New Mexico expected to get $300M in revenues from oil, gas industry

Legislature

SANTA FE, N.M. (KRQE) – State lawmakers believe our state’s revenues won’t be impacted as badly as they expected. According to a recent budget outlook, lawmakers predict that the state will receive an additional $300 million in revenues. Most of that money comes from the oil and gas industry.

Representative Patricia Lundstrom (D-Gallup), who has a strong voice in crafting our state’s budget, says she wants to stay on a more conservative side of spending because of the pandemic but adds that the anticipated extra cash could help boost department budgets and salary increases.

“We want to make sure that people aren’t taking less, in terms of their budgets and their departments. So those would be shored up; Also in our framework, we’re looking at a one and a half percent compensation package across the board for employees, state employees which includes teachers and higher ed people,” Rep. Lundstrom said. The budget is expected to be rolled out next week.

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