NEW MEXICO (KRQE) – The state is projecting a $350 million increase in state revenue. The Legislative Finance Committee revealed that figure at a meeting on Wednesday, June 9.
The committee’s chief economist says the money is coming from increases in gross receipts and other taxes. It’s also from oil and gas production royalties on federal land.
Officials say this added revenue means they will have to use less money from the state’s reserve funds for the 2022 fiscal year which begins on July 1.