Report: New Mexico State Income Higher Than Forecasted
SANTA FE, N.M. (AP) — State government income for New Mexico is exceeding expectations set out by agency economists.
A revenue tracking report from the Legislature on Tuesday showed state general fund income of $8 billion for the fiscal year that ended June 30. That is $85 million higher than a recent forecast from state economists.
Income for July and August rose $21 million over the same period in 2018, also exceeding forecasts.
Record breaking oil production and related construction and job growth are providing a financial windfall to state government under the administration of Democratic Gov. Michelle Lujan Grisham.
The state has increased salaries at public schools and state agencies and gone on an infrastructure spending spree aimed at deteriorated roadways.