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.
Governor Susan Martinez's office warned legislators not to spend all the new revenue at once.
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.
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.
Starting next year, agencies will start implementing zero-based budgeting per the request of Governor Martinez.