New Mexico expects $283M in revenue for next year

Posted at: 12/03/2012 10:44 AM
By: BARRY MASSEY Associated Press

SANTA FE, N.M. (AP) - The Legislature and Gov. Susana Martinez will have slightly more than $280 million to cover budget increases and tax cuts next year under a new revenue forecast outlined to lawmakers.

The revenue estimates released Monday will serve as the financial backdrop for lawmakers when they convene next month for a 60-day legislative session.

Administration and legislative economists say the state should collect about $5.9 billion in tax revenues in the fiscal year that starts July 1, 2013.

That provides a pool of so-called new revenues of about $283 million. That's enough for about a 5 percent increase in spending.

Lawmakers say part of that money will be needed to cover previously approved changes in law, including about $36 million for higher state contributions to public employee pensions next year.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)