New Mexico state lawmakers are bracing for an update on how much money will be available in the coming fiscal year to fund state government.
Democratic state Sen. John Arthur Smith says he is scheduled Wednesday to receive a new forecast of expected revenues from taxes, fees and other sources.
The chairman of the Senate Finance Committee warned earlier this week that the state may need to fill a budget gap of $250 million in order to rebuild reserves and protect the state's credit rating.
Amid a downturn in the local oil sector, New Mexico has cut back spending at most agencies and has swept cash from school district reserves and other government accounts.
Gov. Susana Martinez has urged lawmakers to avoid tax increases and to tighten government spending.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.