SANTA FE, N.M. (AP) — State revenue projections are shrinking as New Mexico lawmakers begin to hammer out budgetary priorities for the upcoming legislative session.
New Mexico's top finance officials outlined the latest projections during the Legislative Finance Committee's meeting Monday in Santa Fe.
According to the testimony, declining revenues from oil and gas production have been offset by slow but stable growth in the state economy.
However, finance officials say New Mexico is still on track to have less revenue than expected by the end of the current fiscal year, and projections for new money the following year have been trimmed to $232 million.
State Finance and Administration Secretary Tom Clifford says revenues could be bolstered by increases in federal spending and lower retail gasoline rates could result in more spending by consumers.