This report summarizes information about New Mexico's public colleges and universities. Data tables provide summarize information on revenues and expenditures of the state's colleges and universities from 1985 through 1996. Tables are organized into those on: student enrollments and degrees completed; tuition and financial aid; and state higher education financing. Narrative sections include information about the state Commission on Higher Education and its various activities. The report notes that higher education in the state appears to be in a period of slow growth; although enrollments were increasing in community colleges, they were level or declining at the university level. Among the other findings are the following: approximately 88 percent of students were state residents, with women constituting 58 percent of the statewide enrollment; approximately 56 percent of students were Anglo, 33 percent were Hispanic, 7 percent were Native Americans, 2 percent were Black, and 2 percent were Asian; fees for resident undergraduate students ranged from $2,100 per academic year at research universities to $1,600 at comprehensive universities; tuition and fees generated less than 20 percent of total institutional revenue; about 78 percent of student financial aid came from federal sources, 11 percent from the state, and the remainder from private sources. An appendix contains a key to degree clusters used in the report. CH)