New Mexico awaits budget forecast as revenues surge

SANTA FE, N.M. (AP) — New Mexico lawmakers are learning how much money they'll have to spend on state agencies and public schools in the coming fiscal year. Economists from four state agencies will provide an estimate Monday of tax revenues to a budget-writing committee of lawmakers. The Legislature convenes in January to craft a budget for the fiscal year that starts in July. Recent economic measures show a surge in state tax revenues linked to a rebound in the oil and natural gas sectors. The changes are allowing New Mexico to replenish reserve accounts that ensure state government can withstand an economic downturn. Spending at state colleges and universities was slashed during the current fiscal year to bridge a budget gap. New Mexico's $6.1 billion budget relies heavily on oil and natural gas revenues.