SANTA FE, N.M. (AP) New Mexico legislators may have a smaller increase in state revenue to divvy up in the next budget year than they expected just a few months ago. A revenue forecast released in August said about $285 million should be available for spending increases or for tax cuts. However, key legislators say that increase now apparently will be smaller, in the range of $185 million to $235 million.
The Albuquerque Journal reports that the decrease in the size of the expected revenue increase is due to an ongoing dip in oil prices. State economists will release their official twice-yearly estimates next month.
