STATE GOVERNMENT FINANCES
(Amounts are in thousands.  Per capita in dollars.)

                                                      Percent           Per
NEW MEXICO                                   1995 Distribution       capita

Population (thousands)                      1,685           -             -
Total Revenue                           6,634,459       100.0%     3,937.36
  General revenue                       5,660,160        85.3%     3,359.15
    Intergovernmental revenue           1,377,263        20.8%       817.37
    Taxes                               2,844,484        42.9%     1,688.12
      General sales                     1,218,664        18.4%       723.24
      Selective sales                     397,271         6.0%       235.77
      License taxes                       155,791         2.3%        92.46
      Individual income                   591,734         8.9%       351.18
      Corporation net income              150,343         2.3%        89.22
      Other taxes                         330,681         5.0%       196.25
    Current charges                       595,563         9.0%       353.45
    Miscellaneous general revenue         842,850        12.7%       500.21
  Utility revenue                               0         0.0%         0.00
  Liquor stores revenue                         0         0.0%         0.00
  Insurance trust revenue                 974,299        14.7%       578.22

Total Expenditure                       6,363,127       100.0%     3,776.34
  Intergovernmental expenditure         1,966,326        30.9%     1,166.96
  Direct expenditure                    4,396,801        69.1%     2,609.38
    Current operation                   3,290,559        51.7%     1,952.85
    Capital outlay                        297,818         4.7%       176.75
    Insurance benefits and repayments     496,033         7.8%       294.38
    Assistance and subsidies              214,797         3.4%       127.48
    Interest on debt                       97,594         1.5%        57.92
Exhibit:  Salaries and wages            1,202,665        18.9%       713.75

Total expenditure                       6,363,127       100.0%     3,776.34
  General expenditure                   5,867,094        92.2%     3,481.95
        Intergovernmental expenditure   1,966,326        30.9%     1,166.96
        Direct expenditure              3,900,768        61.3%     2,315.00
  General expenditure, by function:
      Education                         2,362,911        37.1%     1,402.32
      Public welfare                      878,777        13.8%       521.53
      Hospitals                           302,246         4.7%       179.37
      Health                              267,297         4.2%       158.63
      Highways                            697,573        11.0%       413.99
      Police protection                    49,400         0.8%        29.32
      Correction                          161,014         2.5%        95.56
      Natural resources                    86,897         1.4%        51.57
      Parks and recreation                 29,704         0.5%        17.63
      Governmental administration         228,694         3.6%       135.72
      Interest on general debt             97,594         1.5%        57.92
      Other and unallocable               704,987        11.1%       418.39
  Utility expenditure                           0         0.0%         0.00
  Liquor stores expenditure                     0         0.0%         0.00
  Insurance trust expenditure             496,033         7.8%       294.38

Debt at end of fiscal year              1,824,098       100.0%     1,082.55

Cash and Security Holdings             15,252,467       100.0%     9,051.91