SANTA FE, N.M. (AP) – New Mexico state government is reporting a surge in tax revenues that may help ease lingering budget difficulties.
The Legislative Finance Committee on Monday said that revenues in April increased by 7.7 percent to $587 million over same month in 2016.
The increase in tax revenues has been led by retail and business transactions, along with resurgent oil production.
Revenues are still lagging for the 10-month period that started in July 2016, trailing the prior fiscal year by about $21 million.
New Mexico expects to narrowly fulfill a $6.1 billion spending plan for the coming fiscal year by drawing down reserves and using money for construction projects to shore up its general fund.
April oil production in the state increased by 3.4 percent from a year ago.