New Mexico projects more than $3.6 billion in ‘new money’ in fiscal year 2024

New Mexico’s economic outlook just keeps getting better and better.

With the oil and gas industry booming at unprecedented levels, the state’s projected revenue for the 2024 fiscal year is close to $12 billion — including a whopping $3.6 billion in “new money” that has legislators drooling about the possibilities for long-term fixes to New Mexico’s chronic problems.

All told, revenue growth estimates for fiscal year 2024 are 42.7 percent greater than the roughly $8.5 billion budget for the current year, according to a Legislative Finance Committee report released to lawmakers on that committee Monday.

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