Here’s a bright spot in the otherwise grim fiscal picture most states, including New Mexico, have found themselves in — the state will have more than $360 million in new revenues for the upcoming fiscal year, according to a report released yesterday to the Legislative Finance Committee.
For this fiscal year, the state will have over $120 million more in revenue than expected. The state will in total receive over $5.8 billion in revenue for the next fiscal year. The increase is likely due to higher oil prices.
The state closed a $333 million budget gap in FY 2011.