NEW MEXICO FINANCES
SEEM STABLE
June 2017
truthinaccounting.org
THE FINANCIAL STATE OF NEW MEXICO
Repeated decisions by state officials have left the state with a debt burden of $221.6 million,
according to Truth in Accounting's (TIA) analysis of the most recent financial filings. That burden
equates to $400 for every New Mexico taxpayer.
These statistics are troubling, but what's more troubling is that state government officials continue
to obscure large amounts of retirement debt on their balance sheets, despite new rules to increase
financial transparency. This skewed financial data gives state residents a false impression of their
state's overall financial health.
Here's the truth:
$221.6
million
money needed
to pay bills
-$400
taxpayer
burden™
C
New Mexico's
financial grade
Data included in this report is derived from the state of New Mexico's 2015 audited Comprehensive Annual Financial Report and
retirement plans' actuarial reports. The state's 2016 Comprehensive Annual Financial Report was still not released as of June 30,
2017.
NEW MEXICO
FINANCIAL BREAKDOWN
FAST FACTS
+ New Mexico has $16 billion available in assets to pay nearly $16.3 billion worth of bills.
+ The outcome: A $221.6 million shortfall and a $400 taxpayer burden™.
+ Most of New Mexico's retirement liabilities are excluded from their balance sheet.
The state's total hidden debt amounts to $5.4 billion.
THE STATE'S BILLS EXCEED ITS ASSETS
Assets
Minus: Capital assets
Restricted assets
Assets available to pay bills
Minus: Bills
Money needed to pay bills
Each taxpayer's share of this debt
$40,950,918,000
-$10,210,113,000
-$14,691,289,000
$16,049,516,000
-$16,271,106,000
-$221,590,000
-$400
BILLS THE STATE HAS ACCUMULATED
Bonds
Other liabilities
Minus: Debt related to
capital assets
Unfunded pension benefits
Unfunded retiree health care
Bills
$5,237,761,000
$3,580,355,000
-$3,225,499,000
$8,324,192,000
$2,354,297,000
$16,271,106,000
GRADE: C
Bottom line: New Mexico's taxpayer burden™ is less than $5,000, so it has received a
"C" for its finances from Truth in Accounting. While better off than many other
states, New Mexico still owes more than it owns.
Truth in Accounting is committed to educating and empowering citizens with understandable, reliable,
and transparent government financial information. To be knowlegable participants in their government
and its budget process, citizens need truthful and transparent financial information.