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Policy: Budgets & Deficits

New Mexico revenues up $84M in current budget year

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(www.sfgate.com) SANTA FE, N.M. (AP) -- New Mexico expects strong enough revenue growth to allow for a possible 5 percent budget increase next year for public education and other government programs, according to a financial forecast Monday that will guide spending decisions during the upcoming legislative session. According to the report: Revenues will be higher because of strong oil and natural gas receipts, personal income tax growth and lower than anticipated costs for a business tax credit. State taxes on energy production will drop if oil and natural gas prices fall.

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