SANTA FE (AP) — New Mexico lawmakers are to receive a preview of how much money will be available next year for spending increases and to offset tax cuts.
A new revenue forecast is to be presented today to the Legislative Finance Committee, which is meeting in the northern New Mexico community of Chama.
The report will update projections for revenue collections in the current fiscal year, which started in July and runs through June 2014.
Legislators also will get a preliminary forecast of revenue expected in the upcoming budget year. That estimate will be critical for lawmakers and Gov. Susana Martinez as they work on a budget to finance public education and general government programs next year.
The state will spend nearly $5.9 billion in the current budget year.