The entity known as EXPO New Mexico is responsible for operating and maintaining, for public benefit, a year-round service-oriented events and entertainment facility and to maintain event venues for public use and benefit which help build the infrastructure for the annual New Mexico State Fair authorized in state statutes, 16-6-1, et seq (NMSA 1978). Additionally, EXPO New Mexico is charged with creating an annual State Fair experience that reflects and showcases New Mexico’s agriculture, industries, arts, science and technology, the diversity of its people and traditions, and promotes youth development and education for all ages.
To be recognized as a unique, dynamic, family-oriented and profitable venue for arts, culture and entertainment. EXPO New Mexico is committed to providing nationally recognized event facilities that produce the highest quality annual State Fair and other events throughout the year.
By statute, the State Fair Commission is responsible for the annual State Fair and all related activities and properties that pertain to it and to EXPO New Mexico. In addition to the annual New Mexico State Fair, EXPO NM currently hosts approximately 145 annual repeating events and another 55 events (approximate) each year on a non-annual basis.
EXPO New Mexico is unique to the state in that it is an Enterprise Fund. In governmental accounting, an enterprise fund is an agency that provides goods or services to the public for a fee that makes the entity self-supporting. It basically follows Generally Accepted Accounting Principals (GAAP) as does a commercial enterprise. Some government-owned utilities operate this way.
So, unlike most state agencies in New Mexico, EXPO is responsible for raising its own operating budget. That is, the cost of all day-to-day operations for both interim events and the annual New Mexico State Fair, including but not limited to payroll, maintenance and utilities, is deferred solely by monies raised through admission, parking, rental and entry related fees charged for goods and services provided by the agency. The intent is that the full costs of providing the goods or services be financed primarily through charges and fees thus removing the expenses from the tax rate. The New Mexico State Legislature, at its discretion and only when funding is available, generously sets aside a portion of the annual state budget for capital improvements to buildings and infrastructure, but no other taxpayer money flows into the annual EXPO New Mexico budget.