Economists predict rebound in New Mexico government income

SANTA FE, N.M. (AP) — State economists are predicting a rebound in New Mexico state government income for the fiscal year that starts in July 2021, on top of multibillion-dollar financial reserves. Economists for the Legislature and three state agencies said Tuesday that the state anticipates an increase in general fund revenues of $163 million over current annual spending obligations. That's roughly a 2% increase. The state is likely to finish the fiscal year in July with $2.4 billion in financial reserves. That leaves New Mexico well-positioned to maintain funding for essential services in public education, public safety, health care and more amid the coronavirus pandemic.