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State’s revenue exceeds forecast

SANTA FE – A legislative panel reports New Mexico’s revenue collections are stronger than expected during the first half of the fiscal year.

The Legislative Finance Committee said the state’s main budget account has experienced 4.6 percent revenue growth from July through December. That’s above the 2.7 percent growth forecast for the year.

The committee’s revenue tracking report says New Mexico could end up collecting $86 million more than anticipated if current targets are met the rest of the year.

Much of the improvement is from energy revenue, including taxes on oil and gas production.

The committee issued its report as Gov. Susana Martinez considers what to cut from a $6 billion budget bill with line-item vetoes. The governor has expressed concerns that cash reserves are too low under the Legislature’s budget proposal.