
On Aug. 16, New Mexico Political Report wrote about New Mexico’s dipping reserves. In Fiscal Year 2016, the reserve fund was at $146 million, and in Fiscal Year 2017, New Mexico was $67 million in the red.
Now, the Legislative Finance Committee has released its revenue forecast for the state.
Among the report’s highlights:
Preliminary FY 2017 ending reserve balances are $329 million. Projected FY 2018 ending reserve balances are $206 million.
Preliminary recurring revenue for Fiscal Year 2017 is $5.7 billion. That’s $140.4 million higher than the December 2016 consensus estimate, thanks in large part to gross receipts tax revenues.
Forecasts for corporate income tax called...