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Legislative Finance Committee releases projected revenue estimate for FY24
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On Monday, the NM Legislative Finance Committee released its Consensus Revenue Estimate for fiscal year 2024 which begins July 1, 2023. The projected revenue for FY 2024 is $11.994 billion. Legislators will craft a budget based on these numbers in the upcoming legislative session that starts in January, including how much to include in reserves for any possible future budget shortfall. “The December forecast indicates New Mexico is still in a solid position fiscally,” Taxation and Revenue Secretary Stephanie Schardin Clarke said. “The strong revenues we’ve seen over the past couple of years allowed us to deliver significant tax relief to New Mexicans and still maintain historically high reserves to protect against unforeseen shocks.”