New Mexico anticipated gross sales enhance $ 1 billion

That’s $ 1 billion more than the previous estimate, and lawmakers say it could help boost public schools, roads, economic recreation, and more.

“This is great news for New Mexicans. We didn’t have a lot of good news in the past year, ”said Rep. Patty Lundstrom, (D) McKinley County. “Super unexpected, we kind of blew our socks off when we saw that kind of raise.”

She previewed KOB 4 of budget details that the committee may propose to the House and Senate.

The preview includes increasing reserves by 5%, prioritizing education and health care, strengthening agencies and programs that have seen recent cuts, and increasing pension funds and government employee salaries.

Lundstrom said the inflow of cash could mean more consistency than usual between the two parties.

A governor’s office spokesman said:

“The governor is incredibly optimistic about the latest revenue forecast.”

In addition, the governor will announce her spending priorities later this fall, and combating economic recovery and crime are likely to be among them.

Republicans said we need to spend wisely.

Senator Pat Woods, who represents parts of northeast New Mexico, points out that the federal pandemic funding that is giving us a boost – is unlikely to come our way forever.

“I would call it a very bogus economy aside from the oil revenues that are on the rise,” said Woods.

Woods said he wanted the money to go to economic development as well as road and broadband projects.

“We can make a difference in New Mexico if we improve our infrastructure,” said Woods.

There are three other funding areas to consider: The forecast envisages a massive jump of $ 1.5 billion for the “Rainy Day” fund and the fund for early childhood education.

In addition, the projections for fiscal year 2023, which starts in just over a year from now, are expected to be 18% above that record-breaking total revenue.

The debate is set to intensify during the legislative period, which is due to start in January.

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