Budget Committee Chair: Budget Outlook an Opportunity to Put New Mexico Back on Track

Budget Committee Chair: Budget Outlook an Opportunity to Put New Mexico Back on Track

Santa Fe, NM – Today, updated revenue projections were presented to the House Appropriations and Finance Committee, which project additional revenue to the previous estimate from December 2017. Compared to the previous estimate, the new projection estimates an additional $157.9 million in the state’s recurring revenue and an additional $31 million in one-time revenue for the 2018 Fiscal Year. Also presented was an additional $93 million in recurring revenue for the 2019 Fiscal Year projections compared to the December estimate. The total revenue estimate for the 2019 Fiscal Year is $6.37 billion. 

“The budget outlook is an opportunity to put New Mexico back on track. We’ll move forward cautiously, investing in important programs and services, but with the understanding that we need to diversify and grow our economy, so we don’t end up in the same position as last year,” said Rep. Patty Lundstrom (D-Gallup).

Though the budget numbers put New Mexico in a better budget situation for the next fiscal year, the Consensus Revenue Estimating Group notes that the state is even more dependent on highly volatile oil and gas prices. House Democrats will continue their work to diversify the economy, create jobs, and ensure economic stability for New Mexico families.

More information on the new budget outlook is available here.