Lawmakers are getting an updated look at New Mexico’s finances, which will help guide their budget decisions for the coming year.
Top budget and tax officials in Gov. Susana Martinez’s administration will outline a new revenue forecast on Tuesday to the Legislative Finance Committee. The revenue outlook will be updated again in December.
Lawmakers were told in July that the state should collect about $5.8 billion in its main budget account in the next fiscal year, which starts in July 2012.
That would mean more than $360 million in “new money” is available to appropriate for programs and services when the Legislature meets in January to start work on the 2013 budget.
Economists for the Martinez administration and the Legislature prepare the state revenue forecast.