In January 2014, the New Mexico Tax Research Institute released a study entitled, Fiscal Impacts of Oil and Natural Gas Production in New Mexico . According the study, 31.5% of New Mexico’s General Fund Revenues were attributed to the oil and natural gas industry for fiscal year 2013. As shown below, that’s over $1.7 billion in General Fund revenues that are attributed to oil and natural gas of the nearly $5.6 billion in total General Fund revenues received in fiscal Year 2013.
In New Mexico, the General Fund is the primary source of funding for the operating costs of public schools and higher education. In addition, the General Fund pays for state public welfare programs, environmental protection, tourism support, state led economic development efforts and many other functions of state government.
The study also calculated the amount of education funding for both the public schools and higher education by county attributed to oil and natural gas. In addition, the report compiled the amount of state funding attributed to oil and natural gas for capital projects by county for fiscal year 2013 and for the seven years ending in 2013.
The study in its entirety is available from the New Mexico Tax Research Institute.