New Mexico flush with cash as revenues climb, oil recovers

By SUSAN MONTOYA BRYAN
Associated Press

ALBUQUERQUE, N.M. (AP) — New Mexico is flush with cash due mostly to the infusion of federal pandemic aid and higher than expected gross receipts tax revenues as consumers are spending again. A faster than expected recovery by oil and gas markets also has helped to boost the state’s projected revenues to record levels for the coming fiscal year. Top state finance officials and legislative analysts briefed a key panel of lawmakers on the outlook Thursday. They’re expecting nearly $1.4 billion in new money for the 2023 fiscal year. Still, officials warned lawmakers to be cautious since the pandemic remains a risk factor for continued economic recovery.