NEW MEXICO (KRQE) – New Mexico will once again break a record for extra money to spend this coming year and experts say there are no signs of slowing down. State lawmakers have projected nearly $2.5B more in their budget this year. That money comes from income taxes, gross receipts taxes, and the booming oil industry. According to the Appropriation Budget report, oil and gas revenues are expected to remain high.
According to the budget forecast, New Mexico hit peak production in April with nearly 1.6M barrels of oil a day. Now, lawmakers are tasked with determining how to use that money. Ideas range from infrastructure projects to behavioral health, public safety, and education.
In 2022, lawmakers approved an $8.72B budget so that extra $2B is significant. Projections show by 2025, New Mexico could be bringing in an extra $10.8B.