New Mexico

TIA Data

2017 Financial State of New Mexico (Released 9/25/2018)

New Mexico owes more than it owns.
New Mexico has a -$9,000 Taxpayer Burden.™
New Mexico is a Sinkhole State without enough assets to cover its debt.
Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.
New Mexico only has $9.2 billion of assets available to pay bills totaling $14.4 billion.
Because New Mexico doesn't have enough money to pay its bills, it has a $5.1 billion financial hole. To fill it, each New Mexico taxpayer would have to send $9,000 to the state.
New Mexico's reported net position is inflated by $427.5 million, largely because the state defers recognizing losses incurred when the net pension liability increases.
Despite a recently implemented accounting standard meant to increase transparency, New Mexico still excludes $1.1 billion of pension debt from its balance sheet. In addition, the state is still hiding $2.5 billion of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require states to report this debt on the balance sheet.
The state's financial report was released 399 days after its fiscal year end, which is considered untimely according to the 180 day standard.

Prior Years' TIA Data

2016 Financial State of New Mexico

2016 Financial State of Albuquerque

2015 Financial State of New Mexico

2014 Financial State of New Mexico

2013 Financial State of New Mexico

Other Resources

New Mexico Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance and Administration

The truth about transparency in New Mexico’s CAFRs

DECEMBER 14, 2018 | ERRORS OF ENCHANTMENT | by David Muska

Last week KRWG’s Anthony Moreno interviewed Truth In Accounting’s Sheila Weinberg, who explained why the Land of Enchantment performs abysmally when it comes to “how transparent [states] are to the public about their finances.”