SANTA FE, N.M. (AP) — A fiscal analysis from the Legislature shows that New Mexico state revenues faltered slightly in March.
Monday’s report from the Legislative Finance Committee foreshadows severe economic effects of the coronavirus pandemic.
State government general fund income decreased to $690 million for the month of March, down 5% from $728 million in March 2019.
The Legislature is scheduled to gather on June 18 to rewrite the state’s spending plan for the coming fiscal year that starts on July 1.
A national recession and faltering oil prices are expected to undermine state government income that supports school districts, public universities, health care and more.