New Mexico Fiscal Statistics

StatisNostics/State Financials/New Mexico
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20122023
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State Revenue Analysis (New Mexico: 2012–2023)

Population: 2,084,594 → 2,115,877 (1.5% change)

Overall Revenue Trends

Total Revenue▲ 174.8%
$14,751,471,000 (2012)→$40,532,882,000 (2023)
Per Capita Revenue▲ 170.7%
$7,076 (2012)→$19,157 (2023)
Fund Balances▼ 100%
$21,789,399,000 (2012)→$0 (2023)
Revenue Volatility! High
Avg. fluctuation: 11.2%

Major Tax Revenue

Property Tax▲ 44.2%
$81,190,000 (2012)→$117,069,000 (2023)
Sales Tax▲ 105.7%
$2,032,518,000 (2012)→$4,181,396,000 (2023)

Utility Revenue

Growth Analysis

Fastest Growing Revenue Sources

Public Utility License Tax▲ 1397.7%
$130,000→$1,947,000
Amusement License Tax▲ 475.0%
$392,000→$2,254,000
Royalties▲ 461.8%
$1,031,616,000→$5,795,348,000

Declining/Slowest Growing Sources

Federal Intergovernmental Air Transportation▼ 96.8%
$158,000→$5,000
Corporation License Tax▼ 87.6%
$21,647,000→$2,678,000
Parks & Recreation Charges▼ 77.9%
$5,097,000→$1,126,000

Revenue Forecast

Projected Revenue (Next Year)▲ 26.5%
Estimated: $51,256,523,577
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%

2023 Revenue Breakdown

Federal Intergovernmental Public Welfare24.5%
Royalties14.3%
Severance Tax13.1%
Total General Sales Taxes10.3%
Hospital Charges7.6%
Individual Income Tax6.5%
Federal Intergovernmental Education4.1%
Interest Earnings4.1%
Miscellaneous General Revenue Not Elsewhere Classified2.1%
Federal Intergovernmental Other1.3%
Federal Intergovernmental Highways1.1%
Corporation Net Income Tax1.1%
Higher Education Tuition Charges1.1%
Insurance Premium Tax1.0%
Motor Fuels Sales Tax0.8%
Local Intergovernmental Health & Hospitals0.7%
Federal Intergovernmental Health & Hospitals0.7%
Motor Vehicle License0.6%
Other Selective Sales Taxes0.5%
All Other Not Elsewhere Classified Charges0.4%
Unemployment - Contribution0.4%
Taxes Not Elsewhere Classified0.3%
Property Tax0.3%
Local Intergovernmental Education0.3%
Federal Intergovernmental Housing & Community Development0.3%
Rents0.3%
Federal Intergovernmental Other Natural Resources0.2%
Donations From Private Sources0.2%
Tobacco Sales Tax0.2%
Local Intergovernmental Other0.2%
Net Lottery Revenue0.2%
Higher Education Auxiliary Charges0.2%
Amusement Tax0.2%
Local Intergovernmental Public Welfare0.2%
Occupation & Business License Not Elsewhere Classified0.1%
Fines & Forfeits0.1%
Public Utilities Tax0.1%
Hunting & Fishing License0.1%
Alcoholic Beverage Sales Tax0.1%
Natural Resources Not Elsewhere Classified Charges0.1%
Motor Vehicle Operators License0.0%
Housing & Community Development Charges0.0%
Federal Intergovernmental Employment Security Administration0.0%
Federal Intergovernmental Sewerage0.0%
Regular Highway Charges0.0%
Workers Compensation - Other Contributions0.0%
Education Other State Charges Not Elsewhere Classified0.0%
Unemployment - Interest Revenue0.0%
Sale of Property0.0%
Corporation License Tax0.0%
Amusement License Tax0.0%
Public Utility License Tax0.0%
Parks & Recreation Charges0.0%
Solid Waste Charges0.0%
Federal Intergovernmental Air Transportation0.0%

Key Insights

  1. 1Total revenue increased by 174.8% from 2012 to 2023, representing a significant change in the state's financial position.
  2. 2Population changed by 1.5%, while per-capita revenue changed by 170.7%.
  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 - 2023)

Total Expenditure Trends

Operating Expenditures▲ 294%
$5,223,317,000→$20,590,158,000
Per Capita Spending▲ 288%
$2,506→$9,731

Population Trends

Population Change▲ 1.5%
2,084,594 (2012)→2,115,877 (2023)
⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 68%
$108,268,000 (2012)→$181,580,000 (2023)
Fire Protection▼ 0%
$0 (2012)→$0 (2023)

Infrastructure Expenses

Highways Maintenance▲ 65%
$217,613,000 (2012)→$357,991,000 (2023)
Sewerage Operations▼ 0%
$0 (2012)→$0 (2023)

Administrative Expenses

Financial Administration▲ 199%
$195,060,000 (2012)→$582,670,000 (2023)
General Expenses▲ 508%
$201,794,000 (2012)→$1,227,321,000 (2023)

New Mexico Key Insights

  1. 1Per capita expenditures grew by 288%, indicating substantial service expansion or cost increases not explained by population growth alone
  2. 2General expenses increased dramatically by 508%, which may indicate classification changes, new initiatives, or reporting adjustments
  3. 3Financial Administration was the fastest growing major expense category at 199% increase
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State Debt Analysis (2012-2023)

Debt Trends

Total Long-Term Debt▲ 43%
$4,852,036,000 (2012)→$6,961,662,000 (2023)
Industrial Revenue Debt▼ 100%
$2,665,664,000 (2012)→$0 (2023)
Per Capita Debt▲ 41%
$2,328 (2012)→$3,290 (2023)

Population Trends

Population Change▲ 1.5%
2,084,594 (2012)→2,115,877 (2023)
⚠️ Per capita debt increased significantly with stable population

Debt Management

Most Recent Year (2023)

Issued:$1,028,856,000
Retired:$974,962,000
Net Change:+$53,894,000

Debt Retirement Trend

$1,012,937,000 → $974,962,000▼ 4%

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 41%).