New Mexico Ordinance Adopting the Budget
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Budget Links In April, New Mexico Governor Michelle Lujan Grisham signed the state budget for fiscal 2024. The budget totals $9.57 billion in recurring general fund spending, a 14 percent increase over fiscal 2023 levels.
New Mexico's budget basics ing to the National Association of State Budget Officers (NASBO), New Mexico's total expenditures in fiscal year (FY) 2022 were $23.2 billion, including general funds, other state funds, bonds, and federal funds.
Per the US Census Bureau, New Mexico's combined state and local direct general expenditures were $26.5 billion in FY 2021 (the most recent year census data were available), or $12,505 per capita. (Census data exclude ?business-like? activities such as utilities and transfers between state and local governments.)
President Joe Biden released the federal budget for fiscal year 2024 on March 9. The $6.9 trillion spending measure's proposed big-ticket items include strengthening of Medicare and Social Security, restoring the full Child Tax Credit, and providing increased access to health care and affordable drugs, among others.
What is New Mexico's Gross Domestic Product (GDP)? In 2023, New Mexico's GDP reached $96.5b, representing an increase of 15.6k% from 2022. New Mexico's GDP has grown at an annualized rate of 1.8% over the five years to 2023. Moreover, New Mexico's trailing five-year GDP growth ranks it 37th out of all 50 US states.
The proposed 2024 budget amounts to PhP5. 768 trillion. It is 9.5 percent higher than the 2023 budget of PhP5. 268 trillion and is estimated to account for 21.7 percent of the gross domestic product (GDP) in 2024.
As indicated in Section 22, Article IV of the New Mexico Constitution in Exhibit 1 above, once bills are approved the House and Senate, they are transferred to the governor for consideration. The governor may sign a bill, veto it or take no action on it.
The state of New Mexico is flush in a projected budget surplus of nearly $3.5 Billion due to better than anticipated economic growth, higher than estimated employment rates, and the state's oil and gas industry.
