The Legislature and Gov. Susana
Martinez will have slightly more than $280 million to cover budget increases
and tax cuts next year under a new revenue forecast outlined to
lawmakers.
The revenue estimates released Monday will serve as the
financial backdrop for lawmakers when they convene next month for a 60-day
legislative session.
Administration and legislative economists say the state
should collect about $5.9 billion in tax revenues in the fiscal year that
starts July 1, 2013.
That provides a pool of so-called new revenues of about
$283 million. That's enough for about a 5 percent increase in spending.
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