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Reports and reality checks about the New Mexico economy bring us to survey what’s happening.
Start with the most recent news, that revenue to state government (that means taxes paid) is running ahead of the December 2010 forecast.
The estimated growth was eight percent through the first ten months of FY 11, the budget year that ended June 30.
The forecast was for 6.8 percent. Estimated income to the state’s general fund, the main pot of operating money, was $4.25 billion, up a nice $313 million over the first 10 months of FY 10.
The news came in the June issue of the Legislative Finance Committee’s monthly revenue report. See www.nmlegis.gov/lcs/lfc/lfcrevreports.aspx for the reports.
The LFC said, “The major contributor to the surplus is the Gross Receipts Tax, with revenues exceeding expectations by $56.8 million.”
The industries with “the most growth are Mining and Oil and Gas Extraction, Educational Services, Information and Cultural Services, and Manufacturing,” the report said.
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