Copyright © 2023 Albuquerque Journal SANTA FE – New Mexico’s revenue growth shows no signs of slowing down, with the state set to enter uncharted budget territory amid surging oil production, high inflation and robust wage growth. Specifically, new estimates released last month by executive and legislative economists project the state will have nearly $3.6 billion in “new” money available for the budget year that starts in July – a figure that represents the difference between forecasted revenue and current spending levels. In August, the amount of projected new money had been pegged at about $2.5 billion. “With this revenue forecast, there’s an opportunity knocking at our door,” said Sen. George Muñoz, D-Gallup. “No one in our state’s history has ever had this opportunity.” Overall, projected revenue levels for the coming budget year, if they materialize, would mean total state revenue would have more than doubled over the last seven years. The record-high revenue levels could also allow state lawmakers and Gov. Michelle Lujan Grisham to approve tax relief for New Mexicans, additional teacher salary increases and other initiatives during the 60-day legislative session. But effectively spending the money could prove challenging, due in part to a state labor […]
REVENUE: Money, money, money. Revenue bonanza provides new opportunities, challenges for lawmakers
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