New Mexico's strategic investments from oil earnings have led to a projected $2.1 billion general fund income for fiscal 2024-2025, exceeding personal income tax revenues.
State Sen. George Muñoz emphasized the shift in New Mexico's financial standing, stating, 'We've got things that we can win on-free education, childcare . . . low taxes for working families' due to smart economic strategies.
Legislators are now discussing investments in social programs to address issues like crime and homelessness, securing the financial future as oil income gradually stabilizes.
The New Mexico economy's transformation is reflected in a forecasted record $13.6 billion in general fund income for 2025-2026, enabling enhanced spending in public services.
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