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LFC: Revenues Higher Than Expected

SANTA FE (AP) — A legislative committee reports that New Mexico’s revenue outlook is better than expected.

The Legislative Finance Committee says that revenues are on a path to be about $205 million or 3.7 percent higher than what was forecast in December.

The latest revenue tracking report is based on actual collections through March. The current fiscal year ends this month and the LFC expects about $5.7 billion to flow into the state’s general budget account.

The committee report says revenues are stronger than anticipated from taxes and royalties on oil production as well as the gross receipt tax on goods and services. Corporate income tax collections are running below projections.

If New Mexico ends up with improved revenues, the money will bolster the state’s cash reserves.