New Mexico Fiscal Statistics

StatisNostics/State Financials/New Mexico
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20122024
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State Revenue Analysis (New Mexico: 2012–2024)

Population: 2,084,594 → 2,113,344 (1.4% change)

Overall Revenue Trends

Total Revenue▲ 173.8%
$14,751,471,000 (2012)→$40,389,625,000 (2024)
Per Capita Revenue▲ 170.1%
$7,076 (2012)→$19,112 (2024)
Fund Balances▼ 100%
$21,789,399,000 (2012)→$0 (2024)
Revenue Volatility! High
Avg. fluctuation: 10.3%

Major Tax Revenue

Property Tax▲ 55.1%
$81,190,000 (2012)→$125,960,000 (2024)
Sales Tax▲ 113%
$2,032,518,000 (2012)→$4,330,008,000 (2024)

Utility Revenue

Growth Analysis

Fastest Growing Revenue Sources

Public Utility License Tax▲ 1158.5%
$130,000→$1,636,000
Royalties▲ 400.3%
$1,031,616,000→$5,161,418,000
Severance Tax▲ 398.5%
$944,952,000→$4,710,204,000

Declining/Slowest Growing Sources

Federal Intergovernmental Air Transportation▼ 98.7%
$158,000→$2,000
Corporation License Tax▼ 76.6%
$21,647,000→$5,060,000
Parks & Recreation Charges▼ 73.5%
$5,097,000→$1,349,000

Revenue Forecast

Projected Revenue (Next Year)▲ 7.2%
Estimated: $43,284,956,137
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%

2024 Revenue Breakdown

Federal Intergovernmental Public Welfare22.7%
Royalties12.8%
Severance Tax11.7%
Total General Sales Taxes10.7%
Hospital Charges8.7%
Interest Earnings6.1%
Individual Income Tax5.4%
Federal Intergovernmental Education4.2%
Insurance Premium Tax1.7%
Corporation Net Income Tax1.5%
Federal Intergovernmental Other1.4%
Federal Intergovernmental Highways1.3%
Miscellaneous General Revenue Not Elsewhere Classified1.2%
Higher Education Tuition Charges1.2%
Motor Fuels Sales Tax0.8%
Local Intergovernmental Health & Hospitals0.7%
Other Selective Sales Taxes0.7%
Taxes Not Elsewhere Classified0.6%
All Other Not Elsewhere Classified Charges0.6%
Federal Intergovernmental Health & Hospitals0.5%
Rents0.5%
Motor Vehicle License0.5%
Unemployment - Contribution0.4%
Local Intergovernmental Education0.3%
Property Tax0.3%
Other License Tax0.3%
Donations From Private Sources0.3%
Federal Intergovernmental Other Natural Resources0.3%
Public Utilities Tax0.3%
Federal Intergovernmental Housing & Community Development0.2%
Local Intergovernmental Other0.2%
Tobacco Sales Tax0.2%
Net Lottery Revenue0.2%
Local Intergovernmental Public Welfare0.2%
Higher Education Auxiliary Charges0.2%
Fines & Forfeits0.2%
Amusement Tax0.2%
Occupation & Business License Not Elsewhere Classified0.1%
Alcoholic Beverage Sales Tax0.1%
Death & Gift Tax0.1%
Hunting & Fishing License0.1%
Natural Resources Not Elsewhere Classified Charges0.0%
Housing & Community Development Charges0.0%
Federal Intergovernmental Employment Security Administration0.0%
Federal Intergovernmental Sewerage0.0%
Motor Vehicle Operators License0.0%
Workers Compensation - Other Contributions0.0%
Regular Highway Charges0.0%
Unemployment - Interest Revenue0.0%
Education Other State Charges Not Elsewhere Classified0.0%
Sale of Property0.0%
Corporation License Tax0.0%
Alcoholic Beverage License Tax0.0%
Public Utility License Tax0.0%
Parks & Recreation Charges0.0%
Solid Waste Charges0.0%
Amusement License Tax0.0%
Federal Intergovernmental Air Transportation0.0%

Key Insights

  1. 1Total revenue increased by 173.8% from 2012 to 2024, representing a significant change in the state's financial position.
  2. 2Population changed by 1.4%, while per-capita revenue changed by 170.1%.
  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 - 2024)

Total Expenditure Trends

Operating Expenditures▲ 322%
$5,223,317,000→$22,043,921,000
Per Capita Spending▲ 316%
$2,506→$10,431

Population Trends

Population Change▲ 1.4%
2,084,594 (2012)→2,113,344 (2024)
⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 88%
$108,268,000 (2012)→$203,771,000 (2024)
Fire Protection▼ 0%
$0 (2012)→$0 (2024)

Infrastructure Expenses

Highways Maintenance▲ 79%
$217,613,000 (2012)→$390,259,000 (2024)
Sewerage Operations▼ 0%
$0 (2012)→$0 (2024)

Administrative Expenses

Financial Administration▲ 395%
$195,060,000 (2012)→$964,795,000 (2024)
General Expenses▲ 618%
$201,794,000 (2012)→$1,448,540,000 (2024)

New Mexico Key Insights

  1. 1Per capita expenditures grew by 316%, indicating substantial service expansion or cost increases not explained by population growth alone
  2. 2General expenses increased dramatically by 618%, which may indicate classification changes, new initiatives, or reporting adjustments
  3. 3Financial Administration was the fastest growing major expense category at 395% increase
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State Debt Analysis (2012-2024)

Debt Trends

Total Long-Term Debt▲ 45%
$4,852,036,000 (2012)→$7,052,882,000 (2024)
Industrial Revenue Debt▼ 100%
$2,665,664,000 (2012)→$0 (2024)
Per Capita Debt▲ 43%
$2,328 (2012)→$3,337 (2024)

Population Trends

Population Change▲ 1.4%
2,084,594 (2012)→2,113,344 (2024)
⚠️ Per capita debt increased significantly with stable population

Debt Management

Most Recent Year (2024)

Issued:$871,408,000
Retired:$842,192,000
Net Change:+$29,216,000

Debt Retirement Trend

$1,012,937,000 → $842,192,000▼ 17%

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 43%).