Oil, gas revenues to drive New Mexico's next budget windfall
CHAMA, N.M. (AP) — Projected revenues for the next budget year are expected to deliver another windfall to New Mexico's coffers. New estimates released Wednesday by legislative and executive economists during a meeting in Chama show lawmakers will have a projected $2.5 billion in new money. It's the difference between current spending levels and expected revenues in the next fiscal year. Some lawmakers and top budget officials cautioned that the recent revenue growth will likely not be sustainable in the long term. State spending has increased by about 30% over recent years, with Democratic Gov. Michelle Lujan Grisham signing a $8.5 billion spending plan earlier this year.