New Mexico Revenue Outlook Holds Steady

SANTA FE, N.M. (AP) – A new report says New Mexico’s revenue outlook is holding steady for next year despite low natural gas prices.

Finance and Administration Secretary Tom Clifford outlined the updated revenue forecast in a letter Monday to legislative leaders.

The state expects to collect nearly $5.7 billion in the upcoming fiscal year. That would provide the state with $254 million in “new money” to allocate for programs or cover the cost of tax cuts such as those proposed by Gov. Susana Martinez.

Some lawmakers have expressed concerns the state might not collect as much money as expected because natural gas prices have been falling. However, Clifford said rising oil prices help offset that.

Economists for the administration and the Legislature concluded there was no overall change in revenue projections made in December.

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