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A boost to New Mexico government: revenues improving

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July 15, 2011

New Mexico

SANTA FE, New Mexico: According to update estimates released today, New Mexico will have an additional $360 million in revenue available for the upcoming budget year.[1]

Governor Susan Martinez's office warned legislators not to spend all the new revenue at once.[1]

Among the $360 million are the following budget alterations:

  • An extra $111 million in revenue from Fiscal Year 2010-2011.
  • About $120 million extra in expected revenue for Fiscal Year 2011-2012.

Estimates are that about $5.8 billion will be collected by New Mexico in the coming fiscal year.[1]

Senator John Arthur Smith (D) said the new money will allow the state to replenish existing programs that had been raided to balance the budget.[1]

Starting next year, agencies will start implementing zero-based budgeting per the request of Governor Martinez.[1]

References

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