State government income from taxes, fees and royalties fell by nearly 2 percent in January from the same month last year.
A report released Monday by the New Mexico Legislative Finance Committee shows state revenues dipped $6.8 million to $369 million in January, during an otherwise bountiful fiscal year for state finances.
State income from steady sources has increased by 16 percent to $3.6 billion for first seven months of the fiscal year that started in July 2017. A rebound in the oil and natural gas sectors is providing a windfall after two years of austere budgeting.
Republican Gov. Susana Martinez and the Democrat-led Legislature recently approved a $260 million increase in general fund spending for the coming fiscal year, with pay increases teachers, State Police, prosecutors and public defenders.