New Mexico's top budget official retires after managing state crises

Wayne Propst is leaving his post as the secretary of New Mexico's Department of Finance and Administration. He will retire after four years in the role, which he describes as the most powerful agency in state government.

Propst has built a reputation in state government as a steady hand during financial emergencies. Before joining the DFA, he led the healthcare system for state retirees, which was projected to become insolvent in the coming years. He also oversaw the retiree system itself when it faced billions of dollars in debt and the threat of bankruptcy.

He acknowledges the pattern in his career. “I seem to take jobs where, whatever the entity that I walk into, needs to be fixed,” Propst says. His approach to managing the state budget is rooted in personal experience rather than complex financial theory. “My perspective on finance is very simple and more grounded in my life experiences than necessarily my professional experiences,” he explains. “And that is that you don’t spend more than you earn. That’s pretty basic.”

During his tenure, the state received billions of dollars in revenue above initial projections. Propst says he and the Legislature used that surplus to make investments in the environment, healthcare, early childhood care, and education. The state also received a bond rating upgrade from Moody’s. He credits the hard work behind that decision with sending a signal that New Mexico has sound financial controls.

Propst notes that he does not manage the day-to-day details himself. He relies on a team of skilled employees to handle spreadsheets and specific data. “I can’t do an Excel spreadsheet to save my life,” he says. “I don’t know how I ended up as the secretary of (DFA), because my checkbook, you don’t want to look at it.”

His path to public service began with a stint in the Peace Corps. After graduating from law school, he decided to join the Corps and was assigned to Gabon in Central Africa. He recalls the day he was dropped off in a village with no transportation and the weight of expectation from the local community. That experience taught him to stay calm in disorienting situations. “It was the toughest job I’ll ever love,” he says.

He also worked in Nigeria, helping to establish a national Legislature in the newly democratic country. These experiences shaped his view that people everywhere want the same things: to prosper, feed their families, and live a good life. “Whether you are doing manual labor or you’re the secretary of the Department of Finance and Administration, you give people an honest day’s work for an honest day’s pay,” he says.

Propst believes the DFA needs a change in leadership. “It’s time for a break for me,” he says. He does not have a specific plan for what comes next and intends to take some time off. He acknowledges that some people in the state may be pleased by his departure, but he says you cannot make everybody happy in these jobs.

He cites an African proverb as a guide for his time in public office: “The higher the monkey climbs the palm tree, the more the villagers see his ass.” He says he has tried to remember that some people may not view him favorably, and he has attempted to remain humble.

Propst references the Reagan recession, the Great Recession, and the dot-com bust to remind people that good economic times do not always last. He hopes his successor will remember that history when managing the state's finances.