$293 million in ‘new money’ projected

TAOS — New Mexico lawmakers could have an estimated $293 million in “new” money to spend in the next budget year, though several top-ranking legislators cautioned Wednesday that low oil prices could — for the second year in a row — undermine those projections.

After the revenue estimates were unveiled at a Legislative Finance Committee hearing in Taos, panel Chairman John Arthur Smith, D-Deming, said he’s “suspicious” about the projection for the coming year.

“We hope it comes through, but I don’t want everyone coming to feed at the trough yet,” Smith said.

Rep. Jimmie Hall, R-Albuquerque, the LFC’s vice chairman, was even more blunt, telling state economists and two Cabinet secretaries, “I think you’ve got a $75 million error.”

Read more: http://www.abqjournal.com/630886/politics/nm-revenue-estimates-state-could-have-293m-in-new-money-next-year.html