New Mexico House Appropriations & Finance Committee Chair Responds To Robust State Revenue Forecast

Rep. Patty Lundstrom

HOUSE DEMOCRATS News:

SANTA FE — House Appropriations and Finance Committee Chair Rep. Patty Lundstrom (D-Gallup) responds to revised revenue projections of roughly $1.6 billion in new revenue to the state of New Mexico:  

“Strong revenue growth is projected for New Mexico. This presents an unparalleled opportunity to continue making responsible and deep investments in our communities while keeping robust reserves over 30 percent. Through economic diversification and the creation of good paying, family supporting jobs, needed tax relief for working families, long term investments in our schools, students and infrastructure, and a comprehensive approach to addressing climate change, we are charting a strong path for our state that uplifts all New Mexicans.”  

According to the state’s Legislative Finance Council, recurring revenues for Fiscal Year 2022, are estimated to be $8.163 billion, up $54.4 million from August’s estimate. For Fiscal Year 2023, recurring revenues are estimated to be $9.049 billion with “new money” estimated at $1.599 billion, representing a 21.5 percent increase.  

The full LFC analysis can be viewed here.

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