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Report: New Mexico Revenue Stabilizing

Despite weak oil and natural gas prices, New Mexico's budget picture is stabilizing with personal and corporate income taxes largely driving an increase in anticipated revenues.

The latest estimates show that revenue for the current fiscal year is expected to increase by $136 million to $6.25 billion as compared with a February forecast.

State financial analysts are trying to figure out what's driving the uptick in those taxes but say it's generally attributable to the improving economy.

They caution that the estimated increase in revenues doesn't equate to new money that could be available to spend in fiscal 2017 because hard numbers won't be available until after July 1, the start of fiscal year 2016.

Gov. Susana Martinez in March signed a $6.2 billion budget for the next fiscal year.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.