Oil boom may provide windfall to New Mexico, public schools
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August 23, 2018
SANTA FE, N.M. (AP) — A surge in New Mexico's income linked to an oil boom may give legislators an extra $1.2 billion to work with as they craft the next annual budget, state economists announced Wednesday.
The windfall comes as New Mexico officials grapple with a court order to shore up funding for public schools to meet basic educational standards and a recent downgrade to the state's credit rating based on mounting public pension liabilities.
Economists from three state agencies and the Legislature reported a nearly 15 percent increase in general fund revenues for the fiscal year that ended...
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