New Mexico revises outlook for state government income

SANTA FE, N.M. (AP) — New Mexico state economists are revising their outlook for government finances as the state emerges from a budget crisis. Economists from the Legislature and three state agencies are providing a new forecast for state revenues on Wednesday. Members of the Legislative Finance Committee are meeting at the Taos Ski Valley to discuss the state's improved financial footing. The state has quickly rebuilt depleted financial reserves to more than 5 percent of annual spending obligations as the oil and natural gas sectors stage a recovery. New Mexico's credit rating was downgraded last year by ratings agencies amid faltering tax revenues. To shore up shaky state finances, the Democratic-led Legislature and Republican Gov. Susana Martinez agreed in May to tap into borrowed money from suspended infrastructure projects.