000→$1,178,000
Workers Compensation - Other Contributions▼ 58.4%
$30,413,000→$12,656,000

Revenue Forecast

Projected Revenue (Next Year)▲ 28.8%
Estimated: $45,536,922,582
Based on 3-year revenue trend

Revenue Composition

2012 Revenue Breakdown

Federal Intergovernmental Public Welfare23.2%
Total General Sales Taxes13.8%
Individual Income Tax7.6%
Royalties7.0%
Severance Tax6.4%
Federal Intergovernmental Education5.3%
Hospital Charges4.9%
Interest Earnings4.0%
Higher Education Tuition Charges3.1%
Federal Intergovernmental Highways2.9%
Miscellaneous General Revenue Not Elsewhere Classified2.6%
Corporation Net Income Tax1.9%
Motor Fuels Sales Tax1.6%
Unemployment - Contribution1.5%
Motor Vehicle License1.2%
Federal Intergovernmental Health & Hospitals1.1%
Federal Intergovernmental Other1.0%
Insurance Premium Tax1.0%
Rents0.9%
Local Intergovernmental Health & Hospitals0.9%
Other Selective Sales Taxes0.8%
Higher Education Auxiliary Charges0.7%
Tobacco Sales Tax0.6%
Donations From Private Sources0.6%
Property Tax0.6%
Amusement Tax0.5%
Federal Intergovernmental Housing & Community Development0.5%
All Other Not Elsewhere Classified Charges0.5%
Federal Intergovernmental Other Natural Resources0.4%
Local Intergovernmental Education0.4%
Occupation & Business License Not Elsewhere Classified0.3%
Alcoholic Beverage Sales Tax0.3%
Federal Intergovernmental Water Utilities0.3%
Net Lottery Revenue0.3%
Workers Compensation - Other Contributions0.2%
Public Utilities Tax0.2%
Hunting & Fishing License0.2%
Corporation License Tax0.1%
Fines & Forfeits0.1%
Federal Intergovernmental Sewerage0.1%
Federal Intergovernmental Transit Utilities0.1%
Natural Resources Not Elsewhere Classified Charges0.1%
Federal Intergovernmental Employment Security Administration0.1%
Regular Highway Charges0.1%
Education Other State Charges Not Elsewhere Classified0.0%
Sale of Property0.0%
Parks & Recreation Charges0.0%
Housing & Community Development Charges0.0%
Motor Vehicle Operators License0.0%
Unemployment - Interest Revenue0.0%
Other In Trust - Other Contributions0.0%
Parimutuels Tax0.0%
Amusement License Tax0.0%
Federal Intergovernmental Air Transportation0.0%
Public Utility License Tax0.0%

2022 Revenue Breakdown

Federal Intergovernmental Public Welfare27.5%
Severance Tax13.2%
Royalties12.9%
Total General Sales Taxes9.8%
Hospital Charges8.8%
Individual Income Tax6.1%
Federal Intergovernmental Education3.9%
Interest Earnings2.5%
Federal Intergovernmental Highways1.5%
Corporation Net Income Tax1.4%
Higher Education Tuition Charges1.3%
Federal Intergovernmental Other1.2%
Miscellaneous General Revenue Not Elsewhere Classified1.0%
Federal Intergovernmental Health & Hospitals1.0%
Local Intergovernmental Health & Hospitals0.8%
Motor Fuels Sales Tax0.8%
Insurance Premium Tax0.7%
Motor Vehicle License0.6%
All Other Not Elsewhere Classified Charges0.5%
Other Selective Sales Taxes0.5%
Unemployment - Contribution0.4%
Donations From Private Sources0.3%
Property Tax0.3%
Rents0.3%
Tobacco Sales Tax0.3%
Local Intergovernmental Education0.3%
Federal Intergovernmental Other Natural Resources0.2%
Federal Intergovernmental Housing & Community Development0.2%
Amusement Tax0.2%
Higher Education Auxiliary Charges0.2%
Net Lottery Revenue0.2%
Occupation & Business License Not Elsewhere Classified0.1%
Local Intergovernmental Public Welfare0.1%
Taxes Not Elsewhere Classified0.1%
Public Utilities Tax0.1%
Fines & Forfeits0.1%
Hunting & Fishing License0.1%
Alcoholic Beverage Sales Tax0.1%
Housing & Community Development Charges0.0%
Motor Vehicle Operators License0.0%
Natural Resources Not Elsewhere Classified Charges0.0%
Regular Highway Charges0.0%
Federal Intergovernmental Employment Security Administration0.0%
Workers Compensation - Other Contributions0.0%
Education Other State Charges Not Elsewhere Classified0.0%
Federal Intergovernmental Sewerage0.0%
Unemployment - Interest Revenue0.0%
Sale of Property0.0%
Corporation License Tax0.0%
Amusement License Tax0.0%
Public Utility License Tax0.0%
Parimutuels Tax0.0%
Parks & Recreation Charges0.0%
Local Intergovernmental Other0.0%
Solid Waste Charges0.0%
Federal Intergovernmental Air Transportation0.0%

Key Insights

  1. 1Total revenue increased by 139.6% from 2012 to 2022, representing a significant change in the state's financial position.
  2. 2Population changed by 1.0%, while per-capita revenue changed by 137.1%.
  3. 3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.
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State Expense Analysis (New Mexico: 2012 - 2022)

Total Expenditure Trends

Operating Expenditures▲ 271%
$5,223,317,000→$19,379,008,000
Per Capita Spending▲ 267%
$2,506→$9,200

Population Trends

Population Change▲ 1%
2,084,594 (2012)→2,106,319 (2022)
⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 47%
$108,268,000 (2012)→$159,230,000 (2022)
Fire Protection▼ 0%
$0 (2012)→$0 (2022)

Infrastructure Expenses

Highways Maintenance▲ 48%
$217,613,000 (2012)→$322,916,000 (2022)
Sewerage Operations▼ 0%
$0 (2012)→$0 (2022)

Administrative Expenses

Financial Administration▲ 174%
$195,060,000 (2012)→$533,925,000 (2022)
General Expenses▲ 345%
$201,794,000 (2012)→$898,638,000 (2022)

New Mexico Key Insights

  1. 1Per capita expenditures grew by 267%, indicating substantial service expansion or cost increases not explained by population growth alone
  2. 2General expenses increased dramatically by 345%, which may indicate classification changes, new initiatives, or reporting adjustments
  3. 3Financial Administration was the fastest growing major expense category at 174% increase
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State Debt Analysis (2012-2022)

Debt Trends

Total Long-Term Debt▲ 33%
$4,852,036,000 (2012)→$6,465,707,000 (2022)
Industrial Revenue Debt▼ 100%
$2,665,664,000 (2012)→$0 (2022)
Per Capita Debt▲ 32%
$2,328 (2012)→$3,070 (2022)

Population Trends

Population Change▲ 1%
2,084,594 (2012)→2,106,319 (2022)
⚠️ Per capita debt increased significantly with stable population

Debt Management

Most Recent Year (2022)

Issued:$1,456,423,000
Retired:$1,006,484,000
Net Change:+$449,939,000

Debt Retirement Trend

$1,012,937,000 → $1,006,484,000▼ 1%

Key Insights

  1. 1The state's debt burden per resident grew substantially while population remained relatively flat.
  2. 2New debt issuance significantly increased the per-resident debt burden (up 32%).