SANTA FE, N.M. (AP) – New Mexico budget analysts say state revenues continue to trail last year by about 10 percent amid low energy prices and weak tax receipts.
The Legislative Finance Council is reviewing its estimates Wednesday that show the state collecting revenues of $3.6 billion during the first seven months of the current fiscal year. The state had collected $4 billion a year earlier.
Committee staff say the revenue decline is a reflection of a bust in the oil industry and a related downturn in the economy, though crude prices have risen recently. Revenue from mineral production declined $113 million during period ending in February, and money from federal mineral leases dropped $123 million.
Revenue from gross receipts taxes declined $117, and corporate income taxes fell $108 million.