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Albuquerque, NM(KKOB)- The State of New Mexico will have less money coming in during this budget year when compared to what it received last year. Specifically, the state will college approximately, $13.4 billion in the fiscal year that ends in June of 2026. That is just over $200 million less than what was received by the state last year.
The decrease in revenue is primarily due to lower oil prices and lower corporate income tax collections.
Because of the lower amount, it could mean less projects being approved by the legislature during its 30-day session that begins on January 20th.
