Updated: September 29, 2020 06:42 PM
Created: September 29, 2020 04:52 PM
ALBUQUERQUE, N.M. — State lawmakers are expecting to receive a big update on the state’s budget crisis.
On Wednesday, new revenue estimates will be released during a legislative finance committee meeting. The estimates will give lawmakers a better idea of how much money they have to work with during the 2021 legislative session.
The last revenue report revealed a budget shortfall of nearly $1 billion for the next fiscal year due to the pandemic.
Gov. Michelle Lujan Grisham’s administration has already asked state agencies to cut spending by 5 percent, but now the financial picture could be improving.
At the start of the September, Rep. Patricia Lundstrom (D-District 9), who chairs the House Appropriations and Finance Committee, said she was optimistic about the latest revenue estimates.
“What we think and what we’ve seen—we’ve seen a little bit higher revenue projections because we’re doing a little better with oil in New Mexico,” Rep. Lundstrom said. “The price per barrel has come up a little, which is great. We’re seeing some relief in the economy by opening up more for in-restaurant seating and things like that, so that’s been helpful.”
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