New Mexico remains in them middle of its largest budget boom ever thanks to record oil and gas production and revenues. And, according to a new article in the Santa Fe New Mexican the appetite for bigger government shows no sign of being satiated.
Agencies representing about 44% of the state’s general fund spending are requesting an additional $890 million for fiscal year 2025, an average increase of 20.5%, according to a recent report by the Legislative Finance Committee.
The story went on to quote Senate Finance Committee Chair George Muñoz as saying, “My cautionary tale is we’ve had humongous increases, almost doubling the budget 15 to 20% a year for the last couple of years, and it’s unsustainable from here forward.”
Meanwhile, Charles Sallee, director of the Legislative Finance Committee, said some agencies are requesting increases of 40% or even almost 50%.