New Mexico on pace for more record revenues thanks to oil
August 19, 2019 11:34 AM
SANTA FE, N.M. (AP) - A new report says New Mexico is now on track to collect an unprecedented $7.8 billion in the budget year thanks to skyrocketing oil production.
The Albuquerque Journal reports the report says total state revenue collections were roughly $273 million above projected levels through April largely because of oil production in southeastern New Mexico.
The higher-than-expected revenue surge for the budget year that ended June 30 could allow for additional spending increases on public schools, roads, and other programs.
Legislative and executive economists will release new official revenue estimates at a legislative hearing in Red River later this month.
New Mexico was already expecting a $1.3 billion budget surplus for the fiscal year. The latest Legislative Finance Committee revenue tracking report suggests that the final surplus figure will likely end up being larger.
Created: August 19, 2019 11:34 AM
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