New Mexico Could See Increase in Revenue Ahead of Upcoming Legislative Session but Projections Remain Volatile
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New Mexico could see increase in revenue ahead of upcoming legislative session but projections remain volatile
NEW MEXICO (KRQE) – Volatility, uncertainty, but also some positive news, that's what lawmakers heard on Wednesday about New Mexico's money situation. A key factor at play is the impact of the war with Iran on oil prices. State financial managers said the state can likely expect a boost of more than $924 million in the next [...]
New Mexico could see $924M in ‘new money’ largely due to Iran war driving up oil prices
New Mexico Legislative Finance Committee analysts on Aug. 26, 2026, told state lawmakers that rising oil costs from the ongoing Iran war are contributing to the hundreds of millions of dollars of “new money” for the state’s budget. (Danielle Prokop/Source NM)New Mexico’s coffers could see $924 million in “new money” in the next fiscal year largely from rising oil costs as a result of the war in Iran, economists told state lawmakers Wednesday. G…
New Mexico could reach a record $14.8 billion in General Fund revenue for fiscal year 2028, according to a new projection presented Wednesday to the Legislative Finance Committee in Farmington. The forecast would also leave about $924 million in new resources available to legislators during the 2027 legislative session. The estimate was presented by the Consensus Revenue Estimating Group, composed of economists from the state departments of Fina…
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