SANTA FE, N.M. (AP) — A watchdog group on public finances says the state of New Mexico is making progress toward more accurate accounting but still earns a "D'' grade largely because of unfunded pension and retiree health care obligations.
Chicago-based Truth in Accounting on Tuesday released an annual analysis of financial balance sheets for all 50 states that ranks New Mexico behind 33 others in terms of unfunded debts and obligations.
Truth in Accounting estimates New Mexico had $7.7 billion in unfunded financial obligations or about $13,300 per taxpayer for the most recently audited fiscal year. That doesn't include a current $24 billion stockpile in two state permanent funds that can only be spent for specific purposes.
CEO Sheila Weinberg says the state is reporting more timely and accurate information about its financial condition.