ALBUQUERQUE, N.M. (KRQE) – New Mexico could soon be out of its budget crisis, according to state economists.
They say government income is expected to exceed spending by about $25-million in the next fiscal year.
Economists say there’s little room for error but New Mexico should have about 5 percent in reserves. That means the state will go into the next fiscal year just barely avoiding spending cuts.
Experts credit the beginnings of a recovery in the oil and natural gas sectors.
The governor and legislative finance committee will each propose budget plans in January.