Record-breaking oil production in New Mexico is likely to provide state government with a new multibillion-dollar surplus during the upcoming budget year, economists for the state announced Wednesday.
Annual state general fund income would increase to $13 billion for the fiscal year that runs from July 2024 to June 2025 — a surplus of $3.5 billion, or 36%, over current annual general fund spending obligations, according to the forecast from lead economists at four state agencies including the Legislature’s budget and accountability office.
