Revenue uptick may ease budget crisis
SANTA FE – A recent bump in New Mexico gross receipts tax collections has eased some legislators’ concerns about a short-term budget crisis, but Gov. Susana Martinez’s administration says it’s too early to tell if the state has emerged from a revenue downturn.
With a special session on tap for next week, Senate Finance Committee Vice Chairman Carlos Cisneros, D-Questa, said the revenue uptick could allow lawmakers to more easily balance next year’s budget.
“We’re not out of the woods, but we’re not in as difficult of a situation as we were in January,” Cisneros told the Journal. “The concern of a shortfall (for this year) is alleviated … and we’re now trying to make sure we don’t find ourselves with a shortfall (next year).”
Preliminary data compiled by the Legislative Finance Committee and shared this week with lawmakers shows general fund revenue levels were roughly $110 million higher than projected through March.
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