Despite economic turmoil nationally and a slowing of NM's economy, the state still expects to collect nearly $6B in its main budget account in the current fiscal year, coming very close to revenue projections that were made last December. This may allow NM to avoid a budget squeeze, with revenues from oil and natural gas production serving as a financial safety net. If revenues and spending meet projections, the state expects to end the current budget year with cash reserves of more than $600M--slightly more than 10% of spending--which is a prudent benchmark for the state to cover unexpected financial problems.

Albuquerque Journal, May 7, 2008

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