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Report: State’s Revenues Doing Better Than Expected

A legislative report says New Mexico’s revenues are doing better than expected so far.

Staff of the Legislative Finance Committee reports that revenues through April are up 8 percent from the same period in 2010, and tracking about $87 million more than what was forecast.

The state expected to collect more than $5 billion in its main budget account for the fiscal year that ended on June 30.

Committee Chairman Rep. Luciano “Lucky” Varela says he hopes the revenues will end up from $70 million to $100 million above projections. He says final figures probably won’t be available for a couple of months.

Extra revenues would strengthen the state’s finances. New Mexico has been drawing on its cash reserves to help cover some emergency costs from wildfires.