Fri. May 7th, 2021

BOOMING OIL SECTOR BOOSTS STATE COFFERS

NEW MEXICO (KSMX) – New Mexico state economists on Monday affirmed forecasts for a major financial windfall to state government linked to a booming oil sector despite recent fluctuations in energy prices, as the governor’s office passes from Republican to Democratic control. Democratic Gov.-elect Michelle Lujan Grisham has set as top priorities an increase in resources for public education and universal access to preschool, as she prepares to succeed termed-out Republican Gov. Susana Martinez on Jan. 1. The state is expected to finish this fiscal year with $1.4 billion in excess revenue and the forecast calls for revenues to outpace spending obligations again next fiscal year, resulting in a $1.1 billion surplus, according to economists at three state agencies and the Legislature.

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