NM sitting on $6 billion in unspent capital outlay (with the worst roads in the nation)

New Mexico is awash in money. Unfortunately, the money is neither benefitting residents of the poorest state in the nation, nor is it being returned to residents of the state in order to boost the economy and offset the costs of recent inflation. 

We have previously reported on the $54.7 billion the State is sitting on, but according to a new report New Mexico is ALSO sitting on another $6 billion in unspent capital outlay money. According to Source NM, “What’s most eye-catching in that pot of $4.5 billion is the list involving projects where, according to the Legislative Finance Committee, there is “no activity, no or minimal reporting … significant challenges or delays, or significant unspent funds.”

The report rightly notes that New Mexico has a “unique” approach to capital outlay. We’d call it yet another failure of New Mexico government. New Mexico’s poor roads are not just a figment of your imagination. According to a report from John Foy Associates New Mexico has the VERY worst roads in America.

According to the report New Mexico’s road problems are both rural and urban in nature:

• Rural Rough Roads (Poor and Very Poor): 15.11%. This alarming percentage reflects a critical need for investment and improved maintenance of New Mexico’s rural road network.
• Urban Rough Roads (Poor and Very Poor): 22.78%. The condition of New Mexico’s urban roads is also a significant concern, with nearly a quarter requiring attention to ensure driver safety and efficiency.

With $6 billion sitting unspent in capital outlay accounts it is simply impossible to justify a gas tax increase. Capital outlay reforms that dedicated money to improving New Mexico’s shoddy roads would be a worthwhile endeavor, but that would require leadership that we simply haven’t seen in Santa Fe.