NEW MEXICO (KRQE) – New Mexico will once again break a record for extra money to spend next year and experts say there are no signs of slowing down. State lawmakers have earmarked nearly $2.5 million more in their budget this year. This money comes from income taxes, gross receipts taxes and the booming oil industry. Oil and gas revenues are expected to remain high, according to the appropriations budget report.
Some lawmakers worried $10 million in funds won’t reach New Mexicans
According to the budget forecast, New Mexico peaked in April at nearly 1.6 million barrels of oil per day. Now, lawmakers are tasked with determining how to use that money. Ideas range from infrastructure projects to behavioral health, public safety and education.
In 2022, lawmakers approved an $8.72 billion budget to make an additional $2 million meaningful. Projections show that by 2025, New Mexico could contribute an additional $10.8 billion.