Massive revenue shortfall in new state forecasts

  • The last time state economists released revenue forecasts, New Mexico had a massive oil boom with no end in sight.
  • Those same economists released dire revenue projections on Wednesday, suggesting New Mexico could take in between $1.7 billion and $2.4 billion less than originally expected during the next fiscal year as the novel coronavirus pandemic and plummeting oil prices take a major toll on tax revenue and royalty payments.
  • When legislators convened earlier this year, they crafted a budget based on state economists' December estimates, which expected revenue of $7.88 billion for fiscal year 2021.

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