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'Unprecedented' times: NM revenue boom to generate $3.5B in new spending capacity - Albuquerque Journal

Albuquerque Journal · last updated

‘Unprecedented’ times: NM revenue boom to generate $3.5B in new spending capacity | News | abqjournal.com

Methane gas is burned off at a site of three oil wells in Lea County in this 2019 photo. Eddie Moore/Journal

LAS VEGAS, N.M. — Seven years ago, New Mexico policymakers scraped every dollar out of their main reserve accounts to help the state government pay its bills.

A forecast shared Wednesday offers a remarkably different picture.

Fueled by anoil and gas boom and strong consumer spending, New Mexico’s financial reserves reached about 52% of ongoing state spending this summer — a financial cushion of nearly $4.4 billion. Journal

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