The influential Legislative Finance Committee announced its December meeting agenda, including an important update on the state’s budget situation.
The meeting from Dec. 9 to Dec. 13 in Santa Fe will begin the public portion with updates on the general fund revenue projections, which will guide the Legislature’s budget process in the upcoming legislative session.
The last budget projections, from August of this year, showed slowing but continued revenue growth with a projected $13.382 billion. Recent economic changes could significantly change the budget projections.
New Mexico must balance its budget each year, which means it cannot go into a deficit. In recent years, New Mexico has experienced large budget surpluses due in large part to revenue generated from the oil and gas industry.
In addition to hearing about budget projections with cabinet secretaries and other high-ranking state officials, the LFC will hear presentations from secretaries of state departments throughout the week.
The LFC is made up of members of legislators from each chamber in budget-writing committees. Senate Finance Committee chairman Sen. George Muñoz, D-Gallup, chairs the LFC. House Appropriations and Finance Committee chairman Nathan Small, D-Las Cruces, serves as vice chair.
The legislative session begins on Jan. 21, 2025, and the budgeting process will happen throughout the session.