Santa Fe New Mexican (June 9, 2023) – Thanks in large part to a booming oil and gas industry, New Mexico’s unprecedented revenue windfall is exceeding expectations by more than a half-billion dollars.

Revenues for fiscal year 2023, which ends June 30, are tracking about $581 million above December estimates, according to a presentation to lawmakers Thursday.

“Interestingly enough, a recent survey from the Tax Policy Center came out and showed that New Mexico was estimating the largest revenue growth in the country at about 15%, and the next-largest estimate was half of that,” Ismael Torres, the Legislative Finance Committee’s chief economist, told legislators on the interim Revenue Stabilization and Tax Policy Committee.

State Revenues Tracking Higher