New Mexico gets low marks for from debt watchdog group
SANTA FE, N.M. (AP) — A group that emphasizes financial accountability in state government is giving New Mexico a poor grade based on the state’s debt burden.
The group Truth in Accounting estimated Tuesday that New Mexico would need about $9,000 per taxpayer to pay off its bills — a debt load largely attributable to public pension and retiree health care liabilities.
Truth in Accounting CEO Sheila Weinberg says New Mexico ranks near the middle of the pack among states when outstanding bills are compared to assets that readily can used to pay off those obligations.
The group gave New Mexico a “D″ grade because obligations exceeded $5,000 per taxpayer as of in mid-2016. She says the state’s audited financial reports include a rare disclaimer about reliability, and are consistently published later than most states.