SANTA FE, N.M. (AP) — New Mexico government economists are forecasting a major surge in state income as legislators consider proposals to raise pay for public school teachers and a possible hiring spree for local police officers.
Also possible are new efforts to bolster essential public services amid the coronavirus pandemic. The new revenue forecast predicts a $1.6 billion surplus in state general fund income in excess of current spending obligations for the fiscal year that starts next July.
The petroleum sector accounts for most of the new money. There is record-setting oil production in New Mexico but the state is struggling with high rates of unemployment and childhood poverty.