New Mexico vs North Carolina Budget FY2023
Spending, revenue and category allocations compared side by side.
Key Budget Metrics โ New Mexico vs North Carolina
New Mexico
$26.4 billion
North Carolina
$63.9 billion
New Mexico
$8.7 billion
North Carolina
$26.8 billion
New Mexico
โ
North Carolina
$81.1 billion
New Mexico
$10.9 billion
North Carolina
$33.5 billion
New Mexico
$4.0 billion
North Carolina
$4.8 billion
New Mexico
$152.8 billion
North Carolina
$893.8 billion
Receipts & Expenditure Comparison
| Particulars | New Mexico | North Carolina | Difference |
|---|---|---|---|
| Total Expenditure (all funds) | $26.4 billion | $63.9 billion | -58.7% |
| General Fund Expenditure | $8.7 billion | $26.8 billion | -67.5% |
| Total Revenue | โ | $81.1 billion | โ |
| General Fund Revenue | $10.9 billion | $33.5 billion | -67.5% |
| Rainy Day Fund | $4.0 billion | $4.8 billion | -16.0% |
| State GDP | $152.8 billion | $893.8 billion | -82.9% |
New Mexico per resident
$12,410
North Carolina per resident
$5,703
New Mexico โ Spending Composition
North Carolina โ Spending Composition
Category-wise Allocation โ New Mexico vs North Carolina
| Category | New Mexico | North Carolina | Difference |
|---|---|---|---|
1. Medicaid | $8.9 billion | $19.9 billion | -55.2% |
2. K-12 Education | $4.5 billion | $16.6 billion | -72.6% |
3. Higher Education | $4.1 billion | $11.1 billion | -63.1% |
4. Transportation | $1.3 billion | $7.6 billion | -82.9% |
5. All Other | $7.1 billion | $6.6 billion | +7.5% |
6. Corrections | $446 million | $2.2 billion | -79.4% |
Compare Another Fiscal Year
Understanding This Comparison
State budgets are compared on an all-funds basis โ the total across the general fund, federal grants, and dedicated state funds. This is the fairer measure, because states differ widely in how much they route outside the general fund. The general fund row shows the discretionary portion that state legislatures actually debate.
Fiscal years differ between states: most run July to June, Alabama and Michigan run October to September, and New York runs April to March. Figures labelled with the same fiscal year therefore cover slightly different periods.
Definitions for every term used here are in the US budget glossary. To compare across countries, see India budget comparisons.
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