SANTA FE, N.M. (AP) - Republican Gov. Susana Martinez and the Democratic-controlled Legislature will have about $250 million available for budget increases and to potentially allow for tax cuts in the upcoming fiscal year, according to an updated revenue forecast issued Monday.
Despite a sluggish economic recovery, the Legislature will start work in January for the first time since 2008 without a looming budget shortfall or the need to slash spending to avoid a deficit. In the upcoming 2013 fiscal year, which starts next July, the state expects to collect nearly $5.7 billion in its main budget account.
That's about $9 million higher than October revenue estimates, according to report outlined by top officials in the Martinez administration to the Legislative Finance Committee.