New Mexico's top finance official says declining oil and gas prices will continue to cut into revenues but the state has enough money to follow through with education reforms and public safety mandates.
The head of the Department of Finance and Administration, Tom Clifford, updated members of the Legislative Finance Committee on the latest revenue outlook during a meeting Wednesday in Taos.
Clifford's agency says revenues from oil and gas are expected to be around $840 million for the 2016 fiscal year. That's more than 16 percent less than the last fiscal year.
With a slight hike in prices and increases in income and sales taxes, Clifford says New Mexico could see $293 million in new revenue for the 2017 fiscal year.
Federal energy analysts on Wednesday lowered their forecasts for crude oil through next year, citing uncertainty in the global market.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.