NEW MEXICO'S REVENUE PICTURE CONTINUES TO BE MURKY DUE TO THE FALLING PRICE OF OIL. OIL TAX REVENUES FUND A MAJOR PART OF THE BUDGET. AND SENATE FINANCE COMMITTEE CHAIRMAN JOHN ARTHUR SMITH SAYS THIS WILL BE A BIG TOPIC WHEN LAWMAKERS RECONVENE IN SANTA FE NEXT WEEK. HE SAYS THEY'RE WATCHING IT CLOSELY BECAUSE THE STATE RELIES SO HEAVILY ON OIL AND NATURAL GAS PRICES.
RIGHT NOW, IT'S ESTIMATED THE STATE WILL HAVE 140-MILLION DOLLARS IN NEW MONEY FOR NEXT YEAR'S BUDGET. BUT SMITH SAYS THAT MAY EVENTUALLY BE CUT IN HALF…TO 70-MILLION.
