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A fair amount of “new” money — $282 million — will flow to state government’s general fund during the budget year starting July 1, 2013.
From state government economic wizards, “caution” is the word for considering uses of that money. “New money” means the difference between revenue expected during the coming budget year and current year spending.
State revenue looks like around $5.7 billion for this budget year (FY 13) and $5.9 billion in FY 14, Legislative Finance Committee Director David Abbey, told the recent New Mexico Tax Research Institute conference in Albuquerque.
Much of the good revenue news comes from oil and gas, said Tom Clifford, Department of Finance and Administration secretary. New technology has meant sharp increases in oil production the past few years, Abbey said.
Caution about using the new money starts with a quarter of it — $72 million — being already claimed to replenish money used to balance the state budget in past bad years.
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